Should you burn the ships? Or play it safe for awhile?
It’s the eternal question.
Who wants to stay in their 9-5 job when making millions with their passion lies just around the corner?
But when should you make the move? And should you ‘burn the ships?’
Here’s the reality.
Thinking about moving to "full time?"
Watch this video.
It will most likely save you a LOT of grief in the future.
Don’t move to full time until you’ve been making more than your existing salary for a consecutive 6 months.
Can’t watch the video?
No problem. Here’s what we talked about…
Hey, welcome to Freedym. It's Travis, with Ryan and Josh, and we're here with another quick actionable episode of creating your freedom lifestyle.
Today, we're going to talk a little bit about when is the time to turn your side hustle into a full time hustle? When is it safe to move from a hobby to being a real business?
I think each and every one of us have done this, and we've had a little bit different take on it.
Josh, you're out on the road right now just doing some transitional stuff. I think we'd love to hear about where you're coming from on turning your side hustle into full time biz.
Honestly, man. It's a good question. I think that everybody has this and everybody has a little bit of a different opinion.
You hear on one side of the coin, that you just need to absolutely go all in just quit everything and give yourself no choice.
And then the other side, play it safe. There's arguments to both of those. But Ryan, I know that you have a strong sort of leaning towards one side rather than the other. What does that mean?
Yes. And Josh, you might not like this analogy being a former boat captain. But the analogy of burning ships.
Obviously, you never want to burn a ship. And you know what, thinking of Josh, you don't want to burn your ships, I know, there are some that say, "Look, if you're if you still have a job, and you're trying to do this on the side, you're not gonna be able to do both. So you just got to quit your job and take a chance."
And that pressure of not having a paycheck anymore is gonna force you to work harder. I think that's the worst advice because it puts you under a can put you under extreme financial pressure. And it forces you to do a lot of things and, and sell things and say things you probably shouldn't just to make money.
My rule of thumb is if you have a full time job, just like I did the last full time job I had, I was a teacher. And I told my wife, and I said, I am not leaving this job and doing my internet stuff full time until I have six consecutive months of income. That was that was larger than my full time teacher income.
And I did it I had six consecutive months of income that was more than my full time income. And I told you what, let's do it now. We saved up some money. And my income, the business income keeps rising. It's more than I make as a full time teacher. Let's do it. And that's when I left. And that's what I recommend.
If you could do like six consecutive months, not one big month, and then it dips and then up like you want to show that consistency because you want to have that security as well. I like risks but very calculated risks.
So six consecutive months is my recommendation.
So there you go. That is fantastic advice. I think everybody should take that I really wish I would have known that upfront.
Thank you, Ryan. This is another episode of Freedym. Keep clicking, keep watching. We've got tons more information for you. If you're not subscribed, hit that subscribe button underneath, and we'll see you on the other side.