This post is from staff writer Sierra Black. Sierra writes about frugality, sustainable living, and getting her kids to eat kale at Childwild.com. (It’s also her birthday today.)
Who doesn’t dream of quitting their day job? Every day, countless hours are spent in corporate cubicles daydreaming about lives of adventure, creativity, and play — lives spent doing what you love.
Last month, I took the leap. I quit my day job to write full time. Now I’m sitting in Buenos Aires writing while my kids play with their grandparents nearby. And I’m getting paid for it.
To say this is the achievement of a dream would be a vast understatement; I’ve wanted to be “a writer” since kindergarten. But I didn’t just want to be a writer — I worked hard and planned for it.
Should You Quit Your Day Job?
Chasing a dream isn’t for everyone. There are plenty of people who prefer the stability and security of a job. Many creative, interesting, passionate people like the advantages of a steady paycheck, good benefits, and the ability to leave work behind at the end of the day.
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?
If you still think you might want to go after your dream, some preparation can make the risks easier and the rewards greater.
Take Your Dream For A Test Drive
It’s a big leap from karaoke night at the local bar to American Idol. See if you can find a way to test-drive your dream life before you leap into it all the way. This will give you a chance to be sure it’s what you want. You’ll also get to fine-tune the details of how you want to go for it.
You may discover that you don’t want to do turn your passion into your career. That’s fine. One of the most talented singers I’ve ever known makes her living in psychiatry. As the daughter of two musicians, she knew firsthand singing wasn’t the right career for her.
Many people test-drive their dream jobs by freelancing on weekends or evenings. This works for creative fields like writing, photography and music. It’s harder if your dream is to open a restaurant or become a civil rights lawyer; some things, you can’t just dabble at. But you can still try some jobs on for size by taking a class or finding a mentor. Take a law class at a local university. Cook meals for family and friends. Pick up some night shifts as a chef’s assistant.
Do What You Love
Yes, it’s useful to network and gain experience. But don’t sacrifice your time and energy to do things you’re not interested in.
When I started freelancing, I had friends and relatives offer me gigs writing ad copy for their businesses or editing their thesis papers. Those are jobs that use the skills I’ve built up as a writer, but they’re not my driving passion.
Since I wasn’t depending on my freelance business to support me, I turned those jobs down. I focused on what I wanted to do: creative essay writing and blogging. Staying focused helped me joy out of the work and brought me more opportunities to do exactly what I most love.
Fake It ‘Til You Make It
Play make-believe with yourself right from the beginning. Don’t say, “I want to be a singer someday.” Say, “I am a singer.” You may feel a little dopey at first, but you’ll slowly condition yourself to believe it.
The most important aspect of “faking it ’til you make it” is to be professional. That means setting aside time to work at your vocation, even if it means turning down other fun stuff. It means following up on leads, keeping commitments, and presenting yourself like a pro.
Growing up, my mother told me over and over again, “Writers write.” That’s true. But any “dream life” has more working parts than the dreamy bits. Writers write, but they also network, edit, invoice clients, build relationships with editors, brainstorm ideas, and read other writers.
Find out what professionals in your chosen field actually do — maybe through an informational interview — and start doing those things. Right now.
Does your dream require a portfolio? A credential you don’t have? A new website? Make sure you have the professional tools to do your work, and then do it. Don’t spend a lot of money or time getting set up, though; you’ll learn more about what you need as you go.
Make a Road Map
Simply saying “I want to be a writer” was like trying to catch the moon in my hands. Clear goals helped me work. I knew what I was working towards, and I could break down the steps to get there each day.
Don’t be afraid to aim high. If you want more than anything in the world to be a contestant on American Idol, write that down and then draw up a plan to get there. Even if you don’t wind up singing on TV, the work you do pursuing while pursuing this goal will take you somewhere good.
And you may surprise yourself. When I made my list of dreams and goals, being published in The New York Times seemed like a pipe dream. When it happened, it was just one more step forward with a writing career that was beginning to pick up its own momentum after a year of hard work.
Bank Your Success
By the time I started making money writing, I was sure I wanted to do it full time. So I banked my paychecks in a savings account. My intention was to save up enough money to cushion the ups and downs of freelance income.
Even more important, I wanted to avoid “lifestyle inflation“. I realized that if I simply added my freelance income to my household budget, I’d risk gradually increasing my spending until I depended on my day job and my freelancing just to stay afloat.
