Real Estate Investing with Coach Carson
#410: 3 Things to Do Before You Quit Your Job
May 16, 2025
Thinking of leaving your job? Explore three essential steps to safeguard your finances and mindset. First, ensure you have a cash runway to support yourself during the transition. Next, validate your income through side projects to build confidence. Lastly, make sure your next move aligns with a meaningful goal, like pursuing real estate or another passion. Plus, discover the power of joining a community that can boost your journey to financial independence.
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Quick takeaways
- Building a cash runway of six to twelve months of expenses is crucial before quitting your job to ensure financial stability during transition.
- Validating a new income stream while still employed is essential for confidence in sustaining one's lifestyle post-job departure and maintaining purpose.
Deep dives
Establishing a Cash Runway
Building a substantial cash runway is essential before quitting your job, ideally setting aside six to twelve months of personal expenses in savings. This reserve acts as a security blanket as transitioning to entrepreneurship can lead to uncertainty regarding income. For example, one entrepreneur set aside six months of cash while his spouse maintained a job, allowing him to navigate the initial phase of real estate investing without immediate financial pressure. Having these funds can be crucial during times of fluctuation, ensuring that individuals have the necessary time to establish their new ventures successfully.
