This idea of quitting my day job is a brain itch for years because normally I would feel sad when I cannot sleep during work hours and I know that is normal because I am at work! But the idea here is that I though I live to work and not work to live, if I could sleep whenever I want or watch TV anytime during work hours then its is a dream! That dream is the dream that I would like to pursue. I know there are lots of hindrance to this (I call them risk) but what is the point of living if one have not tried everything to live his life?
There are considerations to make if you wanna quit you job, these are the things I have been planning on and pondering for years. If you really wanna quit your job and start a new career that maybe perhaps a home-based job or online trading, etc. then let’s consider these:
- Savings – This is the most essential reason one should go on and pursue this crazy idea, if you have the right amount of savings to sustain food and shelter then you are right on track. The most important expense is shelter then food. Of course we could survive with just sardines and some noodles but we can’t obtain our ultimate goal of financial freedom and life balance without a home! So if your home rent is P 8,000 then spare P 80,000 for ten months if that is your target number of months to recover from being jobless.
- Next income – This is the path that you intend to go for the rest of the vacation. Most probably you are going to do this crazy idea of quitting a job due to you want to make money purely online or maybe you want to transition to another job like a real estate agent from being a network engineer. It is important to calculate the probability that you would earn from this next job as soon as you realize you wanted to quit your job. It is unwise to consider this part abruptly but if you can there should be a huge probability of success.
- Parents and other collateral – When I was broke, I called my parents to help me out with my financial needs. Even though we are not close it is important that we maintain a good relationship with them, respect them because of course they are our parents no matter what happen. I was lucky that my mother has compassion to me she lend P 20,000 when I quit my previous job and went totally broke. Until this day I never repaid my parents, it’s not ideal but that is also counted a perk!
- Debts – Never consider ending your day job with debts that you make when you’re still working. Remember the consideration you made to pay those debts are that you will get compensated for the jobs you have done at work and some. If you quit your day job now with debts then unless you can recover quick from financial loses the only way is to go down. So be wise, pay your credit cards, your friends’ debts, mortgages, etc.
- Fail-over jobs – As a network engineer, I have always consider that my fail-over job is being a call-center agent, because we usually conduct activities internationally speaking in English and so I could work on a lot of department given this language skills. Personally since I am a licensed broker I can always become a hired broker for home developers and this is a good thing. However there is a risk of losing here, low salary and entry level again. Imaging you started in a job once again like a newly graduate student, you’ll be treated like a newbie if you can’t master you craft fast. But again this thing is a fail-over at least you won’t be hungry, with perseverance.
Just to be safe, we would want to master our dream job as part time while we have a day job. I know it sucks to sell homes and condominiums while I troubleshoot network or reading other stuff’s email, in short there is no concentration. But that is OK, time will come that everyone of us who persevere can achieve what we want. I had this idea from a tennis mate of mine who succeeded in selling insurances to clients while being a database administrator. Look at that, he’s a insurance manager at the same time now and lots of sale!