So I hid that money from the household budget in its own savings account. I’ve appreciated having those savings this month while I’m traveling and unable to collect or cash my writing paychecks.
Do the Work
A dream job is still a job. Let me repeat that: A dream job is still a job. When your passion becomes your day-to-day grind, you have to be willing to show up for it just like you’d show up for a factory shift. Be on time, be ready to work, be respectful of the needs of the job. You need to do the boring bits as well as the fun parts, and you need to do it even when you’re uninspired or tired or distracted. Just like a real job.
Know When to Quit
How do you know when it’s time to quit your day job and go full force into your dream job? Sometimes the date is chosen for you. You’ve gotten into law school, or been hired as an English teacher abroad, and your new contract spells out the dates.
But if you’ve been running a side business, you’ll need to choose a date and leap. You’re probably ready to take that step if:
- You have substantial savings built up to cover the financial risk of quitting your regular job.
- Your “side business” is demanding more time from you than you can give it without harming your current career and family obligations.
- You have ongoing relationships with other professionals and with clients, so you know where your next paycheck is coming from.
- You can reliably expect to make enough money to cover your living expenses.
- You’ve been doing this on the side for awhile, and you still love it.
If you’ve built up a professional life doing what you’re passionate about and you’re ready to take the leap, go for it with love and joy. Be happy. I’m incredibly grateful to all the readers, editors, and publishers who’ve made it possible for me to have this career.
It’s hard work, but worth every second of it.
This article is about Career, Choices, Entrepreneurship
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“Many creative, interesting, passionate people like the advantages of a steady paycheck, good benefits, and the ability to leave work behind at the end of the day.”
Also, some of us actually like our job. I realize I’m lucky to have steady, benefitted work that I feel this way about. But “likes a job that happens to be a steady paycheck” doesn’t necessarily mean “office drone.”
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So here’s a question: what if your “day job” (your employer) won’t let you do things outside of their work to make money? This happens to be a policy at my office, and it really puts you in a tough situation if you have any interest other than the work there. Have others faced this dilemma?
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I find it quite interesting how many people in the comments completely throw out the option of starting their own businesses because there is risk. There is risk in everything you do. Do you not drive because you might get into an accident?
Is having a business the right thing for everyone? No. Is everyone’s dream job being an entrepreneur? No. For some the answer will be an 8-5 job that allows them to do the things they like to do after hours. For others, it may be climbing the corporate ladder. AND for some it will be starting their own business.
Bottom line: there is no “right” method for everyone. It’s a personal thing. You should absolutely pursue your passions… whatever that means for you.
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There is danger in leaving the day job and great reward.
I am a chicken- we never did the independent thing.
My sibs all did independent- two were very successful and two have nothing at the ages of 50 and 59.
I appreciate a good writer.
Sierra, I think you have made a good decision as long as your family supports it.
Wondering out loud what race Amanda is—Native American?
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yes. but we have a GOOD system in place. Some places have poor Native health care. If I lived there I’d have insurance!!
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Well done!
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We’re no long in the category of having the choice to quit or not, but . . .
I thought Sierra’s article was quite balanced. I agree with the career employees — working for someone else is a choice with definite upsides. I was a career-long employee myself until I was let go almost six months ago.
As a 20-year veteran of corporate America, I have to say that I’ve found the benefits of having employee status to be eroding. I could have taken a job offer recently that had insurance that cost only 30% less ($400/mo less) than the COBRA I have available to me for another year. No matching for the 401(k), almost no time off for years and years. What’s a pension? And it was for roughly $25/hr, before the health-care deductions. I can do better than that contracting and freelancing in the same field, even after paying for “the benefits” myself.
The scary part for us is the insurance coverage. ObamaCare fixed a few things, but not for a few years, if at all. If DH and I can drum up enough money with our businesses, we’ll be able to self-insure for most things and pay for catastrophic coverage and disability insurance.
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Not everyone wants the 6 figure salaries or the security of a full-time job. Not everybody feels frustrated and confined working a nine-to-five.
Some people can’t stand not knowing where their next paycheck would come from. Some people want the luxury of leaving everything at the office at the end of the day and indulging their creative sides.
It comes down to personal priorities.
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Boy, this may be GRS’s most popular post yet!
