Quitting The Day Job

Debt and the Day Job

Many of us have the dream of quitting the day job and working from home. Our dream is to leave behind white-collar slavery or blue-collar slavery, crank up the Johnny Paycheck and tell “the man” what he can do with his job.

Our dream is to go off on our own and pay off our bills and mortgage and credit cards and…wait…that is what keeps us shackled to our job in the first place!!!

In the 21st Century we are slaves to debt.

The main reason we can move on to more fulfilling work, more enjoyable work is that we have those pesky bills show up. Student loans, $0 down furniture bills(they aren’t really $0 people), car payments….

I keep preaching about keeping the day job until you can quit it, but today I’m going to tell you another reason for starting a side business. Pay off your debt. Easier said than done, I know.
But what are the advantages of no debt? If you had no debt you could turn your side business, your home business, your “I quit the day job because this great website told me how” business into your full time occupation!!!!

Let’s talk realistically.

I have no debt other than my house and car payment (only because the Mrs. made me buy a newer used car than I wanted). Technically if I lost my job, I could just find work that simply covered the monthly bills. I have a friend who was lucky enough to get an inheritance. Based on my advice, they paid off their house. They have NO bills.

Can you do the same? SURE. First off whatever you do, keep your “day job”….for now.
Trim your expenses to the bone.
Then when your start your side business, the one you ultimately want to quit your day job for, put all the money that you gain from it and any extra you can spare against your debts. Whether you make $1.50 a month or $150 a month. Take that money and apply it to your smallest bill first (ala Dave Ramsey). Keep hammering away at the smallest bill first. Then “snowball” your way up when you pay off that bill. Keep going until the ONLY thing you still pay on is your mortgage.

By that time, the idea of a side business, a side “enjoyment” that you can work on to quit your day job, won’t be so far out of reach.

That is what I am shooting for.