What to do before quitting your job in 2020

Bad bosses, low wages and working with colleagues you don't like are just some of the reasons Australians might be tempted to resign from their jobs in January, but those dreading the idea of returning to work in the new year should hold off - at least for now.

While research has found more than half of Australians leave their job within weeks of taking a holiday, January is not the time to resign. It's the time to recalibrate. Even if you can't stand your boss, hate getting in the car or on the train every morning or are going crazy sitting in an open plan office doing work that no longer challenges you or pays well, don't waste your precious holiday time writing a resignation letter.

We often hear stories of entrepreneurs who quit their jobs and appear to become overnight millionaires, but there are also many others who walk away from stable jobs who end up struggling financially for a long time because they have rushed in too quickly. Working for someone else can have drawbacks - job insecurity, stagnant wages, a lack of flexibility, longer commutes, poor working conditions and fewer opportunities to climb the corporate ladder.

If you dream of self-employment you need patience, planning and persistence.

Before taking the plunge and quitting your job, stop and reflect. Lock yourself away for a few days to relax without distraction.

I call this solo time "soultitude" and it's something I do every January when I head to the bush alone.

Write down all your thoughts on paper and don't stop until it's all out. It's a great way to clear your head and be honest with yourself. Ask yourself, what are you genuinely good at and how you will use your time and talents to build a new career. The last step is to create a one-page plan, complete with specific goals and deadlines, to ensure you remain on track.

If at the end of your "soultitude" you still hate the idea of going back to work, then I recommend starting a side gig.

It's a great low risk way to earn some extra money without having to give up your day job and it will allow you to go back to work with a renewed purpose and options for the future.

Start transiting now and - with the right plans in place - you'll be your own boss before you know it.

Dr Steve Enticott is the Senior Partner and founder of CIA Tax, a licensed financial advisor specialising in tax-effective investment and an author.