"Don't quit your day job" may be a running joke for folks who enjoy but can't necessarily make money from their passion, but how do you know when quitting your day job is actually a viable option?
Personal finance blog Get Rich Slowly offers a few thoughtful suggestions for determining whether or not you're ready to quit your day job. For example:
Before you consider quitting your day job to follow your passions, ask yourself:
- How comfortable am I taking a risk with my livelihood?
- Am I willing to maintain a business?
- How will I handle the business management aspects of my new career?
- Do I want to do this all day, every workday, or will that strip the joy from it?
- Will my family and friends support this move?
It's a well-reasoned post that delves far beyond those questions to discuss further realities, suggesting, for example, taking your dream job for a test job (it may not be as great as you expected). The post is written with your financial health in mind, but also keep in mind that sometimes quitting your day job — even when you don't have "substantial savings built up to cover the financial risk of quitting your regular job" — is a risk worth taking. (I never would've ended up at Lifehacker if I'd followed that advice.) Whether or not you agree with every piece of advice, it's a worthwhile read if you've considered leaving your 9-to-5. Photo by Y.
Is It Time To Quit Your Day Job? [Get Rich Slowly]