As I’ve written before, I’m currently running full steam ahead toward quitting my job in the next 6 months. While I’ve yet to let my current employer in on my plans (more on that in a later post), I have talked it over with my parents, my family, and quite a few friends. Also, my wife and I have made a definitive financial plan, and have taken some other concrete steps such as letting our daycare provider know that she won’t have a job next year. Finally, my wife, who is a teacher and normally does not work in the summer, will be taking on a summer school principal position and I will be working from home.
I said all of that to say, “This Thing Is Definitely Gonna Happen, People!” The pieces are already in motion and I would be lying if I said I didn’t get more excited with each passing day.
I know there are many out there who would love to do what I’m doing but just can’t bring themselves to take the leap for fear of the unknown. That’s why I wanted to put together a list of the top 5 things you should really start thinking about if you’ve ever dreamed of leaving the boring ol’ 9-5 behind and striking out on your own to create passive income streams from the Internet, or anywhere else for that matter.
1) You Are Bored With Your Current Job/Lifestyle/Place In Life
If you are reading this blog post there is probably a 99% chance that you are not content with what you are doing now. You may be at the place where you absolutely hate your job or you may just be thinking that there has to be more you could be doing with those 50+ hours a week of time you are trading for a paycheck. If this is you, you NEED to put in motion the plans to quit your job today! Trust me, it’s not going to magically get better. You have to make a change in order to get what you desire.
2) You Want To Build Something That Has Equity
When you go to work every day, you are simply trading your time for money. There’s nothing more to it. If you are any good at your job, you are probably improving processes, building systems, and ultimately making your company more money. But when you decide to leave (for whatever reason), you don’t receive anything from them other than maybe a goodbye card and a gift certificate to Applebees. You have no equity in your job.
But if you put that same time and effort into building your own business, whether it’s making money on the Internet or starting a lawn care service, you are building something with equity. That means that down the road, if you decide that you don’t want to continue working on/in that business, you have something of real value that you can sell to someone else. This for me is the real clincher.
3) You Want True Job Security
I currently work in a pretty stable industry but the thought never completely leaves my mind that I could be fired or laid off at any time. That’s a pretty scary feeling, to know that your future is in the hands of someone else. If you really want to hold the power over your own life, you simply can’t rely on your employer to provide financial stability for you. You have to be the master of your own destiny and go out and create it on your own.
4) You Want To Be Rich! (or at least financially secure)
Let’s face it, unless you are a doctor or lawyer, pretty much no one gets rich working for someone else. Think about it for minute, who do you know who is actually rich? Now, are those people working for themselves or are they working for someone else? Chances are pretty high they are not working for someone else.
Don’t blame me. This is just the way a free market society works. You are given a set salary to perform specific tasks for your company. If you do those tasks well, you get to keep your job (and your salary). If you do them exceptionally well, you may get a 3-5% raise next year. Sounds like it’s rigged, doesn’t it? You bust your butt for a 3% pay raise and positive review that goes in your personnel file? It doesn’t sound fair, but as I said, that’s the way the system works.
Now let’s say you bust your butt working on your own projects. You’re incredibly passionate about what you’re working on so it really doesn’t even seem like work at all. You might fail a few times but eventually you’re going to have a big win. And it’s not too farfetched to think that could probably make a lot of money when you do have that win.
5) You Want To Be In Control Of Your Time
How much time do you spend doing actual “work” at your job? (Hint: If you’re reading this blog from your desk at work, you’re not working.) I would bet it’s less than 15-20 hours of actual work each week and you probably still get all of your work done. But you still have to be at the office, clocked in for those 40 hours every week, right? Could you think of a more productive way to spend those 20-25 hours a week rather than just burning them up so you could collect your paycheck? If this is you, it’s probably time to quit your job!
Now It’s Your Turn
Have your quit your job to strike out on your own? Are you planning to quit in the near future? Just starting to toy around with the idea of quitting? Share your inspiration. We want to hear from you!