I’ve often been asked by clients whether they should save up a big fund of money before quitting their job, or just quit straight away and back themselves to make money in their new venture. It can sometimes be difficult to know when to quit your job. This article will help you decide.
There are benefits to each. Obviously there is a lot more security in saving up a bunch of money and in an ideal world I would suggest having at least 3 months of funds to cover your daily expenses would be great.
On the flipside, needing to earn income from your new venture in order to pay your bills can actually be a great motivator to make it successful. Whether that stress will lift you up or drag you down though ultimately comes back to you and whether you are a person that thrives under that pressure, or would do better without having that extra stress.
Then there are the other external factors such as;
- Is your current workplace toxic for example with a bully?
- Do you have a family and/or mortgage who rely on your income?
- Is your job the kind of work that you want to be doing?
Cut back on expenses
When starting out a new business, I would also always suggest to cut back on expenses – hard. Starting a new venture is not the time to be going on holidays or even out for brunches. It’s both a sink on your time and of course financially. If you want to really escape from your job, then you have to make these sacrifices initially.
Whether or not you quit your job straightaway or not, you should always try to start making money as quickly as possible from your passion, hobby or interest. How to do this is covered in my free pdf on how to monetize your passion which you can sign up for below.
Alternatively have a look at my post here about how to sell art online.
Ultimately it is up to you to decide what is right for you. If you would like a free 30 minute consultation to decide what your first step to making money from your passion and my thoughts on whether you should quit your job or not, then click below.
