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23 years old, 50k in savings, should I quit my job?

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niklas

New Contributor
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Apr 9, 2022
7
8
Germany
Two weeks ago I did, what I wanted to do for quite some time. I quit my job. Yes that‘s right. I called my boss and told him I wanted to quit and 2 days later, I turned in my notice. It felt like such a relief at first. I did not want to waste any more time with this work so I felt very good about it. To give you some more information, here is how I got there:

In 2018 I finished school and immediately started studying Business Administration and worked at one of the biggest companies in Germany in many different departments. Last year I got my degree and got a job offer at the same company. I accepted it since it had a pretty good salary and I had the opportunity to work 100% from home.

About a year ago, I started a side hustle. I earned some money mostly through affiliate marketing in the crypto industry. I got really excited about it and spend a lot of my free time working on new projects. My earnings grew (mostly due to the hype) and I had moths, where I earned about the same as my main job. In the last 6 months, my earnings from my side hustle where enough so I could live from it. Not that much, but I could live from it.

Thats when I thought to myself: Now is the time to do it. After I read TMFL and Unscripted , I knew I never wanted to work at the 9 to 5 for 40 years. So I was wondering, how much I could scale it if I could use 100% of my focus on it and maybe I would even find new opportunities. And I thought if I fail, I am still young enough, in a few years, I could just get another job again.

So thats how I got to the point where I wanted to quit. So what happened after that? I had my first free day (I used the rest of my vacation) and started working on my own business as usual. But something felt different. I felt pressure. When I was doing it as my side hustle I did not really care, if it was gonna be successful. If it works, nice, If it does not, I learned something. But now that I rely on these earnings, it felt very frightening. Also I felt pretty lonely. All of my friends also try to have a side hustle but all of them are still working or studying.

I could not sleep for 3 days in a row and my head could not stop thinking about all the things that could go wrong. Why did I give up everything I worked for in the last 3 years? Even though it was not my ideal thing, it felt like a threw away a lot of hard work. What if the crypto market wont go as good as last year? (Which is actually pretty likely) What if the affiliate programs change their terms? (Which has already 2 times in the past making me lose a huge portion of my income) I was so dependent on other companies. In addition to that I have around 10k in taxes that I have to pay for last year and I found out, I have to pay a lot for my insurance. Also I was scared, that I wouldnt have time to meet with my friends or comfortably pay for a vacation with my girlfriend anymore. Finding an apartement without a steady income also seemed impossible after I did some research…

Considering all these things, I panicked. I called at my work and asked if I could continue working there. One reason I quit was also because they want people to come back into the office 2 days a week. Since I live quite far away from the place that was also a point why I didnt want to work there anymore. Now, they were fine with me continuing to work there. (Probably because that means less work for them). But now they want me to be there 2 days a week, which would mean, driving 5 hours each way and sleeping in a hotel, or moving there completely changing my life for a job I don‘t even like. So I kinda agreed, just so I can at least keep the paycheck for a while.

So thats what happened the last 2 weeks. Now I am here. still not happy with the situation. My plan now is work there for 1 more year, maybe move there, so I dont have to drive so long all the time. And next year my friends will be done with their uni and maybe I saved more money and grew my business so I could feel more comfortable to finally quit.

I still dont understand, how I managed to get into such an unfortunate situation and I dont know why I am so indecisive… I also forgot to mention, I have around 50k in savings. I dont feel comfortable using them though for some reason.

If you made it this far, thank you for reading:)

Here some questions, maybe you can help me:
  • If you are a full time entrepreneur: Have you had the same struggle when quitting your job? What was it like for you? I would be happy to read your story.
  • Is there some one else in a similar situation? What is your situation like? What is your plan? What do you think is the smartest way to handle it?
  • What would you do in my situation? Do you think my concerns are justified?

