When Should I Leave My “Safe” Job? with Jesse Mecham
When should I leave my “safe” job?
Jesse Mecham, founder and CEO of YNAB and author of the book You Need a Budget, joins Matt to discuss when you should leave the supposed safe job to make your side gig your main job.
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SHOW NOTES
When Should I Leave My “Safe” Job? – There Is No Safe Job
Totally safe, secure jobs do not exist.
If you’re an employee, whether it be at a small or big company, you could lose your job for countless reasons outside your control.
If you work in the government, a shutdown or change in law could spell the end of your job.
Furthermore, even if you have a job that has a lower chance of loss, what is it costing you? Do you find satisfaction with it? Do you get to spend time with your family?
If you own a company, it is true, it is all on your shoulders. But, in reality, things are on your shoulders any way. If you like the idea of being your own boss and have the temperament and ability to do so, this is worth considering.
First, you need a side gig.
When Should I Leave My “Safe” Job? – Go For It, Prudently
If you have a side gig that is making good money and want to make it your main job, you should probably go for it if you’ve met the following conditions.
- You have paid off all debt (excepting the mortgage)
- You have saved up enough money to pay for at least 3 months of bills
- Your spouse (if applicable) supports you
One critical note here is that before you come to this point, you need to ensure that you do not raise your living standards to the income from both jobs. Save the side gig money, do not raise your monthly expenses to your temporary monthly income.
When should I leave my “safe” job? If you are ready, you should probably leave it.
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