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What happens when you quit your job?

Discussion in 'Hustles, Freelancing, Bootstrapping' started by RayAndré, Nov 20, 2018.

  1. RayAndré
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    RayAndré Dare to differ. Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass Summit Attendee

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    Are you considering quitting your job to work on a fastlane business?
    I am.

    Are you scared of the unknown?
    I am.

    Let's clarify the unknown...

    What happens when you quit your job? What changes do I have to make? What are the logistics?

    Here's what I'm thinking:
    • I'd have to start paying for health insurance.
    • I'd be own my own for any other health things like vision / dental.
    • I'd have to be prepared to not move for two years (many places ask for the past two paychecks to prove income.)
    • Obviously, its up to me to get sh*t done and make money.
    There's got to be more. What's missing?
     
    Last edited: Nov 21, 2018
  2. minivanman
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    minivanman Gold Contributor Speedway Pass

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    Even if you are set on money, it is still scary to not have a job or sell your business. The last time I sold my cleaning business I had that empty, weird feeling in my stomach because I knew that was it. Everything was going to totally change.

    As far as moving.... that's the least of your worries. There is always someone that will rent to you.

    You must be a self starter. Not someone who is not a self starter at the moment but says, "Well, if I don't have a job, I'll HAVE to get my @ss in gear and be a self starter". No, that won't work. Are you currently a self starter and do you currently have discipline?
     
  3. RayAndré
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    RayAndré Dare to differ. Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass Summit Attendee

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    Yes (when I'm motivated...and yes I'm motivated), and yes (sometimes too much).

    @minivanman I appreciate the mindset-focused answer :thumbsup:

    I'd still love to hear more about the logistics.
     
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  4. Elia
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    Elia New Contributor

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    Nice thank you for share with us.

    JUST DO IT and go ahead.
     
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  5. The Abundant Man
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    The Abundant Man Gold Contributor Read Millionaire Fastlane Speedway Pass

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  6. biophase
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    biophase Legendary Contributor I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    You talk about health care like it's a scary unknown. It's basically like buying car insurance. You make a couple calls and get insurance. You don't need vision or dental at all. These cost nothing to pay out of pocket.

    It's still easy to rent, you need good credit, money in the bank.
     
  7. minivanman
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    minivanman Gold Contributor Speedway Pass

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    Does there have to be more to it? Don't make a mountain out of an ant hill. Make a plan IN WRITING and wake up the next morning and stick to the plan; unless you see that you need to change it. If you need to change the plan, then you must change it IN WRITING before you act on the change.
     
  8. GoGetter24
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    GoGetter24 Silver Contributor Speedway Pass

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    1. You do some calculations on your savings and spending rate to confirm what you're about to do is reasonable.
    2. You walk into your boss's office and say something along the lines of "hi, I'm giving my x weeks notice as per my contract, it's been nice working with you".
    3. At the end of that notice period you cease walking into that company building and they cease sending you money.
    4. You now have to learn how to be your own boss. This is genuinely hard, as you've never had to do it for your entire prior life. You start to construct routines and mechanisms to keep yourself on track.
    5. You keep chugging away at your business until it either starts to generate enough profits for you to survive, or you run out of money. In the latter case, you go back to working for someone else.
    Other than that, the only usual change is to drastically wind back your spending from "comfortable office slave" levels, to "battle" levels.

    Up to you. If you're from the US, you've got this strange system where health insurance is coupled to being an employee, concurrent with having insane medicine costs. One solution can be to leave the US during your business attempt (depending on what it is), if you believe in your case there is a significant medical risk, factoring in insurance prices, etc.

    In case you actually need those things, you can also just fly to Bangkok, go to the best clinic you can find and get equal or better service, and have a nice week of holiday, for less than you'll be charged in the US.

    Not sure where this idea is coming from, but no one has ever asked me for this. Two years??? Wear business casual clothes and wave 2 months worth of cash in front of the face of a landlord with a vacancy and say "I can move in tomorrow" and they won't f*ck you around with paperwork bullshit.

