3 Steps To Earn Enough Money To Quit Your Job
I recently left my job to go out on my own for the first time. I’ve been working towards this point for a while, but here’s an overview of how I got to the point where I could become a quitter and how you can do the same.
1. Low overhead lifestyle. My wife and I have managed to reduce our expenses to the barest of minimums. We’ve managed to reduce our rent and utilities to zero. Our insurance, petrol and groceries are our largest expenses now and they come in under a grand. It doesn’t take much sales from our business in order to cover those bare necessities. Now we are just looking for products that are base hits instead of home runs. Look to reduce by following the 1 time downside (ie moving) with ongoing upsides (1/2 to 1/4 the cost in rent). Avoid doing things with the opposite costs. Avoid clipping coupons because they incur an ongoing downside with a once off upside.
2. Give yourself time. I’ve had to spend a few hours each day working on the business in order to get to this point. This meant I had to reprioritize a few things. Easy to eliminate things like TV and sleeping in were out. Just those 2 things enabled me to gain the skills I needed to start earning a basic level of income before ever taking the risk of going out on my own.
3. Have a backup. I put in a simple backup plan in place in case everything goes horribly wrong. I plan to go back to my former employers and ask to sign onto a contract for 3-6 months. I am able to earn enough to cover my yearly expenses in that short period and then I would go back out on my own. I made sure I didn’t burn any bridges and I did quality work until the very end, just to make sure I’m welcome back. The backup plan gave me the confidence to strike out on my own knowing I could always take care of my family.
Those are the 3 things I did in order to build my skills and reduce my fears to the point where I confidently struck out on my own. They are really easy to do but they may be emotionally difficult, especially if you are addicted to TV or really tied to a certain area. If striking out on your own is your number 1 priority, doing the 3 things above will speed you on your way.
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- Steven Lohrenz
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