I would be very happy to hear your thoughts.:)
Niklas
 
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Ing

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When you read MJ´s books, you know:
Affiliate is nOt good, no control, as you saw yourself.
Earning in The crypto space while the bullrun is not your genius, but just logical. If you have knowledge there, you know what to do with your 50k.

I d go on side husseling. And when you want, you can get a better job from a good job.

Wish ya success!
 

Angler

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Also I was scared, that I wouldnt have time to meet with my friends or comfortably pay for a vacation with my girlfriend anymore. Finding an apartement without a steady income also seemed impossible after I did some research…
You're not ready to quit is what I believe. You got your foot on gas and and the other on break all at the same time @niklas. You think you want to go all in, but deep down you may feel hesitant. It looks to me like you haven't ask yourself the important questions of "why" you want to do the things you do. You haven't gotten to know yourself enough to trust you gut, beliefs, and decisions. What you might feel from reading TMF may be a state of high that's temporary. In that state you feel like there could be so much more you could do, that you are not currently doing due to xyz(a job, college, or money issue). However, all that "what if" is an illusion because you haven't accepted the cons of the road less taken: potential failures and sacrifices.

Oh also man, there's no reason why you "have" to quit your job if you feel deep down like you are not ready. There's no check box that you can cross out and say "you're an entrepreneur" because you quit your job. It's a questionable move if you're not mentally ready or yet to believe in what you do. Unless you hate that sh*t and it's eating away your dreams, killing your energy, making you lose time for your side hustle then do it. You are an "entrepreneur" whenever you choose to be one and believe in giving value, even if you got a job.
Considering all these things, I panicked.
Fear of failure > desire of winning. Playing not to lose vs playing to win it all. You fix these by either understanding what it is that you want, or wait for external things to push you to the edge. The second options might take years. The first option may take weeks if not months.
I still dont understand, how I managed to get into such an unfortunate situation and I dont know why I am so indecisive… I also forgot to mention, I have around 50k in savings. I dont feel comfortable using them though for some reason.
I think you know what the solution to your problem is. As you write this, did you ask yourself what it is that you want?
Why is that important to you? Who are you deep down inside without the social mask? What is it that you find inspiring? What is it that you despise? Does looking like an entrepreneur feel better than BEING ONE, for you? It's bloody hard man. You're going to have to ask these questions to myself and only by doing so can you become less indecisive. Because you know who you are. and that's dangerous and power. all the best.
 

WillHurtDontCare

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Scale your side income up to consistently around 2x your job's income then quit.

It's good to have money to invest in your business endeavors.
 
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Eudaimonium

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I'd quit soon, diversify the affiliate marketing to no longer be dependent on crypto, and keep cost of living low. If you focus on a single goal there is a price to pay, but you are much more likely to achieve it. What exactly it is that YOU believe you need to achieve, is of course the important starting point.
 

heavy_industry

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Apr 17, 2022
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Some people actually function better when there's no safety net, while others are overwhelmed by the stress of not having a steady income.

If you are in the second category, you shouldn't let go of the branch until you have a solid grip on another branch. As long as you can get 3-5 hours of focused work that goes into your business every day, there is nothing wrong in keeping a day job until the business takes off.

still not happy with the situation
But as you've discovered, there are downsides to both options:

1. Keep your job - you will have less time and energy to grow the business.

2. Quit your job - failure in business is no longer an option now, and this pressure could make you short-sighted and too focused on the profits, thus the product quality may suffer.
 

fridge

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Jun 4, 2020
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I'm your same age (23) and have about 6 figures saved up from some really lucky investments (ethereum @ $160). I liquidated over 70% of my investments after I had some realizations on where I want to take my life. What I personally am doing is taking FMLA leave for work for 4 months (have an extremely toxic new manager) and pumping money into my business and pursuing it full time (home service business - lawn care, pressure washing, etc). If it fails or doesn't succeed in that 4 months, then I can just go back to my job penalty free - I still keep my health insurance and stuff as well. Is it possible you can take a stress related FMLA leave? All you need is your doctor to sign off on this and your job is legally protected.
 
