Things to consider before quitting job?
Folks who have quit their jobs to pursue something of their own or are planning to quit, please advise on what all things I should consider before quitting job.
Liquid money to sustain yourself for atleast 6 months, emergency funds, health insurance.
Whatever you’re planning to start of your own just see that first you build a base of it while in your job.
I am in a similar situation, hence saying
Liquid money sorted, emergency funds sorted. Insurance - that's an important thing, I didn't consider, thanks for letting me know.
Building the base - I haven't zeroed on any specific idea. I was thinking of making 1-2 products each month and see what works and what doesn't.
I would suggest zero down to an idea. This is the same mistake I made and regretting now.
If you are married. Don't. If you are single trying to get married, don't If you are a first gen entrepreneur, don't.
So when can you quit?. 1. If you have free cash flow coming in every month, like rent or intrest or dividend enough to maintain the current lifestyle.
2.. When your kid is close to entering college
Although I don't any free cash flow coming in, I would consider myself to be in a good financial position without having to worry about money for sometime. In case I don't get any early signals within a year, I will bounce back to corporate.
@PMM_Tier1MBA_2yr
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figuring out stage - are you suggesting to have this stage along with the job? I feel this stage is necessary to see what works and what doesn't. If I zero down on an idea without spending this stage and the idea doesn't work out, it might create unnecessary stress.
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Relatives - don't care
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Family - how did you convince your immediate family? I am financially sorted and not earning for sometime wouldn't affect my finances much.
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Something better than nothing - I made up my mind to not earn anything for sometime. Even if things don't work, I will atleast enjoy this time and then get back to job, with peace, accepting that startups aren't meant for me.
My biggest concern is my parents and how do I fully convince them without them having to worry about me?