Listen to This Episode
Podcast: Play in new window | Download
Subscribe: RSS
We recently got an email from a woman named Tiffany, who finds herself in a situation that’s very, very common.
She wants to take the plunge and start a business, but she can’t quit her “day job” yet… and she doesn’t want to get fired while focusing her attention on her new venture.
What’s the best thing to do? The answer to that question depends on a few factors, which we dive into in this episode!
Episode 82: Show Notes
A few things we cover in today’s episode!
- Tiffany’s big question, and her current situation…
- Why Tiffany is concerned about starting a business…
- Do entrepreneurs who start businesses while employed always end up losing their jobs?
- The nature of “competing” with your current employer…
- The amount of savings people should have before quitting a stable job…
- What to do when it doesn’t make financial sense to leave your current job to pursue entrepreneurship…
Links and Resources
- If you haven’t subscribed to the 8 Minute Millionaire newsletter, click the orange “Subscribe” button at the top right of this page to get in on the good stuff!
Like what you hear? Subscribe!
If you’ve found any value or helpful information in the 8 Minute Millionaire Podcast, we’d love to hear about it! Head over to iTunes to subscribe, and while your’e at it, leave us a rating (5 stars would be great!) and a review so others can find us and get in on the good stuff! If you have any questions or comments about this show or its contents, please post them in the comments area below and we’ll be happy to answer them!
Hey Tiffany, Thanks for submitting your question, and thanks Justin and Tara for choosing to answer it. I’m also in the Louisville, KY metro area and in a similar situation. Great job at a great company and have reach almost maximum hours of how much I can do “on the side”, which means nights and weekends basically.
My wife and are getting ready to start a family and the benefits offered by my primary employer are too good to give up. We are still trying to climb out of the debt machine from college, and bad consumer credit decisions in the past, so we aren’t quite at that “one years of expenses” position. Do you recommend just sticking it out and continuing the nights/weekends side gig until we reach that 1 year bankroll, or possibly talking to my employer about working 4 days a week (salary pro-rated), to keep the benefits and allocate more time to grow my own company?
Glad this topic was helpful for you. Also great follow up question!
I wish it were a simple answer. The answer is really personal and unique for every individual.
The first thing you have to ask yourself is can you still provide for your family if you were to cut back to 4 days a week? If the answer is yes and you have a strong pull to do that then I say go for it!
I am a big believer in going for your dreams and personally I would much rather “struggle” financially while going for my dreams and living a fulfilled life and not a life full of “what if’s” or “”should have’s” Once again this is assuming you and your wife are both fully on board and are in understanding that building a successful business is not something that happens overnight and usually 10x harder than anyone ever anticipates.
As long as you are aware of these things and that works for you then I say do it. Something funny happens when we end up having less money coming in. We suddenly spend more wisely and work even harder, so if your current employer is on board and it works for you I think that would be a great options and help you get to where you want to go much faster.
Good luck! Keep us posted!