MJ's 4 Conditions: The Definitive Guide on WHEN to Quit Your Job...

[Pretty Girl]

Bump, I pulled this out of an older thread in which it was buried. This topic deserves its own thread and highlight since I see (and read) a lot of people making mistakes in quitting their job, for no other reason than, "I loved your book."

I hate to be the impetus for a poor, emotional decision.

ah that's the opportunity right there. If anyone can find a way to solve his "Hate" then you can get money out of his pocket to yours

 

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[DonyaSze]

This is an excellent post that people should see.

 

[EmotionEngine]

This is an excellent post that people should see.

Fortunately for me, I got laid off. I got the "quit" I needed to start. I saw this post last year and waited because I felt something coming with prior company layoffs happening over a course of a year. So it worked out. Quitting sooner would have been more disastrous.

 

[Jon822]

After reading the millionaire fastlane , I was inspired to drop out of college, sell my house, and divorce my wife. Now I just need to come up with a business idea. Thanks MJ!

 

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[TempusFugit]

As I wrote in The Great Rat Race Escape ...

A lot of people here ask when to quit their job.

I also get a lot of people (sadly) that read my book and they write me, saying their first "action" is to quit their job.

They do this haphazardly without any business skills, no business idea, and no revenue.

This also can be said for dropping out of University.

Quitting a job, or dropping out of college, is often is a MISTAKE.

My basic recommendation?

Don’t quit your job (or drop college) unless you’ve got the following four guidelines met.

1. Existing sales with adequate profit margins. Are you repeatedly selling? Is there a nominal enough of a profit that can pay your bills, much less, change your life?
2. Do you have at least a six-month runway (cash flow) to pay your bills while adopting a frugal lifestyle? This can be reduced to three months pending the answer to #3 and scale.
3. Scale and growth potential. Can revenue 10X within the next twelve months? Is your job preventing you from 10X'n your revenues and profit? What systems need to be in place to go 10X?
4. Evidence of a productocracy. Are people recommending your business/service/product? Are people reordering? Have competitors entered the market and taken market share? Has your offer demonstrated longevity?

Obviously the above is just my generalized advice. One size does not fit all. Some can quit on a wing-and-a-prayer and succeed.

Most cannot.

I hate to be the source of someone's impetuous emotional choice...

Remember this...

QUITTING YOUR JOB is an event (99% masses thinking)
STARTING A PROFITABLE BUSINESS is a process (1% Unscripted thinking).

Happy I saw this.
After reading TMF and now reading through Unscripted and TGRRE , I have had this question bouncing around in my brain of when to quit my current job. I figured I needed to meet the criteria you said, but I was still unsure of when exactly to do so.
Since I'm an engineer who has only passed his FE and is working towards his PE, I figured that I should quit once I take and pass my PE exam in order to get my engineering license (which is in about 3 years). Then if I were to do any business engineering-wise in the future, I would have the necessary qualifications to do so. However, I will also make sure I have accomplished all of the above questions.
It sucks that I have to wait until I get my PE license to do anything engineering-wise on my own, but unfortunately in the engineering world (especially in the structural world), you kinda need that title to do things like make calculations and create drawings for structures stamped by you.