As these comments show, there are definitely two sides to this coin. The key for anyone writing this type of post in the future is to present both sides and give the whole picture.
My heart breaks for those entrepreneurs that tried and failed, risking their homes, families, and credit in the process. Those stories are are terrible. Hopefully someone reading this and considering a similar path can avoid that fate.
Also, there’s no need for us to argue about who’s choice is better. No need to be defensive. Different strokes as they say. As for me, I like my job, but wouldn’t mind the extra income freelancing would bring in. It’s something I’ve thought about pursuing on a part-time basis.
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Some of these failed business comments would make good posts, I think.
Sierra brings up enough of the realities that the article really feels balanced to me, but hearing from a person with a failed venture would be an interesting perspective.
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I think this is an excellent post! Great choice, Sierra, to also move to a place where one can live well for so little and have great health care.
I’ve had a lifetime of following my dreams and it has worked for me. I think if there is a will, there is always a way, but of course, good planning is needed.
We have been living our dream of traveling the world as a family since 2006 & it was the best decision we ever made. Time is truly the greatest wealth and my husband doesn’t miss the office one bit!
We’ve been living large on 23 dollars a day per person in “expensive” Europe for the last 4 years. If one lives well under ones means, then one buys a lot more time for fun and can actually save while traveling. Instead of working for the man, we’re relaxing in the south of France together today.
It is really easier than most people realize.
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Melissa, my job doesn’t allow us to moonlight. I don’t know if that includes blogging or not, but I haven’t been fired yet. Sorry I couldn’t be more help.
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I don’t stay at my job because of its steady paycheque, or 9-5 hours (it certainly doesn’t have the latter!)
I stay because I love what I do – and not all passions can (or should) be transferable into one-man/woman entrepreneurial options.
If your great interest and passion is deep sea oil drilling, or space exploration, or curing HIV/AIDS, your entrepreneurial options are necessarily going to be limited (not non-existant, but limited). Some things are accomplished best with large or larger teams. Working for a medium or large organization to accomplish those goals shouldn’t be considered any less worthwhile or fulfilling.
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Inspriring post, Sierra. And happy birthday!
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Sierra, I commend you for following your passions and taking the leap. I wish you continued success.
I enjoy what I do and consider myself fortunate to work for “the Man”. My job has provided me a steady paycheck, a dang-near free masters degree, and opportunities to live overseas for years at a time at my employer’s expense. I feel like I’m living the dream, too.
Different strokes for different folks, I suppose.
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Great article! I just wanted to add that a another way to test drive or learn what you need to know for a new career is to volunteer. It’s a great way to find out if you enjoy a field and a great way to obtain new skills.
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I would not suggest quitting your day job unless you have a backup up way to make money
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My advice is always to have a plan before making a change and do not act on impulse. Act as if you are playing chess (I was a chess champion once) and think several moves ahead (or even to the end of the game) before you actually make a move. Its basic planning. Failing to plan is like planning to fail.
You may not be in your dream job, but most people can not afford to be out of work for an extended period of time.
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“Many creative, interesting, passionate people like the advantages of a steady paycheck, good benefits, and the ability to leave work behind at the end of the day.”
Thanks for the back-handed compliment there. But actually, being happy and fulfilled in work that often comes home with me at the end of the day AND having a steady paycheck, benefits and job security is my idea of the best of both worlds. Good luck to you, though.
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Excellent points! I would LOVE to quit my job, not because I hate it, but because my day would go like this:
<——- My face every morning
Wake up
Tennis Lessons
Gym
Squash Lessons
Movie in Air conditioned Home Theater
Nap
Tennis Match
Hike up a mountain
Surf
Sleep
Repeat
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Truer words were ever written about the ‘big leap’. I remember a year-and-a-half ago I had a choice, either continue my dead-end acquisition of another job or start networking. With some encouragement from my wife I decided to begin networking and something amazing happened: people started to pay me! Granted it didn’t all happen at once, but here I am eighteen months later and I think it was the best decision I’ve ever made.
I hope this article encourages more people to take the plunge and start living a better life for themselves
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This article was fairly good except it was a little discouraging to see a blog written by a “writer” with multiple grammar errors. Even though some of the stuff she said was good, the grammar errors tended to discredit the whole article since “writing” is her profession.
