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What happens when you quit your job?

Ddowns46

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Before i quit my job I was working on my business, trying to keep afloat an existing side business, raising my 1 year old daughter, and maintaining/cultivating the marriage to my wife. My wife at the time had quit her job to raise our daughter so I was the sole bread winner of the family. Clearly a busy and financially stressful time in my life. Quitting to chase the fastlane dream wasn’t an option.

However, I think its important to have a steady income stream when building a business from scratch. Theres certain risks that need to be taken without your judement being clouded by the financial fear associated with a dwindling savings account. Thats just my opinion.

When we launched our company, we did $1M in sales on day 1. I quit my job the same day. My boss was shocked and thought I was making a terrible mistake. She ended up being wrong about that.
 
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GoGetter24

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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.
Reasonable sentiment, but also impossible by definition: knowledge increases year by year, so if "know as much as I can" is the line, you'll never take action. So better to rephrase it to something much lower like "know as much as reasonably necessary to avoid catastrophe".

Why you hit the beach and collect passive income.
Perhaps I'm the only one, judging by how popular those photos are, but I always think "that's the absolute worst place to be working on a laptop".

Sun in your eyes and drowning out the screen, wind blowing sand in your face, risk of dropping your laptop in sand or water, can't use a mouse, sunburn, no temperature stability, random beachwalkers dogs coming up to sniff you, beachballs being kicked in your direction.

Not sure a worse place to try and do work on a laptop except maybe a battlefield.
 

The Abundant Man

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Sun in your eyes and drowning out the screen, wind blowing sand in your face, risk of dropping your laptop in sand or water, can't use a mouse, sunburn, no temperature stability, random beachwalkers dogs coming up to sniff you, beachballs being kicked in your direction.

Not sure a worse place to try and do work on a laptop except maybe a battlefield.
What kind of beach do you go to? My goodness...
 

Fassina

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Wait are you serious that’s one of the main things?
Actually, I am starting to believe this.

I'm no genius but I can definitely be my own boss. If that's the main "hard" thing, when people say "oh it's so hard", I should have quit years ago
Everyone thinks they can be their own boss.. What matters is how skilled you're at it.

If your 'work' is simple like playing poker, then it's fine. Anything where the next step isn't so clear or you need to make complex decisions you can get stuck.

*edit example: How to know when to quit my current business?

For how long, and with what frequency will depend on how disciplined you are. If you have any subconscious fears of success / change or anything of the sort, be ready to procrastinate, a LOT.
And that's not even counting fake actioning, how reluctant you are to delegate, your perfectionism levels, your knowledge etc..

Here's my suggestion. Plan your little side hustle, take your 2 week vacation and see how much you get done, monitor how many hours you work a day. BE HONEST.
Then get your lowest value at the end of it and assume that's your average output.

You can get an idea of how good of your own boss you are by looking at yourself. Are you in shape? How healthy is your diet? How big are your muscles (if that's at all something you'd like to have) ? How ripped are you ? 6 pack?

How many books did you read this year ? How about last year ? Do you go to the doctor every 6 months? Dentist? Wear your seat belt every time ? Drive under the speed limit ?

Basically you check things you know you should do, but that nobody forces you to do and determine how good you are at accomplishing them.
 
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ned.ryerson

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Be an intrapreneur befor an entrepreneur otherwise you're just a wantrepreneur.

Sent from my SAMSUNG-SM-G930A using Tapatalk
 

minivanman

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Actually, I have a friend that goes to the beach about 10 days a month to work. She lives south of Dallas, her and her husband fly to Destin, Florida..... she LOVES working on the beach and constantly taking pictures of her working on the beach....
 

RayAndré

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Here's my suggestion. Plan your little side hustle, take your 2 week vacation and see how much you get done, monitor how many hours you work a day. BE HONEST.
Then get your lowest value at the end of it and assume that's your average output.

You can get an idea of how good of your own boss you are by looking at yourself. Are you in shape? How healthy is your diet? How big are your muscles (if that's at all something you'd like to have) ? How ripped are you ? 6 pack?

How many books did you read this year ? How about last year ? Do you go to the doctor every 6 months? Dentist? Wear your seat belt every time ? Drive under the speed limit ?

Basically you check things you know you should do, but that nobody forces you to do and determine how good you are at accomplishing them.
This is excellent advice. Anyone who wants to achieve something great should look at themselves for 1) proof of why they CAN, and 2) examples of things to improve on.

Doing things to grow on your own that no one forces you to do is a big indicator in my opinion.
 
