Would you quit your job if you won the lottery? Duh, right? For those of us working on creating our own lottery (i.e. building our tiny, solo businesses), how do we know when it’s time to quit? Sierra Black from ChildWild, posting on GetRichSlowly attempts to answer the “when do I quit my job?” question:
How do you know when it’s time to quit your day job and go full force into your dream job? Sometimes the date is chosen for you. You’ve gotten into law school, or been hired as an English teacher abroad, and your new contract spells out the dates.
But if you’ve been running a side business, you’ll need to choose a date and leap. You’re probably ready to take that step if:
- You have substantial savings built up to cover the financial risk of quitting your regular job.
- Your “side business” is demanding more time from you than you can give it without harming your current career and family obligations.
- You have ongoing relationships with other professionals and with clients, so you know where your next paycheck is coming from.
- You can reliably expect to make enough money to cover your living expenses.
- You’ve been doing this on the side for awhile, and you still love it.
Not to be a party pooper but money—its frequency and size—combined with your current familial responsibilities will largely determine whether you feel comfortable enough to quit your job. But realize you may never have the full confidence or reassurance to quit. Quitting is an act. Just do it.
Read the full article at GetRichSlowly.