‘Let’s talk about a severance package’: This former Credit Suisse exec says Americans should ‘never quit’ their jobs if they’re unhappy — and wants you to do this instead

It’s not about what you’re about to do but how you do it. So says a wealthy stay-at-home dad who retired at 34 and credits a healthy severance package he negotiated as a key driver.

“If you are going to retire early, you might as well try [to] negotiate a severance since you have nothing to lose,” writes Sam Dogen on his Financial Samurai website. He did it when he left his executive director post at Credit Suisse in 2012 — landing a package he says was worth about six years of living expenses — and has spent the last dozen years trying to teach others how to do the same.

Here’s what else Dogen has to say about having your farewell cake and eating it too — and we’re not talking about that stale sendoff sheet cake in the break room, either.

Questions of how (and when) to do it

Dogen’s advice doesn’t come cheap. If you want to part ways from your company the Dogen way, you’ll first have to part ways with a whopping $97 for his book (though he also offers a free newsletter).

Still, he gets pretty granular about how to negotiate the exit strategy. First, he stresses that you have to be a high-performing employee to get the maximum leverage. From there, he outlines five steps key to any successful severance. They are: know your worth; set clear expectations with your superiors; get to a point where regret disappears; stand firm on your demands; and propose a win-win solution.

He also advises naming a number of perks, from cashed-in vacation time to extended health insurance coverage, that will allow you to suggest different package variations.

Yet the question, especially now, is whether the overall timing might be right.

Any advice on negotiating a fat severance comes as the U.S. job market has hit a decided downturn. The Bureau of Labor Statistics reported on Aug. 21 that the U.S. economy created 818,000 fewer jobs than originally reported in the 12 months through March 2024 — a result of statistical revisions.

The BLS also reports a lower level of job quits compared to several years ago: currently 2.1% nationwide as of June, compared to 2.4% a year ago. Six states seem primed for a Dogen bus tour, as their quit rates topped 3% earlier this year: Alaska, Florida, Idaho, Montana, South Carolina and Wyoming. (New Jersey and Massachusetts tied for last at 1.5%.) The reasons have remained constant over time, from lack of any chance for advancement to that perennial favorite, the Bad Boss.

Not for every person or situation

As outlined above, Dogen’s samurai plan of attack isn’t for everyone — and not because they have preferable alternatives. Much like a coach telling you how to hit a major league fastball, he offers advice for a select (and arguably elite) audience in a position of privilege. A corporate finance vet, Dogen reportedly retired with $3 million in the bank and $80,000 a year in passive income.