Quitting your job to find your passion, isn't that the new thing everyone wants to do?! You have probably seen all these youtubers, instagramers and social media influencers showing how they quit their jobs, are following their dreams and are making 6-figures or more per year. It is definitely possible!
You can also quit your job to follow your dreams and passions, but let your emotions don't betray you! A month ago I decided to quit my job because I realized I wasn't living to my full potential. Nevertheless, I already have savings of over $100k and freelancer income from projects I work on. I will be quitting my job to travel the world, enjoy more time with my wife and family and just be MYSELF!
1. Know exactly what do you want to do and how you will do it.
I love what I currently do (I am an M&A, Finance and Strategy Consultant) I just hate having to work in the same building every day and working based on someone else schedule. I live well below my means so If I want to take a year off, I can happily do so. There are other hidden passions that I have and I feel I have never dedicated time to them which include: a) making people laugh (comedy), b) helping small businesses grow, c) helping people with personal finance issues, d) investing in small growing companies (private and public). I will probably not make money-off all of them but at least I will die trying.
2. Save enough money for at least a year.
I have saved for well over $100k but I won't be using most of it. I expect to save an additional $30k in the following 7 months. Saving money means being disciplined and cutting unnecessary costs such as:
a. Stop eating out - start cooking your own food, you should not be spending more than $250 on food per month per person.
b. Cut your phone bill - do you need to be socially connected 100% of the time? probably not.
c. Reduce electricity usage.
d. Stop buying crap.
3. Plan ahead
Don't just come to the office next Monday morning and quit. I would plan with at least 6 months to 1 year in advance. Know where you will be living, how much your expenses are projected to be and how you will execute. I will be living for 1 month in Bali, Indonesia and will then be moving through S.E. Asia for about six months (low cost of living). After that, I will probably be in Europe for three months and maybe move to Colorado for a year or two afterwards.
4. Sell your stuff
You will love doing this. I am currently in this process and it is so relaxing but at the same time you will start realizing that a lot of the stuff you bought you either don't use or don't need it any more. I'm telling you, most purchases are emotional! Think of all the money you would've had if you had invested all the money you used to buy all that crap.
5. Start generating some income before you quit
Yesterday (September 25, 2017) I received my first payment for a project I worked in. It was only $200 and I probably made less than $30/hour but my goal was not the money. My goal was to get a five star rating (which I did) in order to start building my reputation as a freelancer. I will try to work on two to four projects per month for the next eight months in order to start building connections.
6. Have a budget
This is obvious, if you don't manage your money you will have to go back to your job.
7. Stop listening to what everyone says
A lot of people will criticize you. F$#(K them, they don't pay your bills.
8. Become obsessed with your goals
Don't slack; dedicate all your time available to your goals, business or project. In the next year, your life is your goal, nothing else. Forget about the party, forget about everything! Invest the time in yourself!
9. Move to a place with a low cost of living.