Zuki,
Everyone on the planet has dealt with a boss they didn't like at one time or another--it's a part of life. The rule of thumb is not to burn any bridges. Before considering to tell him or her to "Take this job and shove it" I would strongly suggest you have something lined up to keep the money flowing in your direction--especially if you have a family to support.
Over the past half century, I've been fortunate and only had to deal with a couple of butt-heads that only had one goal in life, which was to make my life misserable. When I decided to walk away, however, I did so in a manner that made it seem to be in my best interest, even when it wasn't the case. The main thing I always did was to submit a resignation saying that it was a pleasure to work with that person (even though he was a butt-heat), I regretted have to leave, but the place where I was headed would provide me with lots more opportunities for advancement.
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Jumping ship is not the way to go unless you're independently wealthy. Keep in mind that when you work for yourself, which I have done for nearly 35 years, means: no employee funded health insurance plan, no bonus, no raises, long hours, low hourly wages, no vacations, lots of expenses and no sick leave. No one gives a damned if you just had a heart transplant or major portions of your anatomy removed, especially if it conflicts with their Christmas party, wedding reception, dance, etc.. Even if you have to arrive on a stretcher, you must continue to work. Even the mail carriers have it better--they only have to contend with bad weather. If they get sick, they're covered by someone else--you're not. Miss one week of a regular nite-club gig and you're instantly unemployed.
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Think seriously about this before making a decission. Those of us who have been self employed for a number of years will flat out tell you that retirement means you must first be dead for at least three days--and even then, rigor-mortis must be setting in before retirement begins.
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Good Luck,
Gary