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Eholic

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Apr 6, 2020
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23
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If you know how to invest them, do your research, roll up the sleeves and get started. Saved up cash is the easiest high-way to spend it all in a flash. With time their value decreases especially with inflation on the horizon.
 

Antifragile

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Two weeks ago I did, what I wanted to do for quite some time. I quit my job. Yes that‘s right. I called my boss and told him I wanted to quit and 2 days later, I turned in my notice. It felt like such a relief at first. I did not want to waste any more time with this work so I felt very good about it. To give you some more information, here is how I got there:

In 2018 I finished school and immediately started studying Business Administration and worked at one of the biggest companies in Germany in many different departments. Last year I got my degree and got a job offer at the same company. I accepted it since it had a pretty good salary and I had the opportunity to work 100% from home.

About a year ago, I started a side hustle. I earned some money mostly through affiliate marketing in the crypto industry. I got really excited about it and spend a lot of my free time working on new projects. My earnings grew (mostly due to the hype) and I had moths, where I earned about the same as my main job. In the last 6 months, my earnings from my side hustle where enough so I could live from it. Not that much, but I could live from it.

Thats when I thought to myself: Now is the time to do it. After I read TMFL and Unscripted , I knew I never wanted to work at the 9 to 5 for 40 years. So I was wondering, how much I could scale it if I could use 100% of my focus on it and maybe I would even find new opportunities. And I thought if I fail, I am still young enough, in a few years, I could just get another job again.

So thats how I got to the point where I wanted to quit. So what happened after that? I had my first free day (I used the rest of my vacation) and started working on my own business as usual. But something felt different. I felt pressure. When I was doing it as my side hustle I did not really care, if it was gonna be successful. If it works, nice, If it does not, I learned something. But now that I rely on these earnings, it felt very frightening. Also I felt pretty lonely. All of my friends also try to have a side hustle but all of them are still working or studying.

I could not sleep for 3 days in a row and my head could not stop thinking about all the things that could go wrong. Why did I give up everything I worked for in the last 3 years? Even though it was not my ideal thing, it felt like a threw away a lot of hard work. What if the crypto market wont go as good as last year? (Which is actually pretty likely) What if the affiliate programs change their terms? (Which has already 2 times in the past making me lose a huge portion of my income) I was so dependent on other companies. In addition to that I have around 10k in taxes that I have to pay for last year and I found out, I have to pay a lot for my insurance. Also I was scared, that I wouldnt have time to meet with my friends or comfortably pay for a vacation with my girlfriend anymore. Finding an apartement without a steady income also seemed impossible after I did some research…

Considering all these things, I panicked. I called at my work and asked if I could continue working there. One reason I quit was also because they want people to come back into the office 2 days a week. Since I live quite far away from the place that was also a point why I didnt want to work there anymore. Now, they were fine with me continuing to work there. (Probably because that means less work for them). But now they want me to be there 2 days a week, which would mean, driving 5 hours each way and sleeping in a hotel, or moving there completely changing my life for a job I don‘t even like. So I kinda agreed, just so I can at least keep the paycheck for a while.

So thats what happened the last 2 weeks. Now I am here. still not happy with the situation. My plan now is work there for 1 more year, maybe move there, so I dont have to drive so long all the time. And next year my friends will be done with their uni and maybe I saved more money and grew my business so I could feel more comfortable to finally quit.

I still dont understand, how I managed to get into such an unfortunate situation and I dont know why I am so indecisive… I also forgot to mention, I have around 50k in savings. I dont feel comfortable using them though for some reason.

If you made it this far, thank you for reading:)

Here some questions, maybe you can help me:
  • If you are a full time entrepreneur: Have you had the same struggle when quitting your job? What was it like for you? I would be happy to read your story.
  • Is there some one else in a similar situation? What is your situation like? What is your plan? What do you think is the smartest way to handle it?
  • What would you do in my situation? Do you think my concerns are justified?

