Four Ways To Use The ‘Great Resignation’ To Jumpstart Your FIRE Goals

Four million US workers quit their job in July 2021 alone. So many employees are quitting that the phenomenon has been dubbed the Great Resignation all over the media (Harvard Business Review, NPR, the BBC and more). The dearth of employees makes this a great time to earn more money and jumpstart your FIRE goals. Here are four ways to make the Great Resignation work for you, whether you are a consultant or employee and whether you plan to stay where you are or quit for greener pastures:

1 – Pitch consulting services to stretched employers having difficulty hiring full-timers

Whether you have an existing consulting business or have been thinking about starting one, the Great Resignation means that employers might have unexpectedly lost staff or have unfilled positions and few or no candidates in the pipeline. This makes it a prime opportunity for a talented freelancer to swoop in and save the day. Employers may pay more to hire an experienced pro who can start contributing right away. Employers may hire more quickly since it’s a temporary fix and therefore a lower-stakes decision.

If you’re already a consultant, pitch, pitch and pitch some more. If you’re employed, pick up some consulting on the side. If you’re unemployed, go after consulting, freelance and temporary projects, not just full-time jobs.

2 – Start a side gig in something new

Consulting in something you already know is ideal since you’ll have experience to point to and ready skills to tap. However, if you’re working in that same field or for those same customers, it may be viewed as a conflict of interest and jeopardize your day job. With employers hard-pressed by the Great Resignation, however, they may be more open to giving a chance to someone new in business or new to a specific area. This is also beneficial to existing consultants and business owners who want to add a new offering to their mix.

If you’re employed, this may be the easiest time to make your first side gig sale. If you’re unemployed, earmark some of your job search time to launch something in this friendly market – you may create a side income that can keep going after you land a full-time job. If you’re a consultant, use this seller’s market to test out new services.

3 – Negotiate for your FIRE fund

Wages are going up. Even Social security is increasing by 5.9% in 2022, the largest increase in decades. Employers know what is happening at their competition, and they know how difficult it is to hire. This makes now one of the best times to negotiate.

As a loyal employee, you have a track record employers want to retain. Even if you’re early in your career, you can still negotiate! As an unemployed job seeker, you have the tight labor market to support your case. As a consultant, you can negotiate higher fees or better terms (here are seven levers to negotiate).

Then, earmark your raise for your FIRE fund. Or you might decide to buy another stream of income (most millionaires have at least seven income streams!). If one of your target income streams is a restaurant, several of our favorites in Tamarindo are for sale, like:

• Café Tico, our favorite breakfast place near our condo
• Breakfast Grinds, our favorite breakfast place when we’re on the other side of the beach
• Green Papaya, for great Mexican
• La Esquina, Scott’s favorite Italian

4 – Take advantage of the rise in sabbaticals

Citibank, PWC and Synchrony Financial are just some examples of companies now offering sabbaticals, or longer leaves of absence. These are meant to combat burnout among employees, but if you qualify, you might use yours to focus on your FIRE goals. This could be one of the above income-generating suggestions, or you might focus on getting your financial house in order by tracking your expenses or updating your investments. Spend your sabbatical in Costa Rica, save some money from the lower cost of living and rent out your current housing for extra money.

If you’re employed, check to see if your employer offers sabbaticals and any restrictions (such as taking on other paid work). If you’re unemployed, the sabbatical idea can be a prompt to think differently – explore relocating or doing something very different. If you’re a consultant, consider if you want to take some time off.

I am using this up market to experiment

When the pandemic hit and travel shut down, I just threw myself into work and grew my consulting business significantly in 2020 compared to 2019. However, I also worked more hours, which I don’t want to continue doing.

Knowing that there is work to be had if I go after it, I am using 2021 and beyond to find a better balance and earn more by working less. This means being smarter about what types of projects I go after (retained v. hourly) and who I work with (groups that can scale v. person-by-person). This also means being choosy about where I spend my time.

The Great Resignation gives workers all over, not just me, the opportunity to be choosy. What will you choose to do?