How Much Income Before Quitting Your Day Job

60 replies
How Much Income Before Quitting Your Day Job?

What was your amount? If you have not reached that amount yet what is your planned amount?
#day #income #job #quitting
  • Profile picture of the author Matthew Anton
    I went through a period of unemployment (living at home), and employment when trying to succeed online. I noticed it always gave me more clarity and drive to succeed online when I had a day job, vs being stressed "forcing" my side business to grow sooner than it could naturally.

    You can quit your job when you make enough to cover your expenses (and your family if you have responsibilities) but not before. That will just lead to stress, failed relationships and failed business ventures. Options = power, and with a steady job and determination you'll either want it bad enough, or keep it a side job.

    Write your goals down, take action every day to reach them, rinse repeat.
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  • Profile picture of the author GGpaul
    Hmmm..

    What happens if you ABSOLUTELY LOVE your day job? Do you need to quit then? Even if you're profiting or making way more?
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    • Profile picture of the author Adie
      Originally Posted by GGpaul View Post

      Hmmm..

      What happens if you ABSOLUTELY LOVE your day job? Do you need to quit then? Even if you're profiting or making way more?
      You don't have to do that. Different people have different levels of happiness and enjoyment. If I am really happy with my hob I won't quit even if I am earning little.
      I started making money on 2002 and made money more than 3x my salary every month yet I only resigned last 2010....
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      • Profile picture of the author RandyChen
        In 2010 I had a salaried job making $80,000 a year and was doing internet marketing part-time. After 2 years of hard work I was able to make $60,000 in profits doing IM and that's when I left my day job. I never looked back, working a 9-5 job sucks because of waking up early in the morning lol.
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  • Profile picture of the author ViViD
    I worked part time for Hostgator for some time before I quit and did IM full time. When I quit I was doing about $3000 a month in 2008.
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  • Profile picture of the author cuie
    For me IM is just an insurance if I happen to get fed up with my current job or lose it otherwise.

    I´d have to make quite a significant sum of money per month to switch 100% to IM.

    Before I could switch, I'd need to have a "income machine" that would produce steady flow of income automated and outsourced. Then my job would only be replicating and scaling it.
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  • Profile picture of the author JRJWrites
    I haven't reached it yet, but $2K per month would do it. Even $1K per month would be alright.

    Here in India, a comfortable lifestyle for a single guy would only take $200-$400 per month. The rest I would use for savings, family, etc.
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  • Profile picture of the author Bkelly301
    I had no guaranteed income other then my band income when I left my engineering job back in May 2012. You will never have the "perfect amount". You just gotta get up and quit your job! You will figure out what it's like to be self-employed once you throw yourself into that world. It's an amazing thing.

    Check this blog post out: Life Without a Steady Paycheck.

    It's my blog...sorry if it's considered "self-promotion" here, but I feel very strongly about the whole "just do it now!" concept. Enjoy!
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    • Profile picture of the author BritishMike
      I was forced into this by being laid off.

      Month 1: £1k spend, £1k profit
      Month 2: £2k spend, £2k profit
      Month 3: (borrowed £10k) £10k spend, £10k profit

      As soon as I realised I was doubling my money I scaled as much as I could. This was 8 years ago and I've done on average 1-2 hrs per day work since then.

      Please note: No signature - I'm not trying to sell you anything so no reason to make this up!!!!!
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      • Profile picture of the author AffiliateBob
        Banned
        Originally Posted by BritishMike View Post

        I was forced into this by being laid off.

        Month 1: £1k spend, £1k profit
        Month 2: £2k spend, £2k profit
        Month 3: (borrowed £10k) £10k spend, £10k profit

        As soon as I realised I was doubling my money I scaled as much as I could. This was 8 years ago and I've done on average 1-2 hrs per day work since then.

        Please note: No signature - I'm not trying to sell you anything so no reason to make this up!!!!!
        Thats awesome mike! Mind sharing what it is that you did?
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  • Profile picture of the author jan roos
    It depends where you live. If you are prepared to move to a low cost country such as Nicaragua, thailand etc then you can live well on 2K a month and quit your job.

