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Sunday, May 10, 2020

Before You Quit Your Day Job | 7 Things You Should Know

You really can quit your day job and be very happy and still be able to take care of yourself and your family. I did and I know many people who have done it, too. But you can’t just put in your resignation and then hope everything turns out ok. There are some things you should keep in mind.

Before you quit your day job, here are 7 things that you should consider:

1. Income

No matter what, you still need to have an income. You need to feed yourself and keep a roof over your head and pay bills. How much will you need? Well, that depends on you. Is it just you that you need to take care of or do you have a family that depends on your income? Know how much money you need to get by before you go ahead and quit your day job.

2. Time

You obviously have some idea how you’re going to make money when you quit your day job but when are you going to do it? How much time do you have to dedicate to your money making idea or a business? If you have children you are going to have to figure out how you are going to get work done while they are around or you’re going to have to make arrangements for child care. Either one can work so just figure out which solution works the best for you. Believe me, working when the kids are around is not easy and will hurt your productivity badly; paying for child care may not be a better option.

3. Don’t Forget to Schedule

Just because you have quit that day job doesn’t mean that you don’t need to have some sort of schedule. Many people think that they can start up a home business and just run it when they have time but the truth is that there is a reason why bricks and mortar businesses run on a schedule. It is because it makes them more efficient. Having a schedule will allow you to get more done in less time and ultimately that is what you are after isn’t it - more time, less work?

4. Be Open to the Options

Don’t leave your job like a teenager and tell your boss where to go. They won’t like that. Don’t burn your bridges when you leave a job. Be polite. Give them time to find a replacement. Leave everything on as nice a note as possible. You might decide a few months down the road that you miss your job and want to come back but that isn’t going to be possible if you act like a big baby and tell them where to shove it!

5. Save Up

If you know you are going to quit your job, make sure you prepare ahead of time by saving up some money before you leave. Even if you have a plan to start a business or something else that will make money, you never know how well it is going to work out so try to save up at least a few months of money that will cover your basic needs.

6. Don’t Forget Taxes

If your plan is to run your own business, remember that you will be expected to pay your own taxes. If you forget about this you might end up with a hefty bill to pay come tax time. You should put about 25% of what you earn into a savings account just for taxes.

7. Enjoy!

You may have quit the day job so that you can do work from home but don’t forget to find time to enjoy yourself. Many people don’t know this but people who work from home often work much longer hours than those who work a day job! They don’t always have weekends off and they don’t always get to quit at 5 PM! But you need to make time to enjoy yourself and enjoy your family if you want to make quitting your job worth it.

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