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Anyone who thinks JD and the GRS staff writers are being irresponsible in encouraging people to consider their employment alternatives, including self-employment, should go back and read JD’s post on his own decision and meticulous plan to transition to self-employment:
http://www.getrichslowly.org/blog/2007/11/11/quitting-the-day-job-finding-the-guts-to-pursue-your-dreams/
JD got where he is — including being in the position to help several other writers and who knows how many others develop their self-employment plans — through a lot of hard work, careful planning, and honesty with himself and his readers. Congratulations on building a successful business, JD! I don’t think anyone who has followed you closely through this journey thinks you are being unrealistic. While I hope you won’t over-extend yourself again, I do look forward to the “build a blog” project, which will give people a real example and hopefully more hard data to consider as they weigh different options for starting or building their own business.
FWIW, I am also in the camp of those who have decided to keep a desk job for stability reasons. Eventually I will probably try something more entrepreneurial, but for now I am fine with working for a larger organization — gives my life a lot of stability and is relatively low-stress.
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wow everyone has some very strong opinions on this article, I don’t think the writer means that if you quit your day job that things will go perfect. Financial writers can’t cover all the details of business for you, because everyone starts off different business and not everything works for each person.
She is just trying to give you general advice, and you’re supposed to figure it out as you go along in your business. I don’t think that Ms. Black was giving a backhanded compliment,because some talented people do want to go to work, come home and forget about work. Not everyone wants to make their passion their job.
My mom has a hairstyling business, where for many years she worked on her own, she finally wants to sell it and retire in in 2011. She is successful at it, but it is still a job. She financed it on her own, but she knew that she didn’t have a bunch of money to spend on it. She knew what her limits would be.
By the way, my mom started it when I was 16, and she had to support herself and me, because my mother raised me for the most part. My mom was divorced when she started her business, a lot of people get in over their heads, they get excited about going on business on their own, but its risky, you have to be prepared for the risks.
Not everyone fails, my mom made good money at it, its been slow lately because of the recession, but it provided us with a good income, my mom learned how to cut hair fast and cut it well.
My mom paid off most of her mortgage with her business,was able to pay half of my college, do remodeling on the house, she worked her butt off to make it a successful, sometimes she had rude customers but she put up with them because she wanted their money. There were times where she got frustrated with competition from Great Clips and other big companies that she had to compete with. She finally hired other hairstylists to work along with her to help her out because she was getting good word of mouth.
It wasn’t all rainbows and sunshine, it was work, there were some tears,sure it was her business, but she worked very hard to make it successful. Not everyone fails. When people post their “failure” stories, please remember that not everyone goes into the details of why they fail.
Some people borrow too much money from the bank,some people aren’t money savvy, others trust the wrong people, some don’t really think about long-term consequences, etc. There are so many things that can go wrong that a financial writer can’t cover everything that can go wrong.
Its possible to be successful but it takes a lot of sweat to get there. Even J.D. Roth said that he works on GRS 50-60 hours a week on the blog but he’s trying to cut down to spend more time with his wife and friends.
A lot of people are posting how they’re glad they have their day jobs, well okay, great, but the president of your companies, had to take a risk at some point and go off on their own and start their companies, then they retire and pass it on to their kids or a board of directors or whomever.
Where would you be if someone from your company hadn’t said to himself/herself, “gee I think I want to start a company, I’m going to see what it’ll be like having my own business.” Bill Gates wouldn’t be Bill Gates if he had worked for someone else.
Microsoft wouldn’t be here, and I know there’s controversy about Microsoft but cut me some slack, I’m trying to make a point that everyone, even big companies had to take a risk at some point and started out small.
Bill Gates had a dream to start his own company, he could have been scared and stuck to a regular job if he wanted to, but now his company employs hundreds of employees and in turn they make computer users lives better each day.
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What’s important to note is that those who quit, simply haven’t found what they are looking for. Nobody quits a job they love, it’s as simple as that.
So those who long to do something else are actually quite unlucky.
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btw I currently work for a small healthcare company, the president of the company started it in 1980, it employs 705 people, where would I be if the president of our company hadn’t taken a risk and not started it?
I sure am glad that he started our company because I wouldn’t have this job if he never started it, and I like this job more than I’ve liked previous jobs. So not all businesses end in failure. Some risks and some businesses pay off.
