When Do I know It’s The Right Time To Quit My 9-5?

As we discussed yesterday, if you are feeling stuck in your 9-5 longing for something more then it’s time to make the switch. But before you go and quit your 9-5 and lose the financial stability you must first plan it out. We discussed how making multiple streams of income is very important when looking to quit your 9-5 job. But at what point in those financial endeavors can I leave my 9-5? Let’s dive into the number of indicators that tell you it’s time to quit.

Most of you reading this are probably striving for more in life than just sitting at a desk working pay check to pay check. If that’s you then great your halfway there. Being open to the idea of achieving more is not as common as you’d think. If you are one who prioritize balanced work life, relationships, and happiness then a 9-5 isn’t for you. Next we will discuss at when it is time to quit your 9-5 on a financial level.

As discussed in the previous post building another source of income is crucial for quitting your job. This is because jobs people financial stability and security. Before leaving your job you must assess yourself financially and whether or not your side business or passive income stream is able to replace your current income. Quitting your job before doing this is a very risky idea as it leaves you without an income hoping to find a way. Rather creating a source of income while you have your job helps you create a sense of stability once you quit.

In addition to assessing your income levels, build a financial safety net. A financial safety net is like an emergency fund, it’s extra money you save up to cope with fluctuations during your entrepreneurial journey.  We advise creating a safety net of at least 4-6 months of your current monthly expenses to be prepared in case of said fluctuations. The most important thing you must rememeber though is that you should never leave your job until your second source of income either matches your current income or exceeds it, this ensures that your switch to freedom is smooth.

As you continue to plan and research your way to leaving your 9-5 be sure to make a financial plan. This is one of the most important steps when leaving your 9-5 as it allows you to see yourself financially without a job and allows you see whether or not it is time to quit or if your need to continue working a bit longer to grow your business or income streams. If you’d like an article about how to create a financial plan be sure to leave a comment down below letting us know you would like to see that.