    Yes it is.

    It sounds like you've got a lot of intrepidation about "I'll have to do things myself". Just remember that taking care of yourself is normal for a grown man, and the fact you haven't been has been an aberration, and carry on accordingly.
     
  9. Andy Black
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    Andy Black Any colour, as long as it's red. Staff Member Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    • No more commutes (potentially).
    • No more annual appraisals.
    • No more asking permission to take the morning off to run errands.
    • No more trying to get to the gym at 7am or 7pm when it’s heaving.
    • No more making excuses to your boss.
    • etc...

    • No more getting paid for being there.
    • No more getting paid for slacking off.
    • No more getting paid for being busy.
    • No more getting paid for taking courses.
    • No more getting paid to read.
    • No more blaming someone else.
    • etc...
     
  10. RayAndré
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    RayAndré Dare to differ. Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass Summit Attendee

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    This just mini blew my mind. What an interesting perspective that other countries don't have healthcare tied to being an employee.
    Honestly, the health care part is what I'm most concerned about. I'll look more into this one.

    Ha! I can see that working :rofl:

    Its not a fear of doing things myself. Its that I'm the type of person who likes to know as much as I can before making a change.

    This I'll be fine with :thumbsup:
    If anyone else needs a good way to keep them on track, here's what my calendar looks like:
    Screen Shot 2018-11-21 at 9.41.15 AM.png


    Haha, getting paid for "being there" is nice...got to give that up.
     
  11. The Abundant Man
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    The Abundant Man Gold Contributor Read Millionaire Fastlane Speedway Pass

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    If I wasn't diabetic I wouldn't pay health insurance. My goal is to get enough money so I can just outright buy insulin.
     
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  12. The Abundant Man
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    The Abundant Man Gold Contributor Read Millionaire Fastlane Speedway Pass

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    I'd say a better question is what happens if you don't quit your job?

    • Work 40+ hours per week
    • Work 40 years
    • Retire at 65
    • Die 10-20 years later
    • No time for hobbies
    • Probably miss kids school play or recital
    • Miss friends/own childrens weddings

    I think a hundred million cons more than pros for living the scripted life
     
  13. Neng Her
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    Neng Her Contributor Read Millionaire Fastlane

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    Are you from Las Vegas?
     
  14. RayAndré
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    RayAndré Dare to differ. Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass Summit Attendee

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    Haha, I'd still build the business, it would just take longer. I have a very flexible and comfortable location-independent j.o.b. so its not the worst.

    Nope, why do you ask?
     
  15. RayAndré
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    RayAndré Dare to differ. Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass Summit Attendee

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  16. iizu
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    iizu Bronze Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    It's easy in Finland. Everybody just gets free healthcare. Don't matter what's your condition.
    Even self-induced stuff(alcoholism, drugs, metabolic disease) is fully taken care by the society.

    On the other hand: if you make 100k€ salary a year, you pay about 45% in taxes and unemployment fees.
     
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  17. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Admin Post
    You didn't get the memo?

    Why you hit the beach and collect passive income.

    ;)


    gurubs.jpg
     
  18. Jeff Noel
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    Jeff Noel Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Similar thing happens in Canada, but it's not all free. Also 40-45% here. Closer to the States !
     
  19. socaldude
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    socaldude Platinum Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    One of the mistakes I made was that I quit my job when I really didn't have a business going.

    I just had savings. But I wanted to get out because the sun was killing me(I have a skin problem) and the job was labor intensive and burning me out.

    I had around $40k saved and blew a lot of it gambling, going to clubs etc.

    I should have kept working because I wouldn't have spent so much if I was busy.

    You need to have a plan or an income already in place.

    The entrepreneurial income is the hard part everything else Is a piece of cake.

    Having an income is the key.

    You can rent in another country to buy yourself time and tackle an entrepreneurial venture instead of paying thousands in rent in the US and working a job.
     