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  • Profile picture of the author brenda221
    It really depends on what you want or have to do with your money. For example, in my case, it probably won't be a practical option to quit my day job for a very long time unless I end up earning six figures or winning the lottery - and I'm pretty far from that for now.
    My advice is to plan ahead carefully even if you're doing pretty well with online marketing for now cause it's not always a stable line of work.
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  • Profile picture of the author TimothyTorrents
    I live in Taiwan and the cost of living is not as expensive as other countries. I could live comfortably with an income of around 1,000$ a month. But, I don't make that from IM yet.
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    • Profile picture of the author cash king
      why didn't you think of earning a second source of income from internet marketing?
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  • Profile picture of the author GoPartnerPro
    I would gain experience and as much knowledge as possible in the IM Niche first before quitting the job. IM Marketing is a million dollar business if you have a responsive list on both customer and affiliate side. Having complete knowledge on PPC, SEO, web design, outsourcing, sales funnels, squeeze ,capture, and sales pages , product creation (software and Info) etc..... I could go on and on but my point is master the IM Industry and you will never have to work a Job again....
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  • Profile picture of the author harvie316
    when you make more than your day job
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  • Profile picture of the author larryboy03
    I am currently making enough to quit my job but with Google updates and so on, I think I would wait till I have a few more websites making money to secure my income.
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  • I think it is different for everybody. You should calculate how much you need a month and leave your daytime job when you make that sum for a few month on end and your income looks stable.
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  • Profile picture of the author vikash_kumar
    There is something very common among us "Warriors"....There is a strong feeling of being secure is by doing what we love the most is actually driving to get super successful in the IM business.

    And I really appreciate this aspect of IM business as such...Best of Luck!

    However, In my opinion....Country where you are living and guts are the two important factor to take a final decision on quitting one's day job.

    Vikash
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  • Profile picture of the author automationhero
    I would recommend hitting the amount you are currently making at your day job or just under if you see the spike happening. Even with a day job you should be able to put in several hours and getting yourself where you need to be and still have the income from your day job to pay for personal expenses and even some biz expenses
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  • Profile picture of the author beasty513
    It's all subjective for each individual.

    How many expenses, liabilities, etc.
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  • Profile picture of the author Michael Franklin
    It's more a matter of what you have saved up. Whether you are working full time or not, you should always strive for having 6 months worth of expenses saved up as things can change all the time - both in your personal and or business life.

    So whether you take the leap or not, always try and preserve that 6 month cushion. Never leave your eyes off that.
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  • Profile picture of the author KevinChapman
    When IM can cover how much I earn from my offline businesses, I'm going in the right direction!
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  • Profile picture of the author kpmedia
    I'd estimate that 99%+ of the people here don't make that much in online sales.

    The answer is:
    - When the online income is steady monthly for a year. This is hard.
    - When you have built up a 6-12 month emergency fund, to cover expenses for whatever reason.
    - And you have the support of family/friends.

    Most cannot do this. It's not easy to be self-employed, which is what this is.

    You should be doing this for an offline job, too, as that's not guaranteed either!
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  • Profile picture of the author bostjan33
    Banned
    5 times of my former salary.
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  • Profile picture of the author january14n
    If you are not a risk taker type of person then I suggest you to establish first your emergency fund just in case your IM venture fails. Save at least 6 to 7 months of your current salary, when this is establish you could conservatively enter your IM venture without worrying what would happen if it fails.
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  • Profile picture of the author Rod Cortez
    Originally Posted by mediamarket View Post

    How Much Income Before Quitting Your Day Job?





    What was your amount? If you have not reached that amount yet what is your planned amount?
    I didn't quit my day job until I had accomplished the following:
    • Had an emergency fund with one year's worth of living expenses set aside.
    • Had adequate health and life insurance and other forms of insurance for protection.
    • Doubled my net income from my day job.
    • Had an automatic funding of my retirement plan (think Roth IRA, SEP IRA, etc.)
    • Saw 6 months of consistent earnings
    • Met with a financial planner to go over my financial plan as well as set up a financial plan for my business, which included an exit strategy
    Even though I was a financial planner I still went out and hired one because I need someone who could be more objective and those extra pair of eyes saved me and made me a ton of money.

    Based on what I've seen in this forum and in my past practice, way too many people quit their jobs too early.

    It's extremely important to have an emergency fund and to have the proper insurance in case something happens to you. I've seen businesses destroyed because of health problems or other unforseen life events that can happen.

    At the very least, I would advise people to consult with a financial planner who has at least 10 years of experience working with small business owners / entrepreneurs.

    RoD
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  • Profile picture of the author rmolina88
    I was laid off from my day job while my IM was making half of my salary there.

    I lived off both unemployment and IM and now I make 3x as much as my old job.
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    • Profile picture of the author retirewithsandie
      Originally Posted by GGpaul View Post

      Hmmm..

      What happens if you ABSOLUTELY LOVE your day job? Do you need to quit then? Even if you're profiting or making way more?
      You don't HAVE to do anything you don't want to. Everyone wants financial freedom for whatever reason. Some want to supplement, some want to have reserves a J.O.B. wouldn't allow for. Some want to be able to write that check & pay cash for vacations, cars, whatever. But if you love your job (especially since you can outsource so much these days) then stay there .


