Everyone who wants to starting a side hustle, or is already in the process of starting a side hustle probably has asked this exact question, “Should I quit my job to do this hustle?” Many of you have googled and read some books from those successful people who started a new business to look for a perfect answer.
The truth is, it really depends on your situation. First let’s look at what a side hustle means.
What is a side hustle?
A side hustle is something you are passionate about. It is something you know you are meant to be doing.
A side hustle is a lot of work and taking away your time and other things you love to do, but you believe it is worthy because it is above everything else you could do or options at your disposal.
A side hustle is something you want to pour every minute and every bit of your energy into. While you feel exhausted, but you rarely feel burn out, because you enjoy it so much at the same time.
A side hustle is not a hobby. It can derive from a hobby. Hobby costs you money that you make from other work or job, side hustle is aimed at making money for you and leads to your wealth one day.
You probably think, don’t we suppose to chase our dream at full cost? If we quit our jobs, don’t we suppose to reach our dream a lot faster.
It might be the case, but it could cause situations that make you even lose the chance of pursuing dreams. Let’s breakdown a few situations and find the best answer for the question at hand, should you quit job?
Situation 1: You are a breadwinner in your household and your family depends on you.
This is the toughest situation. It would be irresponsible for your family to bear the stress of putting food on the table or having your children in good education. This is the situation you want to have a conversation with your partner unless you are a single parent. The road to financial success through side hustles are not a straight line, but it is almost certain that you will get there one day if you put in your energy and wisdom and are willing to be flexible in your business model. Discuss with your partner and communicate the expectations. Then look at your bills, financial statements to peel out anywhere you are willing to reduce or cut. There will always something that you can work with.
Gary Vee, the infamous social media guru and entrepreneur, said in his book “ask Gary Vee”’s answer in responding to this question is “You should absolutely go for it, but only if the decision comes at the expense of luxuries, not at the expense of rent or food”.
It might mean that you need to postpone of getting a fancier car, living in a small house for longer time, cut cable TV and not buying clothes for 6 months etc. Remember side hustle is not a hobby, it is a career. Making sacrifice for it is a commitment, and if you are married with kids, it is a joint decision that require everyone to support you.
Situation 2. You are young and ambitious, but have no money in the pocket.
You can’t even pay for your bill and have a heater on if you don’t have a steady income through your job. What do you do?
Stay with your job, but put in a lot more hours in the morning and in the night to start your side hustle. Forget about night out with drinking buddies, or girls’ out on a fancy vacation. Every penny you earn could bring you to the success of your side hustle one step closer. Save as much as you can, put in good hours on both your job and your hustle. Your income is a great resource to allow you invest into hustle, so technically by keeping your job is an investment to your hustle. It does not have to be black and while.
Working hard is the key to this situation. There is no other way around it. Quitting job will cause tremendous stress that will hurt your creativity because it is simply hard to be creative when you don’t have the basics to go on in life.
Situation 3. You are single and have some savings in the bank.
You have options if you are in this situation. My simple recommendation is to quit when you reach to break-even between your day job income and side hustle income.
Be aware that what you get paid through day job is not what you see in paycheck. There are benefits that your employer pay for you that don’t go through your pay stub, i.e. medical insurance, life insurance, accidental insurance, unemployment insurance, family assistant benefit, 401K match plan… This list can go on and on depending on what your employer offers. Including those benefit in your break-even calculation.
When you reach break-even, you are at a fair chance to make more money in the near future than your job can offer, and best of all, you make same money through the work you truly love.
You might get to bigger success faster if you quit before reaching to break-even, but again, allowing a bit more time to avoid stress of cutting expense is acceptable.
Situation 4. The situation like me. Later phase in my career with children and have no partner.
I am doing this blog while working full time at work. I love my situation for many reasons.
I love talking to people at work to let me see many perspectives in managing their finances.
I get many training through my job especially at marketing, presentation and sales skills. Those are great courses for me to learn and apply to both my job and my hustle.
I get paid to ensure my children in good education.
I get paid to avoid financial stress that distract me from caring for my children and making investment to my side hustle.
I put in significant hours into side hustle during off work hours and weekends. But I knew it from the beginning. I listed out all the priorities and decided that it is doable and implementable. By writing more blog posts requires a lot of research to broad topics, which benefited my communication at job too.
In this situation, you do harder work, but the amazing outcome could even elevate both sides of your careers until you reach to a freedom to choose.
Quitting job will allow you more time and energy in your hustle that does consume every bit of you. Depending on situations you are in, a job can be a help or support to your side hustle as well. Make sure you leverage that support for as long as you need it until you can walk on your own. Remember, if you dedicate and are determined to be successful in side hustles, it will come and your job won’t be the obstacle to it.
Simple Wealth For Women is a blogging website focusing on financial discussions. I help women to crush debt, learn how to invest and make more money. I show you simple approach and provide you with specific ideas to help you get to financial freedom and build an amazing life.
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