  20. Andy Black
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    I call them the “laptop and hammock” blogs.

    Work from a hammock on your laptop - instead of enjoying the scenery.

    If you’re on a beach, why the feck do you have your laptop out? Did you not figure out how to build a business that runs without you logging in precariously perched on a rock or diving board.

    Sorry man... if that appeals then you’re the product.
     
  21. RayAndré
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    RayAndré Dare to differ. Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass Summit Attendee

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    :rofl::rofl::rofl:
    I've literally worked from a hammock on the beach (well, very close to it).

    Its part of my drive to actually "build a business that runs without you logging in precariously perched on a rock or diving board."

    Travel later + passive business > travel now + no business.
     
  22. Neng Her
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    Oh I was looking at your calendar example and just assumed.
     
  23. NewManRising
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    You don't need health insurance. It's a scam. I have not had health insurance nor dental and vision for like 15 years. The only time you need medical attention is when it is life threatening. Otherwise, take care of yourself. If people would live in a way that prevents health problems rather than going when they happen, they would be better off. Stay active, eat and sleep well. Don't put drugs in your body.

    Aside from this, to keep your mind healthy, stay away from losers. Stay away from broke people, people who pressure you to make choices, pressure you to get a job, pressure you to tell them what is going on in your life, etc. The only people who can understand something like this are others who've done it. The ones who haven't are gonna treat you like you're stupid and you're weird.
     
  24. NewManRising
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    Interestingly, I am in a similar position. Last few jobs I had I was required to move to different cities and states. The field I am in is competitive. Then, you have assholes who annoy you at these jobs. You have people who get positions because they know someone. You have people who descriminate and a whole bunch of elementary school behavior. All this sh*t has motivated me to stop putting time, money, and resources into a job. I also don't want to be moving around anymore. I live at a place now where it is chill and my expenses are super low. In other words, from a financial standpoint this is the best place for me to hang on to the little wealth I have. And, I have enough money to go several months without having to get a job. I have a part time local job harvesting and trimming cannabis. And the cool thing is, the people are cool. That alone means a lot to me. I can work a sh*tty job no problem. But how the other workers are is the most important factor for me.

    Anyway. I decided I could always work some local part time job if I need to. I am not desperate for money. The good thing is, I can dedicate tons of time working on the Fastlane. In fact, I am thinking about not ever looking for a job again. I was just going to update my resume and figured, for what?
     
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  25. Bekit
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    I think that most of the "What's missing" elements are only going to be important if you're a slowlaner.
    • If you want to buy a house, you'll have to show two years of consistent income from your self-employment thing before a bank will lend to you (but if you have money because of your fastlane gig, that'll be irrelevant).
    • If you want to get a job, your resume will have a suspicious "unemployed" gap that you'll have to explain (but if you never need to be anyone's employee ever again, who cares?)
    • If your plan after you quit your job is freelancing, you should realize that freelancing can feel like going on a job interview over and over and over and over again, hoping to get hired (but if you have systems in place to have a waiting list of hungry clients lining up to hire you, that won't matter)
    • It's on you to bring in the business, not to just execute on the tasks in the business. This is a mindset shift and the transition can be hard to make. (But if you're already doing this and already know you can continue to do so, what do you have to lose?)
    • If your business is not mature enough yet for you to be independent of it, you don't have the luxury of getting sick. (But then again, you don't have the luxury of getting sick as a slowlaner. Getting sick will probably freeze your income and incur medical bills either way, but at least with the business that you own, you can control your own destiny to a certain extent.)
    • Health insurance - if you have money, you can pay for your medical bills outright or purchase insurance. Yes it will be more expensive than carrying insurance through your employer. There are ways around this, as others have already pointed out.
    If you have the self discipline to work when no one is there to make you, and you have a product or service that people will buy from you, I don't see a downside.
     
    Intax, RayAndré, SMH and 3 others like this.

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