From Employee To Entrepreneur: Secrets To Quitting Your 9 to 5

From Employee To Entrepreneur: Secrets To Quitting Your 9 to 5 1

Do you want to quit your day job?  Have you been dreaming about being an entrepreneur and all the financial and time freedom that entails?

One of the biggest hurdles I hear from people who want to quit their day job is money.  Would you love to quit your 9 to 5 but you’re worried you’ll end up broke? If you’re not careful it can happen and I don’t want you to end up disillusioned and in debt. I recommend being conservative when you’re making your plan.  Do know that it may take many months longer for your business to be reliably profitable than you hope. I know you might think it will only take 6 months or a year.  But you only need a few small hiccups to throw your projections completely off.  Growing a business takes time (lots of it) and energy.  Don’t add financial worry to the mix if you don’t have to.  Keep your stress levels low and you will have much more resilience and strength to focus on building your business exactly the way you want instead of worrying about paying your bills.

I know you’re smart and committed, so let’s figure out a way that you can hedge the odds in your favor. Why not create your own severance package? It’s interesting how many ways you can save money when you put your mind to it. 

Let me start by saying, I’m not an accountant or a financial professional. So, this discussion is high level and I highly recommend that you speak with a qualified financial professional and take their advice.  

Here are five tips to get you started:

  •  The first, just because you earn it doesn’t mean you have to spend all of it.
Know how much your take-home pay is and practice living on less.
Start small, have your employer deduct 10% from your regular paycheck or set up an automatic savings transfer on your bank account scheduled for the same day your pay is deposited.
Try this for a few weeks and, if you’re able, increase the percentage you’re saving to 20 or 25%.
The added benefit of this approach. You will know how much money you really need each month to live on.
  • Pay down your credit card balances to eliminate the cost of credit card or other high-interest debt. This will pay you handsomely in the long run.
  • Build your side hustle while you are working in your day job. You may need to get stellar at time management but it’s worth it!
Gather up all the money you earn from your side hustle and put it into savings too.  Your needs will always expand to accommodate the amount of money you bring in. So don’t be tempted to spend it on another vacation or redecorating your home.
  • Take any money you get from tax refunds, gifts or bonuses and put them directly towards your savings.
  • Speak with your accountant about the best approach to minimize your taxes. They are up to date on all the recent developments. You may be amazed at what options are available.

As an extra bonus, I’ve created a special worksheet template that you can use to plan how long it will take for you to save enough money to quit your job.  The worksheet makes it easy for you to look at your own scenario and there’s an example that you can follow along with. 

Grab your copy here How To Save Enough Money To Quit Your Job >>>>> https://candymotzek.lpages.co/create-your-own-severance-package-so-you-can-quit-your-job/

What are some of your biggest questions about quitting your nine to five job? If you’re feeling confused about where to start, schedule a complimentary 20-minute private Clarity Session with me through this link https://bit.ly/2qVMn9j I can’t wait to hear from you

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