Safe and Simple Action
So much of my day is spent wondering what the safest and simplest course of action is to take. Most of the time the answer is pretty clear but sometimes what may seem safe and simple is actually quite the opposite.
First of all the simplest choice is not always the safest and the safest choice isn't always the simplest. It is far better to take a step back from the situation and evaluate all options before jumping impulsively at the seemingly best choice. For example, when confronting the choice of whether to quit a job because you are making a good income online seems simple enough.
If you make as much as you make from your job you can quit but that is not really the case. There are a lot of factors to consider. First, your job probably provides medical, dental and vision insurance. How much is it going to cost you to have the same coverage without the benefit of a company policy? They can get a much better price as a group than you can on your own so you'll need to figure that in.
Taxes, nobody likes them but we all have to pay them. You will have to start paying all of your social security taxes on your own and make arrangements to have a bit put back for the end of year taxes as well and if your state collects income tax, well you get the picture.
You will also have to consider 401(k) matching, any stock ownership programs you may have with your company for your retirement. It seems so easy to just say well I am making as much with my website as I bring home and start penning that resignation letter but it would be far better to wait until you are actually able to cover all of your costs before dreaming of sandy beaches and margaritas in Key West or whatever exotic location you see yourself.
Too many times people jump the gun and end up having to look for another job to replace the one they quit because they didn't think the situation through. Patience is key, also why would you quit a job that allows you time to have a side business (or hustle in the current parlance)? Leaving $100,000+ on the table is never a good idea (assuming you make $100,000+). The more you make the more difficult it will be to attain "Retire to the Caribbean" level income.
First of all the simplest choice is not always the safest and the safest choice isn't always the simplest. It is far better to take a step back from the situation and evaluate all options before jumping impulsively at the seemingly best choice. For example, when confronting the choice of whether to quit a job because you are making a good income online seems simple enough.
If you make as much as you make from your job you can quit but that is not really the case. There are a lot of factors to consider. First, your job probably provides medical, dental and vision insurance. How much is it going to cost you to have the same coverage without the benefit of a company policy? They can get a much better price as a group than you can on your own so you'll need to figure that in.
Taxes, nobody likes them but we all have to pay them. You will have to start paying all of your social security taxes on your own and make arrangements to have a bit put back for the end of year taxes as well and if your state collects income tax, well you get the picture.
You will also have to consider 401(k) matching, any stock ownership programs you may have with your company for your retirement. It seems so easy to just say well I am making as much with my website as I bring home and start penning that resignation letter but it would be far better to wait until you are actually able to cover all of your costs before dreaming of sandy beaches and margaritas in Key West or whatever exotic location you see yourself.
Too many times people jump the gun and end up having to look for another job to replace the one they quit because they didn't think the situation through. Patience is key, also why would you quit a job that allows you time to have a side business (or hustle in the current parlance)? Leaving $100,000+ on the table is never a good idea (assuming you make $100,000+). The more you make the more difficult it will be to attain "Retire to the Caribbean" level income.
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