I am officially unemployed.
Last Update: Jul 24, 2019
This may come as a shock to some of you, but I have been working a contract job for the last few years.
I did so because it was an easy gig that paid benefits.
But is just been getting in the way of scaling my business further.
Over a year ago, my side-hustle income officially started out-pacing my 9-5 income. It officially became a "waste of time" to go to work. (that is funny to think about...)
But since it was a contract gig, I was contracturally obligated to finish out the contract or I'd get sued.
So when the renewal period came up, I denied it.
So I am officially unemployed... but I am the CEO of a company!
Not renewing the contract definitely was the hardest decisions I have ever made in my life mainly because it is not just me, it is my wife and son as well. Decisions I make affect them, too.
I have accomplished many goals since starting this online marketing thing.. .but this was by far the biggest.
What is funny is that I have been working full-time on my business anyways, but my "full-time" is only 15-20 hours a week.
I want to thank Kyle and Carson for putting together a community and training that really works.
It really blows my mind when referrals tell me they don't have time because of work or something to take this business more seriously. I always tell them the same thing... "We pay better..."
Most people that give me those statements do not see the value of what is being taught inside WAs walls and it makes me sad...
For those of you that are still working toward this goal, here are a few things that I learned that has helped me quit my job.
1. Create a Budget
Sit down and list every dollar you owe to anybody. School loans, mortgage, credit cards, hospital bills, car loans, monthly bills. Come up with a number that you need to maintain your current lifestyle.
For example, if your current job makes you $4,000 a month GROSS (meaning before deductions and benefits) than that is your target number.
Now, we need to get your survival number... how much money do you need to SURVIVE. So if you lost your job tomorrow and had to severely cut back... what is that number? For example, let us say it is $1500.
Those numbers tell you where you need to get your business in order to walk away from your job.
2. Pay off bad debt...
You absolutely need to pay off ANY bad debt you have. This includes high interest credit cards, school loans, personal loans, etc.. Just a preference, but if you have any debt that you are paying higher than 4% in interest... pay it off. Make it a sin to pay credit card interest.
Paying this down will help you manage and plan out your monthy spending
3. Build a nest-egg or Emergency Fund
After you have paid off your bad debt, build a 3 to 6 month emergency fund. This should be an amount around your survival number so that you can continue to pay bills even if your business stops generating cash flow.
I built more of a 8-12 month nest-egg. But that was just because I wanted that to be more secure. But most financiers recommend no more than 6 months.
Having that cushion will also give you time to find another job if you have to. I believe I read that the average time it takes to find a job is about 2 months.
4. Consult with those that have done it already or are doing it
The WA community is pretty awesome, as there are those that have been doing this for years and they are willing to help you do the same.
I find that bloggers and content creators are typically nice people because the whole reason that are successful is because they are generous with knowledge.
So leverage the community here and reach out to those that have been successful and see what they are doing. Copy success... they can give you some little nuanced things that you don't think about unless you have gone through it already.
5. Determine how consistent your money is...
How long have you been earning your income? Has it been consistent for at least 6 months? 8 months? a year?
There are no guarantees... your primary income stream can dry up at any time... but so can you getting fired from your job without warning... or getting hurt and cannot work anymore!
One thing that online business will teach you is to diversify your income and have as many income streams as you can. Something that is not taught in school or even promoted at your usual place of work.
Running your own business can be more secure than working a job.... go figure.
6. Know that you are worth more than what they are paying you hourly
The biggest thing that I have taken from being a full-time entrepreneur is that you see your worth. Being paid hourly is a waste of time. You should be paid for the amount of value that you create.
I had a friend that was responsible for bringing in over $1 million dollars of business to his insurance firm... and you know how much he got paid for it? An hourly wage of $25/hr which is about $52,000.
Think about that... the insurance firm GAINED over $1,000,000 and my friend got only $52k back. That is about 5%. Meanwhile, the company kept the other 95%.
But if he were an affiliate of that company, he could have gotten anywhere from 20% to 30% in commissions. That is 6 times as much money! Turning that meager $52k to $312,000 in a year.
Get paid by the value you provide... not buy a hourly wage.
7. Build your business while working the 'normal' job.
There will come a point where the money you are making with the side business becomes more important than the time you are wasting working your regular job. As a result, the regular job isn't worth the time anymore and you will find yourself stealing company time to build your business.
That is unethical and I do not recommend it.. .but it is a clear sign that something needs to change.
Also, business take time... especially blogging. Do not quit your job until you have a steady stream of income coming in.
Once you have all of your ducks in a row... take a leap of faith. Even the dumbest decisions come with a good story later.
Leave your current job on good terms and even check to see if the door is open for you coming back if things don't work out.
For me, it is better to do it and not regret it later, rather than work 40 years doing something I do not enjoy. We live in an interesting time of human history. It has never been easier to build a business with absolutely minimal start up capital (WA is only $19 to get started)
The way your parents made money is essentially dead. Jump now while it is still relatively easy to do.
Let's wrap this up...
If you love your job... don't quit. There is no point. But the truth is that more than 66% of people HATE their jobs
So, take your life into your own hands... Have a Minority Mindset and don't think like the majority.
Remember that you don't NEED a job... you NEED an income. There is a difference.
The key takeaways is to (1) build your business, (2) surround yourself with like-minded people, (3) invest in yourself, and (4) take massive action.
I hope this reaches most of you and you see that this 'online thing' is 100% real and open to anyone willing to put in some work.
So where are you on your journey? Comment below and let's discuss ways to get you out of the rat-race.
Well said Chris, amazing tips and congratulations on your unemployment!!👍
haha, thanks cliff.. that is a weird thing to say... or at least it sounds weird to the 'majority' of people.
Your good planning (outlined in this post), hard work here at WA, and sticking with your job until everything was just right has led you to achieving your goal!
Good for you!
Good points. Especially point 6 reminds me of my close friend who said he's also running +1,000,000€ per year as an employee but can keep only a tiny fraction of it as an employee.
And even though his results would be much higher, his salary isn't higher so it doesn't really motivate to put in extra work. I've heard the same from many other employees, it doesn't motivate to do the best because there are not incentives for that always.
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Congratulations, Chris! It's a big step, I agree.
Your story proves 100% the post I published a week ago, which is completely based on my own life path. I would greatly appreciate if you take a look at it. It's called "How To Budget Money On a Low Income & Importance of Building Emergency Fund." (I don't want to spam your post with a link).
The difference is that I had to quit my well-paying occupation before I found WA and reached your success in the online business. I wish I could reference your story when I was writing mine. I may do the update now :)
I am very happy for you and wish you continued success in everything you do,
haha... go right ahead Julia... we can do an interview if you want.
Really?! I'd love that. I've never conducted an interview in my life, but there is a first time for everything...