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struka

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Actually, I have a friend that goes to the beach about 10 days a month to work. She lives south of Dallas, her and her husband fly to Destin, Florida..... she LOVES working on the beach and constantly taking pictures of her working on the beach....
That's a great place. I'm also in Destin but mainly reading Unscripted and learning to program.
 

minivanman

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That's a great place. I'm also in Destin but mainly reading Unscripted and learning to program.

Our daughter lives in Milton (out in the country) so we go to visit several times a year. Headed there December 21 and then on to South Beach Miami for 10 days..... no work included. I'm not big on being at the beach but if I'm going to be there (the lil woman loves the beach), I'm not going to be taking any texts about any business and no internet.
 

ironman150

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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.
what kind of wait time exists to see a medical specialist or dentist? Just curious.
 
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ShamanKing

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I needed the experience of quitting. I experienced not having to wake up at a certain time (still woke up early to be proactive). No need to ask to take a poop/pee. No manager or boss. And I kind of enjoyed that (loved it). Now I am going to shoot for it to make it permanent.

One of the scariest moments I experienced was leaving a new Job after 2 weeks (06/01/18). I had 2800 in savings and 863.27 in checkings. I've been employed since 2010 (age 16) and never thought about how it was to not have a job/income/money/benefits/4o1K OMG. On the freeway as I driving back, I felt this fear and very unique feeling. I was scared for my life. I didn't work for 4-5 months. During that time I spent every morning at Starbucks. I applied for different jobs, read, read, read and read more books. I stumbled upon TMF on Youtube. Life Changed forever. Finally landed a Part-time job with the world's biggest home improvement retailer. Started a side hustle actually worked. Currently reading Unscripted . (HOLY SHIT im doing different things, and getting different results).

People shit on me bc I have a degree. Scold me for leaving good paying jobs for shit jobs LOL. I've been told I'm lucky I can quit my job. I'm lucky I have a family. I'm lucky I have no children. I'm lucky I dont have bills, debt, ect...........
Hopefully my experience helps u.
 

Brian Fleig

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I spent 80% of my adult life without health insurance. I'm 57 and don't have health insurance now and haven't had it the last 15 or 20 years. I was lucky enough to never need it but the bottom line is whether you have it or don't have it you're gambling. I've never had even a minute of concern over it.
By your pic I'd guess you're in your 20's making it a pretty solid gamble for you unless you have an existing condition.
All that being said I avoided risky hobbies such as skiing or sky diving. :)


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?
 

458

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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?

Everyone knows within themselves if they have it or not. If you have it then make a move, if you don't then climb the corporate ladder.
 
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GuitarManDan

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In response to the original post - I can definitely speak to this topic.

Left my super cushy investment banking job in NYC almost 1 year ago today to start my own website design/digital marketing business and moved across the country to Arizona.

I'll include some practical advice below for your questions (if you're in the US) and then some quick points about how the experience has been:

PRACTICAL ADVICE:

  • For medical insurance - I started with the affordable care act insurance... if you get a subsidy it isn't that bad but the premiums can be a lot (I'm 28 and paid around 400 a month without any financial assistance as I didn't qualify).
  • For dental and vision... also can be bought on the ACA marketplace (very cheap, it was like 20 bucks a month for dental).
  • In terms of moving... I simply showed my apartment complex a statement of my bank account (had saved up a good amount as a nest egg before making this decision) and they used that instead of proof of a paycheck or anything like that.

HOW THE EXPERIENCE WAS:

I can't tell you how many people told me I was "throwing my life away". It was terrifying, but I knew it was worth it. Ask me a few years ago and I would've never guessed in any world that I'd leave cushy corporate America to start my own business.

I was working in a toxic work environment and reading business/entrepreneurship books was my light at the end of the tunnel and my escape from how miserable I was every day. MJ's book the FLF really put me over the edge and then I just had to focus on what I wanted to learn.

I didn't have a background in website design or digital marketing, I hated my job so much I'd leave early and study multiple hours a night learning to code and the basics of running a business.

I didn't do it alone, I found forums like these and other individuals who had successful web design businesses like Fox and learned so so much from them and took massive action.

Fast forward to right now, I still have a long way to go... but I had my first ever 5 figure month in September and those same people saying I was "throwing my life away" are now telling me I "got lucky" and they're asking how they can get started with something like this now lol.

Feel free to PM me if you have anymore questions man!
 

JWM

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I left my 6-figure engineering job earlier this year through an F-this event, which was after a year and a half of knowing the career wasn't for me. I had completely immersed myself into books and audio of entrepreneurship, business and developing mindsets and habits for quite some time prior to quitting (which have made me a different person).