      Originally Posted by Rod Cortez View Post

      I didn't quit my day job until I had accomplished the following:
      • Had an emergency fund with one year's worth of living expenses set aside.
      • Had adequate health and life insurance and other forms of insurance for protection.
      • Doubled my net income from my day job.
      • Had an automatic funding of my retirement plan (think Roth IRA, SEP IRA, etc.)
      • Saw 6 months of consistent earnings
      • Met with a financial planner to go over my financial plan as well as set up a financial plan for my business, which included an exit strategy
      Even though I was a financial planner I still went out and hired one because I need someone who could be more objective and those extra pair of eyes saved me and made me a ton of money.

      Based on what I've seen in this forum and in my past practice, way too many people quit their jobs too early.

      It's extremely important to have an emergency fund and to have the proper insurance in case something happens to you. I've seen businesses destroyed because of health problems or other unforseen life events that can happen.

      At the very least, I would advise people to consult with a financial planner who has at least 10 years of experience working with small business owners / entrepreneurs.

      RoD
      What he said! While $2000 would replace my income I want to have various cushions before I quit all together. Even though my current living situation I *could* quit the second I made that but because of what I want to do I want some bills paid off & a cushion set up.

      Right now I have roommates, but my end goals are based on where I WANT to be by the time I quit. The area I want to move to, the lifestyle I want to live, etc.
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  • Profile picture of the author Jerry Higgins
    It all depends what your 'risk threshold' is and the current state of your marketing skills.

    While quitting the day job cold turkey might inspire and motivate one person to go out and knock down 10K that first month (it has happened!), it could just as easily drive another to financial ruin and the depths of despair.

    You gotta know how you personally react to stress and desperation AND be brutally honest about how strong your business skills are.

    For 99.9% of IMers, I think it's best to take the cautious route.

    Like Stuart Wilde says, "The Trick to Money is Having Some!"
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  • Profile picture of the author NellyColby
    I think you have to get an income at least equal to that of your daily job first. Then, do not forget that IM has to be treated with maximum of dedication if you want to keep your income stable.
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  • Profile picture of the author Danielle Murphyx
    Banned
    I think you should know better... I mean no one else knows your need better than you. But I wouldn't quit my job unless I make at least twice as much as my salary.
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  • Profile picture of the author jaytheanalyst
    My amount is just enough to cover my household and business expenses and to live comfortably. $4000/month
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  • Profile picture of the author JohnFreshLeads
    I quit my day job when I was able to match my weekly and monthly income with online marketing. And it's been an up and down struggle ever since, either feast or famine for periods of time. The freedom is what makes it all worth it. But I say this to you and all other internet marketers here - why limit yourself to a GOOD situation (working from home running an internet or affiliate marketing business) when you can have a GREAT situation - working a full-time job with a guaranteed paycheck AND banking money on the side with your internet and affiliate marketing ventures? In retrospect, this is the one thing I would have done differently. So if you have a full-time job I recommend you always keep that and cling to that. The guaranteed income from that job is invaluable and can be a real lifesaver. Good luck to you.
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  • Profile picture of the author Koljak8
    You can quit your job, when you make at least double what your expenses are on a steady basis (at least 6 months). That way, you can give yourself a safety net just in case of any surprises. But if you can also maintain your online income while only working part time, then the extra money from your day job could really provide a good backup fund.
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  • Profile picture of the author darren13
    I really dont mind my day job and feel its actually good to have a purpose for getting up each morning. I watched a few budding IM'ers take time off but slowly lose track, get up later everyday and generally loss focus.

    I personally use IM as a side line for now. I hope to build it to a point where it will need little work each day and i can do from a beach when im 60. Google will make the IM experience harder to get money from in future so just be in a comfortable position if your looking out of your full time job.
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  • It depends - if you have a real business or product that is scalable then I'd say you need to bank 3-4 months of day job income before quitting. If you are leveraging an affiliate program or something like that where you are not in control then I'd say you need to bank 12 or more months of salary before quitting your day job.
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    • Profile picture of the author honestim
      Hi,

      I would be happy with a consistent income of about $4000 per month before I quit my day job. But then again it's not just the money but the excitement of getting up to a new day at business which matters most to me.

      Thanks
      HonestIM
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  • Profile picture of the author JanePlaten
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    My set target was getting the same amount of money from the online thing for a couple of months in a row. I only made it one month and then I hit a rough patch. I am glad I did no act impulsively and quit after the first successful month. This thing can have its ups and downs. It's better to have some money saved up just to be sure.
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  • Profile picture of the author Max Anderson
    I quit my studies (never had a "real" job) when I started to earn 5 figures a month from poker... a friend quite his job after he was making around 2k a month ( then the poker boom ended and we are now involved in internet marketing for quite a while ).

