Thanks for all the replies, everyone! So many interesting ideas from so many different perspectives. That's why I like this forum.
I should explain that what motivated me to start this thread was that I found out this past week that one of my coworkers--an extremely intelligent, talented guy in his early 30s, single with no kids--is going to be taking an unpaid leave of absence for a few months so that he can "figure out what he wants to do." Realistically, he probably won't be returning; the "leave of absence" thing is just a formality to keep all of his options open. (No need to close doors unnecessarily, I suppose.)
I was surprised that he decided to take an unpaid leave of absence instead of finding a new job while he continues working at his current job. The conventional wisdom is that the latter is the smarter move since it involves less financial risk. But as I thought about it more, I realized that while his decision might not make the most sense financially, it might make sense for a different reason: As Tyler pointed out in this thread, evaluating a major career transition can be difficult while continuing to work full-time. A leave of absence (or sabbatical) allows one to step back and make the career change with more time, energy, and perspective.
In my coworker's case, the fact that he's single without kids and pays cheap rent with some friends means he has probably accumulated a lot of savings over the years--enough to support himself for at least a couple of years, if not longer. Although I'm married, my situation is similar: No kids, no mortgage, and my wife and I have accumulated enough savings in our taxable accounts to support ourselves for over two years. And that's if neither of us works and our monthly expenses remain unchanged. If we were to cut our expenses we could support ourselves even longer, and if my wife continues to work we could support ourselves indefinitely. (I'm not saying I want to be a lazy bum and let my wife support us indefinitely. I'm just saying that since we don't have the financial shackles of children or a mortgage, both of us don't
have to work to make ends meet, and we have our savings as a financial safety net on top of that.)
It seems to me that the danger in continuing to go into work and collect those paychecks every two weeks is that it makes procrastination so much easier. There's nothing forcing my hand to go out and change my job or career
right now. If I were to take an unpaid leave of absence like my coworker, that would no longer be the case. It would light a fire under my ass and force me to finally make the change. It would be kind of scary, but as Ralph Waldo Emerson wrote,
"People wish to be settled; only as far as they are unsettled is there any hope for them."
If I were to quit my job tomorrow and money were not an object, here are a few potentially low-stress jobs outside of engineering that come to mind that I might enjoy trying on for size:
- Brewing beer
- Working with plants (nursery, botany, etc.)
- Woodworking (maybe custom/high-end furniture)
- Working in the mountains or in a tropical climate
If only I could try out all of those jobs!
