Preparing to quit your day job

That’s my MAIN goal but it’s a big learning curve to reach the winning prize…

Well put. I get dogged a lot because of what I am trying to do online with AM. I really don’t want to start until my debt is payed off. So I am learning all I can until I can pay off a couple CC’s b4 “jumping in”. Then from there do as you say here in this post, keep my day job and WORK to quit it!
Thanks Chad!

great post. these are all the things i already think about when deciding when its ready to quit my day job. health insurrance is something many people will probably overlook, until they get hit with a sick medical bill that forces them into debt or back to a day job.

i’ve been working for 1.5 years at being able to quit my day job…and i always seem to hit a plateau of $800/month. any suggestions?

Or…. Say F&^k it and take big risks. The greatest rewards in life often come from taking the greatest risks. You would be amazed at what people do when the back is against the wall and they don’t have the option of failing. It can speed up your progress 10 fold. Plus I think you have to have a bit of a gambler mentality in this business anyway, everytime you put your money out there it isn’t necessarily going to come back to you. The people that aren’t afraid of failure and will risk big do the best in this industry.

Chad,

Good post but could you touch on the legal liabilities if any a person going full time takes on?

I asked the following relating to your post on tv ads…

Interesting idea combining TV adds with affiliates but it got me thinking about legal liabilities. Unlike online, TV is more strict with the FTC policing them. But what kind of legal liabilites do we take on as online marketers?

Since your a super affiliate what do you do to protect yourself? Do you have a legal team that reviews all your ads and landing pages? Have you ever had issues with the products or services you have promoted. I’ve always assumed we are fairly safe as marketers since its not our product we are promoting. I thought any blame for a faulty product or service falls on the merchant.

I’ve never consulted a lawyer on this since I’m just a small time affiliate but was wondering how a huge affiliate like yourself researched it and what your lawyer said.

*If I ever start making more than a few bucks I will consult with a lawyer, just wanted to see how someone doing tons of volume limits their risk or knows if there is any risk at all.

Some good advice Chad.

I was actually kicked out of my job for the second time and faked my disappointment. I sold my house and emigrated, so I now have a no debts and a big buffer of cash in the bank plus I am building on the affiliate income streams.

In my first escape attempt I was spread betting and at first it was good but the pressure of having to make a living from it got to me and it went pear shaped.

Recently my cousin started looking for a job after thinking he could make it as a professional gambler. So as much as we don’t like working for the man, we really need to get a stable alternative income and investments going before quitting the day job.

The stakes are raised a lot once you quit your job, and if you have to go back, you have a lot of acting work to do in the interviews.

I just want to add some minor things to his list. These things were my downfall the very first time I tried working for myself.

1. Make sure you have 1 years business operating expenses, in addition to living expenses. Office space, broadband, PC’s, servers, desks, chairs, phones, phone bills, etc., all add up to about $500 /month for the average office. If you want to work from home and are single, more power to you, but if you have kids (like I do) and think for a single second that “I can work from home, they’ll leave me alone.”, you have another thing coming. They won’t leave you alone and it will drive you nuts.

2. Taxes. Be sure to be EXTREMELY organized when it comes to taxes. Falling short by $10K-$20K is no fun, especially when the business is on tilt. Always pay the right amount, on time, always.

3. Reread what he wrote about diversification above. that’s the key. Have a 3 year plan for your business (yes, it is a business) and stick to it financially, don’t spend 6 months worth of savings on one idea thinking it’s a sure thing. Be frugal, be analytic, and most of all, think things through for a while.

Great tips man I wrote a post a while back about preparing to leave your day job http://www.cpa-affiliates.com/leaving-your-day-job-to-work-online/

Taking the leap to leave your day job is a big and scary one but if you prepare properlly it is the BEST one you can make!!

although we should always plan for the afterlife of quiting..i have an experience to share. A friend of mine made his decision one night when we were working late and on the very next day, he put in his resignation letter even though he did not have any plans…5 years later, we met while in the shopping mall. he now owns 5 stores retailing hearing aids and medical devices for senior citizens…moral of the story..just do it!

For every success story there are many failures (you never hear of the failures). There is a big difference between taking risk and being a gambler. For the most part, gamblers go broke.

Chad gives conservative advise and I would take it.

This is hilarious.

I don’t understand why people need a third person’s advice/suggestion if they are ready to quit. YOU should know if YOU are ready to quit. No one can tell you’re ready to quit. If you’re asking questions like these the it probably means you’re not ready to quit.

I knew it was time to roll when I could not get out of bed anymore. I could not sleep because I dreaded sitting through 9 hours in a place I did not want to be. And in the morning I would hit snooze about 10 times before dragging myself out of bed.

I think if your job is taking up to much time and you hate it, you should quit and find something that takes less times and will still pay the bills. Cut all unnecessary expenses (cable, car in some cases, netflix, etc). With a part time job or freelancing you can pay the bare needs and spend the rest of the time trying to grow your business.