Please never ever quit your job without a backup plan.
I don’t want you to be homeless. I don’t want you to hate me because you decided to freelance with no backup plan. Don’t quit your job. Don’t be homeless.
The truth is that I do a lot of bold things. I enjoy taking risks. One thing that I hate to risk is my money. I want to have money. I want to know that the bills will be paid. Why risk this?
My freelancing income recently hit zero. If I didn’t have a plan, I would have been totally screwed. I don’t want you to be screwed (in the bad way, not the fun way).
What are the finances behind quitting a job? How do you not become homeless in a few months?
Have an income coming first.
Please, for the love for everything holy, have some money coming in first. Do not quit or do anything until you find a new source of income.
Why would you quit a job for no money? It just doesn’t make sense from my perspective. I always advocate that you find any source of income first. This will do two things:
- Provide you with evidence that you’re headed in the right direction.
- Allow you to NOT be homeless!
Please, find a way to make money first.
Replace your income.
Once you make your first dollar, your next goal is to replace your previous income.
Your goal likely should be to match your income.
You might take a hit at first, but I doubt that you want to totally kill your lifestyle.
Do everything humanly possible at this point to match your current income. You don’t want to take a 90% hit to your income. That would suck.
Make some lifestyle changes. Drastic changes.
Seriously, you got to make some drastic lifestyle changes. You can’t expect everything to remain the same. Working for yourself is totally different and can be difficult to adjust to if you’re not ready.
A few ideas that I’ve seen work:
- Downgrade your living situation. You can live in a trailer, sell your place, or do anything else to downgrade how you live.
- Cut some expenses. What can you cut? You can sell your car so that you don’t have to drive anymore.
- Move somewhere. There are many places on this planet with a low cost of living. You can move and run your business from somewhere else.
- Do all of the work yourself. You should also consider doing everything yourself first before you go out and start hiring.
Are you ready to make some lifestyle changes?
Get a part-time job.
I totally advise that you get some sort of guaranteed income coming in. You don’t have to work all of the time. I do suggest a part-time job that forces you to be social, gives you a few hours a week, and guarantees some form of income.
The process is simple: make new money, increase this money, change your lifestyle, and get a part-time gig. Those are the finances behind quitting your job.
That’s how to prevent homelessness. I don’t want to see you on the streets. Be smart.