Absorbing all this information and realizing I want to be involved in business made me feel excited, which is something I hadn't felt for some 9 years in my engineering career (including education) and that speaks volumes.

During that time there was always something in the back of my mind telling me that what I was doing wasn't right for me and that thing is now at the front of my mind and driving me towards what I want. I wasn't working on any projects when I quit, stage 1 to get my mind in the right place was to get out of the environment I had put myself in.

So a few tips from my experience...

  • Save a nest egg. You will need money to live off of. I had enough to get me through a couple of years without income.
  • Eliminate your expenses like credit cards and other debt. Cancel subscriptions to things you don't need (Netflix etc.)
  • I had somewhere cheap to live (my partner is very supportive of what I am trying to achieve). For you, I would suggest looking for a cheap room, your partner if you have one, a friends house or back in with your parents. (I slept on a mattress behind a couch at a friends place for a year during University, I can adapt to situations).
  • Develop your mindset, know what you want to achieve. Stop being a consumer wasting money on crap (this will help with conserving funds). Divorce yourself from "friends" who are holding you back and not fitting into your future, especially if they are not supportive (this is something I personally had to do, may not be applicable for you). Find people who are on a similar journey.
  • Get a cheap gym membership paid upfront (no monthly plans). Exercise needs to be a habit. Start looking at your diet and fix that too, you can eat extremely healthily on a tight budget, go get your favorite meal on the weekend (this diet will become habit). These two habits will help in so many ways.
  • I'm from Australia, I can get by without medical plans and insurance, so I can't comment on this.
  • Use an existing skill to keep extra money coming in if you need it, I'm an airbrush artist and this helps.
  • One thing that stressed me out was just getting a business started quickly, something to make money, anything. I have to keep reminding myself that this is a process, it's going to take time and that's OK. I have my idea I recently launched and I now need to work through the next phase which will also take time. Be OK with things taking longer than expected.
  • You will arrive at the desert of desertion at some stage. Try to figure out what that will look like for you and how you might be able to push through it, what could you do when it shows itself?
  • You might need to hide the fact you quit your job form certain people. My Mum doesn't know and she won't know until I have succeeded (very strict and strong woman while I was growing up, she would have zero understanding).
That's all I have for now, shoot through any questions if you have them, I'm sure I can give more help.
 

RayAndré

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In response to the original post - I can definitely speak to this topic.

Left my super cushy investment banking job in NYC almost 1 year ago today to start my own website design/digital marketing business and moved across the country to Arizona.

I'll include some practical advice below for your questions (if you're in the US) and then some quick points about how the experience has been:

PRACTICAL ADVICE:

  • For medical insurance - I started with the affordable care act insurance... if you get a subsidy it isn't that bad but the premiums can be a lot (I'm 28 and paid around 400 a month without any financial assistance as I didn't qualify).
  • For dental and vision... also can be bought on the ACA marketplace (very cheap, it was like 20 bucks a month for dental).
  • In terms of moving... I simply showed my apartment complex a statement of my bank account (had saved up a good amount as a nest egg before making this decision) and they used that instead of proof of a paycheck or anything like that.

HOW THE EXPERIENCE WAS:

I can't tell you how many people told me I was "throwing my life away". It was terrifying, but I knew it was worth it. Ask me a few years ago and I would've never guessed in any world that I'd leave cushy corporate America to start my own business.

I was working in a toxic work environment and reading business/entrepreneurship books was my light at the end of the tunnel and my escape from how miserable I was every day. MJ's book the FLF really put me over the edge and then I just had to focus on what I wanted to learn.

I didn't have a background in website design or digital marketing, I hated my job so much I'd leave early and study multiple hours a night learning to code and the basics of running a business.

I didn't do it alone, I found forums like these and other individuals who had successful web design businesses like Fox and learned so so much from them and took massive action.

Fast forward to right now, I still have a long way to go... but I had my first ever 5 figure month in September and those same people saying I was "throwing my life away" are now telling me I "got lucky" and they're asking how they can get started with something like this now lol.

Feel free to PM me if you have anymore questions man!
Thanks for the inspiration @GuitarManDan!
The nice cushy jobs are hard to leave...like you said, it feels kind of terrifying, but will be worth it in the long run.
It's funny how people think successful people get lucky.
Congrats on your first 5 figure month!
 