I would be very happy to hear your thoughts.:)
Niklas

@Andy Black said it best:

If it's not a "hell yes", it's a "hell no".

You are doing great! I mean that sincerely. More people in the world need to have your rational thinking and the ability to change your mind if you made a mistake. In your heart, you knew that your decision to quit was too soon. Your gut was not letting you sleep. You were not a "hell yes" about it and eventually turned back. Sure, you think your situation sucks but that's normal. Most of life sucks.

When I first went on my own, started our business I slept like a baby! Woke up every three hours and cried.

Entrepreneurship is not meant to be easy or for the faint of heart. It's like being an inventor for solving problems of the world. It takes a special mindset, grit and creativity. But most of all, the goal should to survive! Those who get into business for the glory of quick riches tend to be out fast.

Your way of looking at it, and listening to your gut tells me you are well positioned to become a success. You need more time and experience before your real start. Good luck!
 

niklas

New Contributor
Read Fastlane!
Apr 9, 2022
7
8
Germany
When you read MJ´s books, you know:
Affiliate is nOt good, no control, as you saw yourself.
Earning in The crypto space while the bullrun is not your genius, but just logical. If you have knowledge there, you know what to do with your 50k.

I d go on side husseling. And when you want, you can get a better job from a good job.

Wish ya success!
Yes, that is definitely one thing, that I learned. Affiliate is not control. Also I really have to admit I was lucky because of the crypto hype. Now I will try to proof myself, that I can build something sustainable without relying on a hype.

I will continue side hustleing. I just have to figure out a way, that my job isnt taking too much energy & dicipline from me.
 

niklas

New Contributor
Read Fastlane!
Apr 9, 2022
7
8
Germany
What you might feel from reading TMF may be a state of high that's temporary. In that state you feel like there could be so much more you could do, that you are not currently doing due to xyz(a job, college, or money issue).
Yes. There was a line that said quit your f*kin job! Never work for money. And when I thought to myself, that was exactly what I was doing... I just dont wanna miss out on opportunities.
There's no check box that you can cross out and say "you're an entrepreneur" because you quit your job.
Thats true.
Why is that important to you? Who are you deep down inside without the social mask? What is it that you find inspiring? What is it that you despise? Does looking like an entrepreneur feel better than BEING ONE, for you?
I just want to test out, what is the maximum that I could reach. But the job is taking a lot of discipline from me, so after work, I dont feel like doing hard things anymore.
Being a full time entrepreneur is just a dream, that I at least want to try out. Because ending up in a 9-5 for the next 40 years seems like hell to me.
 

niklas

New Contributor
Read Fastlane!
Apr 9, 2022
7
8
Germany
As long as you can get 3-5 hours of focused work that goes into your business every day, there is nothing wrong in keeping a day job until the business takes off.
Time isnt really the problem, it is just, that I find it very hard to still have the mental dicipline to do hard work, because the unfulfilling work from my job is taking the momentum away.
 
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niklas

New Contributor
Read Fastlane!
Apr 9, 2022
7
8
Germany
Your way of looking at it, and listening to your gut tells me you are well positioned to become a success. You need more time and experience before your real start. Good luck!
Thank you for your words. It really helped me. I was seeing all this as a big failure but in the end I learned a lot.
If its not a hell yes it is a hell no. Thats good to know.
I will use the security from my job to do everything to make it a hell yes! In one year, I will evaluate again.
 

heavy_industry

Bronze Contributor
Speedway Pass
Apr 17, 2022
98
229
Time isnt really the problem, it is just, that I find it very hard to still have the mental dicipline to do hard work, because the unfulfilling work from my job is taking the momentum away.
I understand you perfectly.
We have a finite amount of energy. Time is not always the problem. If you are tired and unmotivated it doesn't matter how much time you spend working: it's going to be low quality work that does not push the needle forward.

The solution to that is to work on your business first thing in the morning. Do the important work before attending your job.
 

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