Should I Quit My 9-5?
Here's How To Decide
3 February 2023
Quitting your job can look glamorous online.
You see influencers on social media snapping photos of their decadent lunches before cruising on a sailboat to the next island. You see startup founders taking ski trips with potential investors and bloggers traveling around the country in an RV van to meet up with readers.
While quitting your day job to pursue full-time entrepreneurship seems like The Dream, it’s not nearly as glamorous once you take the leap.
Most of us who quit our 9 to 5 jobs are searching for more freedom and flexibility, but we’re quickly met with uncertainty, especially in our finances. But many times, the sacrifice comes with a big payoff (literally).
With big excitement comes big risk, so it’s important to take a deep look into your current financial situation to see if you’re truly ready to quit your job. The more financially stable you are going into your decision, the more at peace you’ll be when putting in your two-week notice.
So, let’s talk about how you can set yourself up for financial success before you quit your job.
How to know you're financially ready to quit your job
First, do you have a plan?
No, not just a strategic business and marketing plan, although that’s important too. I’m talking about a complete analysis of your financial situation.
Getting caught up in the dream of taking the leap is easy, but looking at the numbers will serve you well. And it doesn’t have to be scary.
Once you put the numbers down on paper, you’ll be able to see a clear picture of what needs to happen before you quit your job. You’ll go into the decision feeling financially stable rather than wondering how you’ll make it through the first few months.
This financial analysis will come in handy when you start to set a realistic timeline of when you’ll be ready to quit your job. For some, their timeline may be a year. For others, it may be within a few months.
So how do you know when you’re financially ready to quit your 9 to 5 and what that timeline looks like?
Start your business as a side hustle
Are you waiting to start your business until you’re able to jump into it full-time? With so many benefits to side hustling, you may want to start sooner than you think.
By testing the waters and experimenting while you still have a day job, you’re able to take bigger risks and build a dedicated audience. Building a business from scratch takes time, so it’s better to start now than wait for the perfect time when everything seems just right.
After all, why wait to start something you feel passionate about? Turning your passion into a side gig gives you the best of both worlds when you’re working a day job. Generating extra side income while setting up the building blocks of your business is a win-win!
Instead of your job being the thing that keeps you from pursuing your passion, it becomes the thing that helps you follow it. How? By giving you the security of a consistent paycheck so you can focus your energy on doing what you love during your off time.
Ready to side hustle your way to the top?
Stay tuned for more insights and tips to see if you are finally ready to take the leap.
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