Resign in the following 10 years? Surrender these six things.

The allure of quitting your day job and pursuing your passions can be strong. But before you hit that “submit resignation” button, take a moment to consider the long-term implications.

Especially in today’s job market, resigning can come with unforeseen consequences.

Here are six things you might be surrendering if you plan to resign and strike out on your own within the next decade:

1. Financial Security

A stable paycheck is a cornerstone of financial security. It allows you to budget, save for emergencies, and invest in your future. Resigning throws a wrench into those plans.

You’ll need to carefully consider your financial runway — how long can you survive on savings or a nest egg? While freelancing or starting a business can be lucrative, it often takes time to build a steady income stream.

There’s also the possibility that your venture might not succeed. Be sure to have a realistic financial plan in place before taking the leap.

2. Employer-Sponsored Benefits

Employer-sponsored benefits like health insurance, dental insurance, and retirement savings plans can be a lifesaver. Replacing these benefits on your own can be expensive and time-consuming.

Consider the cost of COBRA health insurance continuation or explore individual plans offered through the Affordable Care Act marketplace.

Think about how you’ll make up for lost retirement contributions. You might need to set up an Individual Retirement Account (IRA) and diligently contribute to it.

3. Paid Time Off

Paid time off (PTO) allows you to take vacations, recharge, and attend to personal matters without sacrificing income.

As a freelancer or self-employed individual, you’ll most likely have to manage your own time off.

This can be a double-edged sword: greater flexibility, but also the potential to blur the lines between work and personal life.

Setting boundaries and taking breaks will be crucial to avoiding burnout.

4. Career Development Opportunities

Established companies often invest in employee development through training programs, conferences, and mentorship opportunities. These experiences can help you grow professionally and advance your career.

Resigning might mean giving up these structured opportunities. However, this doesn’t mean you can’t keep developing your skills.

There are numerous online courses, workshops, and certifications available to help you stay sharp. Networking with others in your field can also be a valuable way to learn and grow.

5. Camaraderie and Social Interaction

The workplace can be a source of social interaction and camaraderie. Your colleagues can become friends, confidantes, and a support system. Resigning might mean isolating yourself from this network.

Building a social circle and finding a sense of community can be especially challenging if you’re working remotely or freelancing. Consider joining co-working spaces, professional organizations, or online communities to stay connected with others in your field.

6. Stability and Structure

The routine and structure of a regular job can be comforting for many people. It provides a sense of stability and predictability. If you resign, you’ll need to be self-disciplined to create your own structure and routine. This can be a challenge, especially if you’re prone to procrastination.

The bottom line

Resigning to pursue your passions can be an exciting and rewarding step. But it’s important to weigh the potential downsides before making a decision.

Carefully consider your financial situation, benefits options, and how you’ll replace the structure and support system that a traditional job can provide.

With careful planning and preparation, resigning can be a successful springboard to a fulfilling and prosperous future.