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BiggerPockets Money Podcast

305: What to Do Before You Quit the High-Pay & Benefits of Corporate World

BiggerPockets Money Podcast

BiggerPockets

Education, Investing, Business

4.5 • 3K Ratings

🗓️ 30 May 2022

⏱️ 77 minutes

🧾️ Download transcript

Summary

Before you quit your job, you will need to prepare yourself not just financially, but mentally. If you’re thinking of leaving your W2, and you're not at retirement age just yet, odds are you have a side hustle or even an entire small business. As the side hustle begins to grow, you may be torn between spending time at your job and putting in the hours to scale your business. This is doubly true if you’re like Daniella Flores from I Like to Dabble, who is at a high-paying, fully-remote job with a solid share of benefits. Before she decided to scale down her full-time work, she had to come up with an action plan that would allow her to slowly slip away from corporate life, so she can avoid the instant shock of being an overnight entrepreneur. Daniella has some helpful tips for anyone who thinks their time at a job is close to the end. She has spent the last year or so planning for the departure, so when she leaves her job, she doesn’t need to search for a new one! Now, she can spend more of her time writing, designing, and building something that will truly set her up for long-term financial (and time) freedom. In This Episode We Cover The importance of having a side hustle (especially when you’ve been working for a while) Job hopping and negotiating more than just salary at your new or current job Prioritizing yourself in your company and the downside of saying “yes” too often Building a stable reserve fund so you can quit with confidence Self-Directed 401k and other retirement options that self-employed individuals have Self-employed health insurance and how to keep your benefits as you step away from full-time work And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Connect with David Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets I Like to Dabble Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Welcome to the Bigger Pog its Money Pide Cash,

0:02.3

show number 305, where we interview Deniela Flores

0:05.9

from iLikeToDabble.com and talk about the things

0:09.0

you need to consider before quitting your job

0:11.2

to go full-time self-employed.

0:13.9

I got in therapy last year and that was the one thing

0:16.1

that helped me a lot.

0:18.0

We were talking about this because I was like,

0:20.4

I'm not sure if this is the right move

0:21.8

because my job has all these amazing benefits.

0:24.0

But I really want to do this.

0:25.9

I really want to do this full-time

0:27.0

because I feel like I'm wasting all this time,

0:28.7

not wasting, but you know, you use your energy

0:30.9

throughout your work day doing these tasks

0:32.4

and like the energy to build up for the stuff

0:34.2

you want to work on.

0:35.1

So then after that, I'm like,

0:36.1

oh, there's all these things I want to do

0:37.1

and I feel like I'm losing this time

0:38.8

because something else that my heart isn't into

0:40.5

that like, you know, I don't see a future in.

...

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