Don’t be scared to start a business, but you have to know what you’re willing to risk, plus it helps if you go into it wisely and not with rose colored glasses. Some people are foolish when they start their own businesses, it helps to go into it with wisdom.
EDIT: btw companies aren’t always secure I mean look at what happened to Enron. I’m sure many people who used to work at Enron thought they had a job for life and a pension to go with it. Um it was April who got interviewed at I will teach you to be rich, not Sierra, the two blogs coincidentally had similar articles on the same day.
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It’s a personal choice. You must know your strengths and weaknesses. You must seriously consider whether pursuing a `passionate hobby’ or other similar project will grind down that passion until it feels like a chore.
Having started a successful a carpet cleaning business with my ex spouse, I can tell you that launching your own business is HARD, HARD work. Lots of hours, stress, networking, strategizing, etc. It can be highly rewarding, and it can also lead to exhaustion and burn out.
Several years ago I collected vintage collectibles and clothes/accessories and made a very good business selling them online while also working my regular job. My vintage side business became so successful that I found myself working 60 hrs a week between the 2 jobs. The side business, which had initially started out as a fun passion, became A JOB. I burned out after about 2 years – and I had to make a tough choice.
I closed the side business and I stayed at my day job, and I have no regrets. I now telecommute, I have great health insurance that really paid off when I was diagnosed with cancer, and I get fantastic benefits.
Now that I’m not commuting, I have more time and I plan to relaunch my vintage side business as a `hobby’. I’ll have the extra income but won’t ever let myself be so consumed again!
A high percentage of small businesses fail after the first few years, but that doesn’t mean you shouldn’t ever try. Just be realistic about it, and if you’re not comfortable with a high degree of risk, don’t gamble everything including the kitchen sink for it.
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I’m surprised at the number of negative reactions to a post I found very well-balanced and inspiring.
As someone who quit my day job a year ago to become freelancer, I can wholeheartedly recommend it… but only to people who are willing to take into account the risk, hard work and preparation required to make it a success. It’s not all “sunshine and rainbows” and I too have seen many businesses fail. Some are due to bad luck, but I believe that there are many steps you can take before making the jump to give yourself a running start.
As a bit of background, I am also a writer, specializing in marketing and corporate communications. I am single, with no children and living abroad far from my family. This comes with the advantage of only needing to support myself, but the disadvantage of having no one to lean on financially. Therefore it was crucial that I could support myself from the moment I started my business!
Beyond the great advice Sierra shared, here are a few things I did in preparation for quitting my day job.
– I picked a quitting date, and then spent two year laying the groundwork to make the move
– I saved 5 months of living expenses (factoring in increased healthcare payments, increased energy expenses from working at home, etc), plus enough to cover the costs running my business in the first year
– I maintained good relationships with all my former employers (which led to many current assignments, but also a network I could turn to in case I needed to return to full-time employment!)
– I told absolutely everyone I knew that I was planning to start my own business and what my specialties were
- I took a course at the local chamber of commerce to make sure I fully understood the costs, tax implications, and administration requirements of being my own boss
– I attending as many free networking events as I could within my sector
– I did small projects for free to build my portfolio and references
– Two months before I quit, I secured 2 major projects to ensure I would be generating income from the moment I went freelance
In my first year as a freelancer, I have worked harder than ever before in my life. But I have never felt more rewarded and in control of my own future.
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I think it helps a lot if the thing you want to go off and do 1) has a market with eager customers and 2) is something you actually want to master.
The second one is really important. It’s tempting to go with the practical “what will sell; what can I do” ideas. But you’ll burn out if “what you can do” is not something you want to master. Mastery requires focused, dedicated, patient practice. A business based around what you want to master provides that setting. A writing career is great way to master writing. A sewing career is a great way to master sewing. A programming career is a great way programming. A business is a great way to master business.
When you show up to work with the mindset of a master, work is not a job. It’s a practice. When you treat work as a job, you do it because you have to. How you feel during and after is highly erratic. You may feel excited going in, realize you’re not feeling inspired, and grind your way through until you have something. When you treat work as a practice, you find as much value in going through the motions as you do with the end result. If you’re not feeing inspired, that’s OK. You practice. You play in the moment. In the end you feel relaxed, calm, happy.
