As far as getting lean, fit and muscular go, you already know all you need to know. Now you need to know an important truth – How to manage your money and when is the right time to quit your day job. Most people who try and make money online do so because they wish to quit their day job. They hate the commute, the lack of freedom, their unreasonable bosses, their backstabbing colleagues and the list of woes goes on.
It all seems so nice to be able to work from home. No commute. Freedom to do what you want, when you want and nobody to boss you around. It’s fantastic. The big question is. When do you quit your day job? Many marketers make a huge mistake here and quit their day job way too early. They decide to give internet marketing their full attention and it’s either make it or break it. They believe that they’re bold and taking the right action.
Nothing could be further from the truth. Make it or break it? Almost all the time, these marketers break it and fail on an epic level. They become broke, in debt and finally end up getting another job. They then feel bitter and give up on internet marketing. What they don’t realize is that they could have made it if they only knew when to quit their day job and this is what they should have looked out for.
- What’s your number?
Your number refers to the amount of money you need to survive every month. A good estimate will be your current salary multiplied by 1.5. If you are earning this amount consistently every month for 5 to 6 months, you are ready to quit. The reason it is 1.5 and not one is because your income can fluctuate wildly at times and the extra 0.5 is just to take up the slack should you earn less any single month.
You do not want to be in a situation where you can’t afford your rent just because your website was down for a week due to some issue.
- Money is oxygen to your business
You need money to build an online business. Your day job will provide you that money to invest in your business. If your online business is incapable of sustaining itself from its own earnings, you are not ready to quit your day job yet. Use a portion of your monthly salary to invest in your business. Work at your day job while you build your fortune. Once you are raking in dollars, you can toss in your resignation. You can also consider reading useful articles about an investment like investing.com, forbes.com, drudge report, entrepreneur, and many more which will give new better ideas about online business.
- Can you do both effectively?
This is an interesting question. Many people do not really hate their day job. They just hate their salary. If you have an online income that’s making you an extra two thousand a month, life at your job may suddenly seem much better since you have more cash now.
If that’s the case and you like your day job and colleagues, there’s really no need to quit. You can automate and outsource your business so that you can have both a job and an online income.
- Your six-month nest eggs
Before quitting your day job, make sure you have at least 6 months of your current salary saved up. This will be a buffer if there is an emergency or if your business suddenly fails. You’ll have time to fix the problems or at the very least, find a new job.
- Insurance and medical benefits
Most jobs have some form of insurance or medical benefits such as dental coverage, etc. Make sure you’re earning enough online to cover all these costs. There’s more than just a monthly wage that you should be looking at.
- Is your spouse working?
Yes, even warriors get married and if you are, does your spouse have a job? If they do, there is at least a backup source of income should things not go as planned. Do remember all these points before you quit your day job to do internet marketing full-time. If you do it right, you’ll ease smoothly and successfully into being your own boss and not working for the man anymore. It’s really a life-changing event.