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What happens when you quit your job?

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

  1. windchaser
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    windchaser Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER

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    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!
     
  2. JWM
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    JWM New Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    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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  3. Caroleen M
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    Caroleen M Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Is it type one or type two, if I may ask... If type two, your goal should be to get healthy enough so that you no longer need the insulin.
     
  4. Thinh
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    Thinh Contributor

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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.
     
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  5. The Abundant Man
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    The Abundant Man Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Type 1
     
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  6. 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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    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: Nov 28, 2018
  7. 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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    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?
     
  8. 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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    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 !
     
  9. Thinh
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    Thinh Contributor

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    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.
     
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  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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    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.

    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.
     
  11. fvcorp
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    fvcorp Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    Good thread. I also had to go through this.

    In my opinion, in hindsight, I did the right thing by leaving my career outright and “burning the boats.”

    My catalyst: I made one sale of about $10K. At which point, I realized that I could scale that sale easily to $15-25K and at least one or two per month. It was a no brainer to move forward.

    I like to simplify business down to just three steps:

    1. Assemble Value into a Product
    2. Find the Market and sell the Product.
    3. Once you sell $10K at less than 50% cost: incorporate, patent and dedicate time.

    I personally would never advise anyone to quit their job before reaching the third step.
     
  12. 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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    @fvcorp Thanks for that. Yea sounds like waiting till I have income coming from the business is the common advice.

    $10k sounds like a decent number...hm...
     
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    raritee New Contributor

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    I haven't read this entire thread but would like to comment regarding getting health insurance in the United States. If you have income less than $40,000 when you aren't working and don't have recurring medical expenses, health insurance is basically free. You just go to the government marketplace.
     
  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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    Well, I quit. I wasn't happy with my role at that job, it was sapping my energy, and I needed a change.

    Time to figure this stuff out :)
     
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  15. Tom.V
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    Tom.V Tom Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass Summit Attendee

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    No turning back now!
     
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  16. Jesse W
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    I've read most of the replies to this thread and they are good ones.
    I would like to give a different perspective, one of what I did when I got fired. In other words what you don't do.

    I woke up either late in the morning or in the early afternoon. I would wait for things to come my way( in this case waiting on job applications). I would stay up all night and play video games or watch really bad movies/tv shows. I would drink and smoke weed to curb that feeling that I'm not accomplishing anything.
    I would rely on family members to find out what jobs where available and would take the easiest job that came my way.

    I'd suggest you do not do anything I listed, outside of communicating with family. I got nothing accomplished for 2 years. I can never get that time back.

    Put in the effort, the time. Have a goal, and break that down in the smallest pieces possible and conquer them one by one. Don't waste your time like I did!
     
    RayAndré likes this.

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