So what I’m saying is the “A dream job is still a job” may be misleading. Doing what you love — what you want to master — won’t neccessarily kill the fire. It just depends on what kind of relationship you have with your “dream job”.
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Most Americans hate their jobs. Id love to not start a business, but become self employed. Running a business is not for everyone.
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I LOVE this article. It spells out, with no excuses, how to live your dream job while being optimistic and hopeful but not unrealistic.
PS I just want to say that I LOVE your writing, Sierra. Your articles absolutely capture my attention all the way through reading them and you have some fantastic advice/input.
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This is a fantastic road map for people considering quitting their jobs. I left mine three months ago, and have no regrets. It takes time to build a business, so if I have anything to add it would be to give it your all in that first year. It’s not easy but it is totally, 100% worth it.
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I like the one part that said you’d better like what you’re doing enough to do it all the time. I built up a very successful business once then discovered it bored the hell out of me.
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My passion is music and I want to be a rock star. Is that aiming to high?
The 9 to 5 grind is soul-sucking and unnatural based on the community-based, hunter-gatherer/merchant societies of our past. It is a product of the Industrial Revolution. Man is not meant to be stuck in a cubicle…
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This is excellent advice – but not for a musician.
Or rather – it is ALL good advice – except for the American Idol bit.
If you want to be a Professional musician – the LAST thing that you want to do is to enter contests, especially those in which you sign away an interest in the rest of your career in exchange for the “exposure” they are going to give you.
In fact, contests of all sorts should be avoided by professionals of all sorts.
The Graphic Artists’ Guild has a lot to say on the subject of contests & it is a worthwhile read.
In short, if you are a pro, you deserve to be paid for your work. Everyone who works for free or for too little hurts your entire industry – whatever that may be.
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Wow. The number of people with less than positive comments is amazing! I guess these same people would comment that the writers of Sports Illustrated don’t focus on the negative side of being a pro athlete enough. Hello! Some of us read these postings for inspiration! You are the ones assuming that people are simpletons and will jump into this without serious thought. Sometimes just knowing you could is enough. Don’t always try to spoil things…………
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Wow, Sierra, this is a wonderful article.
I am a law student and I have racked up a lot of debt only to realize that I don’t want to go into the law at all. I too, and apparently many others here, want to be a writer and it’s all I can think about. So if things don’t work out for me before graduation, I’ll be in the odd position of having to find a day-job that I’ll simply be expecting to quit! Hopefully it won’t come to that!
And one thing I’d like to note about your article. If your dream was to be a civil rights lawyer, going to a law class would be more likely to turn you off of your dream than give you a good idea of what it’s about!
Like you said, some jobs can’t really be test-driven; in that case, I’d recommend doing something that connects you emotionally (sit in on a trial) or personally (interview someone who does it for a living) with the career you’re thinking about. That will give you better information and motivate you (or demotivate you!) down the line.
Thanks again!
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I agree with Landon, that man is not meant to be stuck in a cubicle! Props to you for making your writing a full time priority. It is great to hear that you are putting all your efforts into something you fully enjoy! Too many people are unhappy because they feel they are stuck doing a job they dislike, but with passion and commitment you really can be doing the things you love and making a living doing them.
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Wow…this article is really inspiring. I do hope to one day break free of my “9-to-5″. My blog is the first step, but I have a LONGGG way to go. Thanks for the insight, I have a lot to think about!
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A good book with more on the subject of how to build up slowly to the point where you can feel comfortable quitting your day job is “Escape from Cubicle Nation” by Pamela Slim. Great read — inspiring but extremely practical, too.
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This is a great article that I plan on keeping in mind. I published my very first blog post this morning and I know that I’m on a long and exciting journey. My favorite points of this article are the point of changing your mindset to say “I am a writer” rather than saying that “I’d like to be a writer” as well as the points to keep in mind regarding “lifestyle inflation” and putting aside money to account for shifts in freelance income. Thanks for your insights Sierra!
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This, like most other stories on GRS, is a an inspiring tale that makes one assumption that has unfortunately eluded me to this point. This assumption is that a person really knows what they want out of life–what they enjoy.
My wife (of two years) and I have been blessed beyond measure and have worked extremely hard to put ourselves in a debt-free position. We finally made our last mortgage payment in March and have almost rebuilt an appropriate emergency fund. Unfortunately, we have recently realized that a lifetime of working multiple jobs while scrimping and saving to pay off debt has led us into a sudden brick wall. We don’t know how to do anything other than scrimp and save! We have no hobbies, few friends at the same stage in life, and little real desire to change either of these things.