RayAndré

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I left my 6-figure engineering job earlier this year through an F-this event, which was after a year and a half of knowing the career wasn't for me. I had completely immersed myself into books and audio of entrepreneurship, business and developing mindsets and habits for quite some time prior to quitting (which have made me a different person).

Absorbing all this information and realizing I want to be involved in business made me feel excited, which is something I hadn't felt for some 9 years in my engineering career (including education) and that speaks volumes.

During that time there was always something in the back of my mind telling me that what I was doing wasn't right for me and that thing is now at the front of my mind and driving me towards what I want. I wasn't working on any projects when I quit, stage 1 to get my mind in the right place was to get out of the environment I had put myself in.

A LOT of this sounds like my situation! Its nice to find others who are going though (or have gone through) very similar thought patterns and choices.

And thanks for the tips. I'm happy to say I do a lot of those already.
What did you mean by the desert of desertion?
 

RayAndré

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Everyone knows within themselves if they have it or not. If you have it then make a move, if you don't then climb the corporate ladder.
This.
At this point, I just need to kick myself in the butt and do it.
 
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ShadyDave

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Just assume you are on your own. If you have a plan (which I know you do) then you should be fine as long as you put in the work. Worst case scenario you have to temporarily get a job again.
 

windchaser

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Good point, I like the idea of having at least _some_ income before I quit.

But I definitely won't be blowing my savings on gambling and alcohol.

How about I give myself half of 2019 to get that income going.
Quit My Job July 1st, 2019.
Its going on the calendar ;)

I used to think like you. Then July 1st turned into September 1st and so on and it was not until I had a FTE that I decided the moment to quit was NOW... be very careful with the logic of I will do it in that date, it will never be a perfect time.

I understand your concern with health insurance, I am from a country with public health system and when I lived in the US it was unsettling to me, I had never thought about it before. But if you have good health and you do not have a chronical disease or something that requires medical insurance, don't overworry about it!

Think that with insurance you are paying for the risk plus the insurer margin so statistically speaking it is always more expensive.

However, if it would make you feel comfortable, there is a thing called catastrophic insurance or something like that, which is very cheap and will only cover you if something extreme happened to you (surgery and stuff like that).

If your business does not require physical presence, consider moving to a cheaper country (or at least a cheaper living cost place in the US) as it is being suggested by some people.

Good luck with everything!
 

JWM

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A LOT of this sounds like my situation! Its nice to find others who are going though (or have gone through) very similar thought patterns and choices.

And thanks for the tips. I'm happy to say I do a lot of those already.
What did you mean by the desert of desertion?

The desert of desertion is a concept in Unscripted . Where you've put all this work into your project and you're at the point where it's looking like it's failing, you have no sales, you're losing motivation and belief because you haven't gotten that positive feedback from a sale etc. It's where you either throw in the towel or push through and figure out why it's not working. I'm currently in the desert and I didn't plan what I'd do if I got there. I'm not even sure if you can plan for it, but it's worth thinking about it.
 
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Thinh

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+1000 for @socaldude and @Wolf

Quitting your job is a bad idea. Unless you are really 100% sure you will be able to avoid scarcity mindset

Which
1/ you won't know until you try BUT
2/ 9 out of 10 people fall into the scarcity mindset when quitting a job when they don't already have an cash generating business, so at least you know the odds you face .

If your current jobs prevents any pursuit of entrepreneurship (because of hours, responsibilities, mental toll) then change your job .

But quitting to live on savings and hope to hit big within a constrained timeframe ? You're just setting up yourself for trouble.

It all boils down to your mindset. Quitting your job in the conditions you describe most often turns you perniciously into a money chaser.
 

Jeff Noel

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My girlfriend is also Type 1. We learnt it last year, during the world diabetes day (ironic).
She recently got a FreeStyle glucose monitor. This thing is awesome. Do you know about that?
Here's more info Continuous Glucose Monitoring System (not affiliated, it's juste a real game changer. No more switching finger tips 4-8 times a day to take your glucose level).
 
Last edited:

RayAndré

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+1000 for @socaldude and @Wolf

Quitting your job is a bad idea. Unless you are really 100% sure you will be able to avoid scarcity mindset

Which
1/ you won't know until you try BUT
2/ 9 out of 10 people fall into the scarcity mindset when quitting a job when they don't already have an cash generating business, so at least you know the odds you face .

If your current jobs prevents any pursuit of entrepreneurship (because of hours, responsibilities, mental toll) then change your job .

But quitting to live on savings and hope to hit big within a constrained timeframe ? You're just setting up yourself for trouble.