    It´s pure personal preference, one mans monthly living can be another mans daily spendings. Also if you life in India it will take less as if you would life in lets say the US...
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  • Profile picture of the author editeur
    When I quit I was doing about $3000 Net on 5/8 job, and about $5000 from my online affairs. I was tired like hell from driving 1.5 hours to and another 1.5 hours back every day thru traffic jams and quit.
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  • Profile picture of the author Bannaz
    It depends on your life commitments, but if you are making enough to live on from your business, then you can quit your day job.
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  • Profile picture of the author wayneh
    My target is to replace my current income plus have an emergency fund of 6 months saved up before I'm prepared to take the leap of faith.
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  • Profile picture of the author CharlesL
    Well, you need to be consistently earning enough to live on (which for me, living in the UK, would be about $1,500 a month at the absolute minimum), or at least have a realistic plan for how to get there before your savings run out.
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  • Profile picture of the author GGpaul
    Someone I know makes 60k a month through his online business but makes 7k a month. I just hope that we understand that money isn't everything for some people.

    I LOVE my job, and I'm sure that when I make more I'd still want to stay at my job. Now of course, if my business sky rockets to a million dollar company then that's where I have to decide since time is precious.
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  • Profile picture of the author mrhelpful
    I completely agree with GGpaul. Make sure you are comfortable leaving your job and don't make it all about the money! But after that then here's my take;
    I'm currently staying in hotels every night at 19 with no help from parents buying food and gas etc. My personal number was pretty much add up all of your bills each month. Whether hypothetical bills (ones that you dream of having) or the ones you have at the moment, take the time and figure them out. Make sure that your income is residual and that it can be multiplied. Make sure that you can essentially keep making more then you even quit with. It's really your personal number and not a number that other's can tell you. Mine is at the moment enough for car insurance, gas, food for two (my girlfriend and I), hotel stays, 20% of my online earnings for reinvestment, and other extremities. Yours probably wouldn't include the hotels but may include your house etc. So just take your time and think. Do NOT make any rash decisions. This is your life and you're future. Make sure that you're sure!
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  • make sure you are consitstently making enough to cover all of your monthly expenses every month...then you can quit
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  • Profile picture of the author agmccall
    I need to make double my current gross income before I can quit my day job

    Reason... I will need to fund 100% of my retirement and my insurance

    al
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  • Profile picture of the author cyberzolo
    Any amount that is stable and you can live off of.
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  • Profile picture of the author twinkenterprises
    I'd say don't quit your day job until you make enough to cover your bills and provide for your family completely with the online job. I'd also save up a few months worth of living expenses just in case the income from the online job fluctuates.
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  • Profile picture of the author TiffanyLambert
    I was lucky enough to be forced to quit my day job (my child has RSV) but if not, I would have waited until I made enough to cover all of my bills. You never want to enter this business in desperation. It clouds your thinking and your ability to focus on the right kinds of business models.
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  • Profile picture of the author celente
    I would say if you can pay your bills and have some money left over, it would be good.

    I went from $0 a week to $500 a week and now $10k a month by making a little bit of money and then putting profits back into PPC to build a list. Things just snowballed from there.

    But you need to be able to pay bills, and have some money in the kitty before making a big decision to leave your job. Esepcially in this economy. After obamacare is implemented the US is screwed, BIG TIME!
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  • Profile picture of the author terse
    i make well over 6 figures from my job, so i'd have to make over 6 figures before even thinking about quitting. even if i did make 6 figures from ecommerce/IM, i would probably just reduce my current job to part-time hours. that steady check is nice, but also having health insurance, 401k matching, and other little benefits are things to also consider.

    what i DON'T have, that i seek to gain with ecommerce/IM is flexiblity. i have to drive to work, clock in and clock out, and each day i'm there, i am just trading time (well, and my skills) for money. with online, you can work anytime and ANYWHERE in the world (that has internet connection).
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  • Profile picture of the author Moodyboy003
    I quited the job after my online business can support me all the living cost!
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  • Profile picture of the author asuran
    Originally Posted by mediamarket View Post

    How Much Income Before Quitting Your Day Job?

    What was your amount? If you have not reached that amount yet what is your planned amount?
    I think you can't quit your job under $2000/month income level.
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  • Profile picture of the author HannaThom
    I would give up my job for at least 600 $. I think that would be enough for me in the present.
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  • Profile picture of the author jerseygirl1977
    I would like to consistently be making around 3k a month before I quit my day job. I have a baby on the way so I'm really trying to stay focused.
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  • Profile picture of the author MadeofSEO
    Of course it all depends on your salary and country you are living in. I quit my job earning about 1000$. However I left it knowing that I will be getting those 1000$ at least 6 more months.
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