I know this is a problem that many GRS readers might like to have, but it is still a real problem. Our level of motivation has been so high up to this point, that the loss of a tangible goal is concerning. Work is still enjoyable, but available time is in short supply. Is there any help available? We knew how to be poor; we’re just having growing pains learning how to not be poor. What is the next goal? Where is the new fun?
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Interesting post and comments! Also a lot of concerns about having a plan B.
First, based on my clients, I have noticed that it is best to GROW INTO A BUSINESS instead of GO INTO A BUSINESS. I think this agrees with the spirit of your original post. I know many people who are making a ton of money on the side jobs – but they still have the “security” of a day job. One friend of mine quit his day job 6 months ago after seeing his part time business pull in over 4 times his “job” income for years. NOt many of us want to risk it all.
Second, the question of “what if it does not work” is one with a lot of assumptions. You assume that after giving it a go you will be the same person. You assume that you will not have uncovered other opportunities. One client of mine went for it in a VC funded business. It did not work, but the connections he made have given him a great deal of work in other areas since then. He has never gone back to his plan B (which was to return to his old job) since he keeps finding new paths.
A lot of these issues are strictly fear. And the fear is real. A great resource for logically dealing with fear is Pamela Slims book “Escape from Cubicle Nation”.
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I quit my job and made the leap. I was a designer but long to be a painter/artist. Saved some money, quit the job and will do freelance deisign to support myself while I paint.
Risky? Indeed. But life is sooo short and you can die anytime so you have to risk it all and chase your dream. There is nothing to fear but fear itself.
So it goes…
-dp
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I only let go of my day job after I had a plan that would bring in sufficient income. Without it, I would have fallen flat on my face. It took me two years to clearly establish myself in my new career. I’m ever so glad I did it, but also glad for proper planning!
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Starting a business as a side-hustle while keeping your day job is a great way to learn how to properly run a business, while giving you the security (of income from your day job) to test your business idea without much risk. You might even grow your side hustle to a point where you can ditch your day job.
That’s essentially what I ended up doing. After consulting for a while, I realized that my time spent at my day job was getting in the way of how much I could earn consulting; at that point, I went part-time at my day job while I ramped up my business, and a couple months later, quit my day job completely.
However, I didn’t start my consulting business thinking that it would eventually become my full-time gig. When I started consulting, I just liked having the extra money–which was wonderful.
Having run by business for nearly 5 years, growing it steadily during the worst economic downturn in decades, and being able to QUADRUPLE my former day-job salary, I’d offer the following advice to aspiring entrepreneurs:
–>Don’t overthink things; just start doing something, and be persistent. Your efforts will snowball over time.
–>Get your product/service offered to customers as soon as possible. This lets you test your idea quickly to see if it’s viable, and gives you valuable feedback from customers.
–>Research whether there’s a market for your product/service. Don’t spend a ton of time on this, but get enough info to make a decision. I have a couple articles on my blog where I show how to identify a profitable niche.
–>Make a BRIEF business plan. Don’t go all-out, just write down a handful of bullet points to clarify your business.
–>Start your business as a side hustle while keeping your day job. Once you’ve grown it to the point where you have a reliable minimum monthly income, then you can think about quitting your day job.
–>Don’t use debt to finance your business. Debt creates risk and stress, which can lead you to make poor decisions. Figure out how to bootstrap your business instead.
Following my dream and creating my own business has truly been life-changing, and has completely changed my worldview; I’m no longer dependent on a single employer, and I continually see new business opportunities.
As a result of my daily efforts to build my own business and make it succeed, I feel empowered and happier. I complain less, and when I find myself complaining, I try to refocus on how I can change the situation instead of just bellyaching about it. I’m modeling those behaviors for my kids as well, and teaching them about entrepreneurship and how it can lead to greater independence.
You can check out an interview I recently did where I talk about how I made the switch from employee to consultant, and where I talk about some of my initial fears & doubts, and give actual income & rate numbers:
http://www.startmyconsultingbusiness.com/how-i-made-the-switch-from-employee-to-consultant.
Greg Miliates
http://www.StartMyConsultingBusiness.com
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