Alec Hogg: Salary slave emancipation? Plan before jumping

The world is still dealing with residue created by the Industrial Revolution which began two and a half centuries ago..On the one hand, it lifted huge swathes out of a short and brutal life of poverty. On the other, there has been an undeniable impact through carbon emissions, hence the global focus on climate change..___STEADY_PAYWALL___.An area that continues to fascinate me is how industrialisation transformed our species from being mostly self-employed (and thus self-reliant) to wage slaves or worse, dependents on Statist social welfare programmes..Many well-intentioned idiots want to make this dependence permanent switch through the introduction of Basic Income Grants. Missing a key ingredient of what it is to be human – the self-respect which accompanies being self-sustained, plus the embedded desire of being free to choose for ourselves..The disruption created by the manner in which most governments reacted to the covid pandemic has shaken us all up. Much of what we all knew was crazy but did anyway (like long, expensive and uncomfortable commutes into offices; tolerating abusive bosses because "everyone" did) have been deeply questioned..The consequences of this reflection is completely rational. Salary slaves are realising, many for the first time, that alternatives exist. That while life may no longer be brutal, it is still relatively short. And that it's a fools errant to waste away decades of this limited time under the self-induced stress of employment to build a "secure" retirement..Our partners at The Wall Street Journal reported in June that as the pandemic has lifted, the number of Americans leaving their employers is at its highest level in two decades. It's being described as The Great Resignation. In July alone, 2.7% of the US workforce left their jobs. Annualised that's almost one third..The trend is accelerating. According to the 2021 Microsoft Work Index, a staggering 41% of Americans are planning to quit. The top three trends – Flexible work is here to stay; Leaders are out of touch with employees and need a wakeup call; and High productivity is masking an exhausted workforce (graphic above)..We know that where America leads, the first world segment of South Africa's economy follows. Plus, given the well documented excessive burden on SA leadership, chances are you may also be seriously thinking of quitting your job..Before executing, however, it's a very good idea to take a cold look at your finances. Like rushed marriages, resigning without planning becomes very much a move in haste leading to repenting at leisure..Our partners at the WSJ have put together an excellent piece on How to Prepare Your Finances Before Quitting Your Job. It's an excellent read. Especially the comments section which includes this gem from 82yo Joseph Libby who offered some points to consider:.1. Understand your health and dental insurance care options.2. Think twice if you are in your 40s about buying a bigger home.3. If you are 55-60, have a bucket list and set up a capital account to pay for items on the bucket list..And his last point: "when the black hearse goes by, it is not a dress rehearsal"..More for you to read today:.– Daniel Kahneman: How companies can improve their hiring process– J&J says Covid-19 vaccine booster two months after first shot increases protection– Credit Suisse's Archegos disaster exposes cracks in bank regulation.NB FOR YOUR WALL STREET JOURNAL ACCESS….As a Premium subscriber you are entitled to full membership of wsj.com (normal price $29 a month). Be sure to action your access through the Premium link on the BizNews website. Because of The Wall Street Journal's credential requirements, be sure to create a password which has at least 8 characters and includes at least one letter and one number – NB it MAY NOT contain any special characters (ie #, !, @ etc). To maintain access to WSJ.com, you MUST enter our partner's website via BizNews Premium at least once a month. A final PS, if you had previously signed up for WSJ you'll need to clear the cookies from your device. Our help desk can assist – support@biznews.com.If you'd like to help sustain our independent voice, why not share the love by making a gift that keeps giving? Click here to access the BizNews Premium subscription signup form, and be sure tick the relevant box (see below). At R100 a month and inclusive of full membership of The Wall Street Journal, it's a mind-expanding gift at an incredibly modest price.

Alec Hogg: Salary slave emancipation? Plan before jumping

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