One thing you might have been wondering for some time now, like myself, is how exactly will you quit your job? When is the time right to quit your job and is there even such a thing? What do I need to do to ensure that I’m ready to take the plunge into self employment?
While there is no “one size fits all” approach to quit your job there certainly are a number of methods you can consider to reduce some of the fear you have in regards to this significant change. Remember that only you know what is right for you. I can’t tell you to quit your job because I don’t know your circumstances just as you don’t know mine. What I can say however is that fear plays a big part and sometimes with the right support and some forethought we can take appropriate steps to ease ourselves into our new life.
If you’re out there and you’ve been in my position, or the position of my readers, and have made the jump to quit your job then PLEASE leave comments below with your advice and wisdom. Feel free to point out your blog posts on this topic and lets make this post feel alive with inspiration and support for everybody to dream a little bigger each day.
So lets move onto the methods I’ve created to quit your job. Its important to note these methods aren’t necessarily distinct from one another and you could combine multiple methods for better results.
1. The Safety Net
The safety net method is simple in theory but typically harder to implement than you might thing think. This method involves saving enough cash for you to survive for when you decide to make the jump and quit your job. How much money you need varies greatly by the individual, the lifestyle you wish to maintain, whether you have children to support and the bills and debt you need to continue to repay throughout this period.
The reason why this method can be difficult is because of the following
- You have a large outstanding debt which doesn’t leave much money to save each month
- Saving might not be your strong point or you have trouble living without the latest products, gadgets and clothes
- You have large expenditures in your life such as those for kids education, a wedding or any other significant event
You should first attempt to understand what your expenditures for the month are and then attempt to put a plan in place to save for “X” many of months. “X” is a number determined by you and the period of time you feel it might take before you can start developing income from your new lifestyle. You should always ensure that you add a little bit extra to this number so that you can ensure that you have something spare for any emergencies or unexpected expenses.
2. The Part Time Job
The Part Time Job method is self explanatory and you could also combine this with the Safety Net method. This method is to simply cut back on the hours you’re currently working. It may be that your current employer allows you to reduce to a four day week which may free up one day a week to focus completely on your new lifestyle.
By understanding your expenditures highlighted in the Safety net method you can have a better understanding of the amount of income you might require from a part time job. When you have this understanding it will assist you to understand a) how many days you’ll need to work each week b) the amount of money you’ll need to earn each day.
Remember that your part time job doesn’t necessarily have to be in your current career path. Maybe you’ll decide you just want to work at the local coffee shop or the local retail store for some quick and easy cash. This can also be a great opportunity to try to find a work experience role in the area that you’d like to move your life towards. When you work in the field you’re passionate about you might be able to fast track your experience so that you can better succeed on your own.
3. The Caveman
Recently I read a great story about a man from San Francisco who literally packed up and moved into the country with his tent, a power generator, some cooking gear and his laptop. He created this life, almost like a caveman, so that he could spend time doing what he loved to do and eliminated the need to worry about the expenses of day to day living.
Now I have to admit that this method is certainly not for everybody, it takes a certain individual to be able to pull it off. Realistically though the concept is a strong one and something can be considered even on less extreme levels.
You don’t necessarily need to be a caveman as there are other options you could consider.Maybe you don’t need the space in the huge house you just purchased and could consider downgrading to an apartment which you could outright or reduce your payments. Additionally you might also consider moving in with a willing family or friend for a period of time.
Depending on where you live property can be significantly cheaper the further away from major cities you go and while you might consider property to be far too expensive to purchase outright in your current area make sure you consider other locations too both in your own country and remote countries if possible.
How much do you need in life to be able to survive so you can give yourself enough time to focus on lifting your own projects off the ground. Maybe it’s as simple as selling all of your possessions that you no longer use anymore, strip yourself back to the basics and bare essentials and simply consider how much of this do I really need?
4. The Life Support Partner
If you’re one of the incredibly lucky people in this world that lives with a loving wife/husband that encourages you to reach for your dreams and not settle for mediocrity then this method might be for you. With the Life Support Partner method you make a deal with your partner where you both agree on a period of time that you’ll be able to live “unemployed” to focus on your goals.
If you’re fortunate enough to have a partner that can sustain you and your family on their salary then this may be a good step. Obviously the greater your debt and if you have kids can play a huge factor in whether or not this method will work for you. Again remember to consider all your expenses, debt and personal possessions and cut yourself down to the bare essentials that you need to get through each month.
I feel in this scenario that the agreed period of time is incredibly important. As a person you want to feel like you’re contributing and not just being spoon feed by your partner. On the other hand your partner wants you to achieve and have success but at the same time can only go so long before they’ll need some assistance.
If you’re lucky and things work out then you’ll have an incredibly big favor to repay to your partner and hopefully you might be able to sustain them in the future while you do the same.
5. The Part Passive Income
The part passive income method will take some time for you to implement but is one we all aim to have. This method involves spending a significant amount of time on your new lifestyle and passion before you make the jump to quit your job. In this method you’ll already be receiving an amount of money from the projects you’re working upon and it’s likely that you’ve spent at least 12 months building your passive income.
If you’re fortunate enough to have an income already from your new lifestyle then you’re in a great position to make the jump. You already understand that there is money to be made and having more time to give to your project should only result in greater income for your effort.
Should You Quit Your Job?
Once again I can’t tell you when you should quit your job this is something that you’re going to need to decide for yourself. The methods above are just a few of the many options you have for at least reducing some of the fear and stress from such a big decision in your life. Remember that reaching your goals will likely have far greater impact on your life than the outcome of the fears you’re currently fighting.
Make no mistake? Should you not succeed you’re 9-5 job and lifestyle will always be waiting for you, don’t worry about that! Society and it’s conformity will always be ready and willing to take you back into its clutches and control your life. You need to make sure that doesn’t happen and to give everything in your soul to ensure that what you’re working on succeeds. Don’t worry we’re all going to fail and things won’t always go to plan but in the end you’re in control of your own path and to you that should mean everything.
Don’t you think its time you quit your job?