It all boils down to your mindset. Quitting your job in the conditions you describe most often turns you perniciously into a money chaser.

Very interesting @Thinh!
I 100% agree that it all boils down to your mindset.

How would you describe the "scarcity mindset"?
And in contrast, how would you describe the "abundance mindset"?

For a while, I knew I had a scarcity mindset, I understood what the abundance mindset was, but I didn't know how to switch from one to the other.

What do you think?
 

Jeff Noel

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Edit: Read Thinh's context about scarcity mindset, so my definition is definitely wrong. Still leaving it here because I found my writing inspiring !

I can start by saying the scarcity mindset (for an entrepreneur), in my opinion, means to stop wasting time everywhere. Enough with video games, enough with TV (unless you target these fields of interest).

It's to value time. By valuing time correctly, the mindset is automatically applied to your wallet. You'll stop spending money in useless things, because you will stop pûtting time in useless things. You will have to weigh whether this or that thing needs to get out of your daily routine. You will plan a lot more. Planning so that you know what you spend (in cash, time, etc.) and where you spend it.

Doing this, most of your time will be targetted at wealth conservation (in time) and wealth generation (in money). The simple fact that you will spend more time on useful things will boost your self confidence, because you will realize you invest time doing more good, looking for more opportunities to develop your wealth by providing value to people.

The way I see it, the scarcity mindset is more than just being careful about where you spend you resources, but making sure your actions are centered towards positivity by giving value and solving problems. This creates abundance in value, wealth and finally over time (once you can hit the fastlane). So scarcity would be required to switch to abundance and be able to manage things right.

Am I in the wrong ? I only begun chapter 15, if it's in TMF !
 
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Thinh

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Very interesting @Thinh!
I 100% agree that it all boils down to your mindset.

How would you describe the "scarcity mindset"?
And in contrast, how would you describe the "abundance mindset"?

For a while, I knew I had a scarcity mindset, I understood what the abundance mindset was, but I didn't know how to switch from one to the other.

What do you think?

Scarcity mindset: living in fear. Fear of lacking. Insecurity about one's ability to feel his life is stable and safe.

Abundance mindset: being unaffected by one's conditions (be it financial, relationships, physical) and knowing you have the necessary resources (or at least know how to find those resources) for stability and safety of life.

Scarcity mindset comes from fear. Fear kills creativity, openness, and ability to think "out of the box". That's why it turns people into money chasers.

Abundance mindset comes not from riches or resources but from clarity and generosity.

What I know is that embracing an abundance mindset is what makes me creative, opened, curious, willing to take risks and giving.

Keep in mind your mindset doesn't necessarily mirror your current situation.
There are many "rich" people who actually operate from a scarcity mindset. These are the ones regarded as greedy, insecure, always trying to hoard on their treasure.
And there are broke people who yet are still smiling, generous and driven. Those are the ones who know they are broke but it's only temporary. Note that I said broke, not poor. Also a mindset difference.

That being said, one might as well choose an environment that makes it easy for them to embrace the right mindset. That's why I advise not quitting the job. Sure, it's still possible to have an abundance mindset without an income, but when you have rent, food and bills to pay no matter what, it's a lot harder.

It's like when you want to live the unscripted life. Sure, you might succeed even surrounded daily by scripted people, but the road is already difficult, why putting more difficulty on top of it?

As @MJ DeMarco says, environment is crucial. In the end we're all a product of both our inside and our outside. You have to figure out what puts you in the best conditions to achieve your goal.
 

RayAndré

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That being said, one might as well choose an environment that makes it easy for them to embrace the right mindset. That's why I advise not quitting the job.
Haha, this is one reason why I am thinking of quitting. 1) to have that time to spend on growing my website instead, and 2) to NOT be "surrounded" with slowlane mindset people (coworkers).

So from the environment standpoint, I think quitting the job would be beneficial.

Scarcity mindset: living in fear. Fear of lacking. Insecurity about one's ability to feel his life is stable and safe.

Abundance mindset: being unaffected by one's conditions (be it financial, relationships, physical) and knowing you have the necessary resources (or at least know how to find those resources) for stability and safety of life.
And I definitely agree about these. I feel like I grew up with a Scarcity mindset due to how my parents think, so naturally I thought the same way. But now that I know what I want, know that I can have it, and I know the resources (or at least how to find them, like you said) my mindset has changed.
Also realizing that what you currently have is enough, thought it may not be everything you want, knowing I can get everything I want makes me not worry about not having it.

Worry / fear is a BIG part of the scarcity mindset.
 

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