David’s Note: There’s a recession and people are still afraid of losing their job, yet my friend recently found the courage to resign and couldn’t be happier. Freelance or owning your business is definitely not for everyone. The uncertainly and instability of income presents a different kind of stress, but it could also change your life for the better if you are willing to put in hard work. We all fear the unknown, but access YOUR situation and if the writing is on the wall to leave the nine to five, please read it and do something. Read an unedited version of what my friend had to say about his decision to venture into the unknown.
To many, working the banker’s hours of nine to five is a dream come true. Waking up late enough in the morning not to be grumpy and getting home from work with plenty of time to spend with the loved ones (Including your T.V.) is certainly a pretty picture for most. Until recently, I was stuck at a job I was good at but hated, living this very life and thinking I had it pretty good, even though the work was really boring. After mulling over a decision to leave my job for the unforgiving and unemployed world, I decided to go against my better judgment and resigned. My only regret is not doing this sooner. (Cliché I know)
My initial plan was to find another job before I left this one to ensure I had a steady flow of income. Roughly two months before submitting my resignation, I had grown increasingly frustrated with the company’s performance so I started looking for work in my areas of expertise. With nothing to show for my efforts, I came to the conclusion that I could simply continue to do the job I was doing now but from home and on my own, as a contractor. Nervous as ever because I had no definite salary each week, I found for a variety of reasons that once I started working on my own, the nine to five life was a dream no more. Why?
- Independence – Doing all of the work only to see the credit go to someone that didn’t deserve it wasn’t a problem for me at first. I figured after a while the recognition would come but I didn’t realize just how far gone my employer turned out to be. For me, having to rely on others to complete necessary work never sat well and now I have only myself to blame if something isn’t done right. Ahhhh Freedom! I’m able to work without the distractions of office politics around me for the first time in a long time and not wasting time on reports and checklists of daily activity has enhanced my production tremendously.
- Flexibility – Generally, if I had to make a doctors or dentist appointment, buy groceries, go to the post office etc, I would have to take time off of work to do so. Not only does your hourly wage suffer but if you choose to stay late to make up the time then your social life suffers as well. I set my own schedule with my own deadlines and while at the beginning it was tough to stay away from Premier League Soccer and HBO mid day movies, I’ve righted the ship and am getting work done at a pace I’m extremely happy with. Errands are done with regularity and if I need an extra hour or two of sleep, I just close my eyes with a smile.
- Health – Anyone out there that’s working a dislikable job may move this to the top of the list. As I became increasingly unhappy, the stress from everything around me just started piling up little by little. Between the days I could not sleep, the ones where I could not stop seething from anger and the ones where I started to feel physical pains, precious time in my life was miserably wasted. Without the stress of working for the man, I’ve found I’m well rested, less critical of others around me and just an overall happy guy.
- Time – Let’s assume that you work a job that requires nice clothes and is approximately 30 minutes away with regular traffic. Putting on the suit and tie, driving to work, driving home and taking off the suit and tie manages to absorb 90 minutes of your day, every day. Going to work 240 days a year, you have lost 15 days of your life by driving to work and getting dressed. I now use those days for vacation!
- Money – Being a contractor means I don’t have to immediately pay my taxes. While some decide not to pony up to Uncle Sam at the end of the year, I’ve decided to put 30% of my money in a 2% savings account only to draw upon it at tax time. My car insurance bill has gone down now that I don’t use my car as often, as has my gas bill and normal wear and tear. Add that to the money I’m saving from making breakfasts, lunches and dinners from home and I’ve pocketed a good $200 a month. Nothing like a $2,500 raise to get things started.
I know you’re probably thinking “What about health care” and “What about the retirement plan?” Well, my job never offered those things in the first place so I didn’t have too much to worry about. With the extra time and money I have now, I am diligently looking into my own health care plan and even looking at stashing some money away in an IRA or SEP. Another beautiful thing about working on my own is I can choose the plan that best fits my needs and not a company’s needs. Once again, I’m my own boss.
All in all, the move for me from corporate life to independent life was a difficult decision only because I feared the worst, which is normal I guess. For me, and I can’t stress that enough, the office life wasn’t all that I thought it would be. I’ve found that there were too many reasons to get away from the nine to five life and take a chance to make myself happy. Evaluate your situation, cross your T’s and dot your I’s. If you apply yourself and work hard, you’re never as stuck as you think you are.
Like my friend said, you are NEVER stuck, and the unknown is seldom as bad as you think it will be. Hang in there, and take steps to make your life better
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{ 17 comments… read them below or add one }
I know every industry is different, but figuring out how to monetize current skills as an independent contractor, even staying in the same industry, seems easier said than done. Where do you go to learn about how to do this?
Every industry is different, but one of the ways people learn is to get ideas from others. Do you have friends that are consultants that you can talk to? Perhaps there are trade associations in your field that you can join? There are also many local business clubs that you can join to get more ideas, because someone there might be a consultant offering services on a contract basis doing exactly what you are doing at your 9-5.
It’s scary out there, but no matter what, each person has to do what is right for them. Staying at a job you hate because you are scared of what may happen is a recipe for disaster. I jumped ship 4 years ago without a backup plan, and could not be happier with my decision. Great points, David.
You turned out great, but I caution everyone that jumps without a plan. No one died being conservative, so be realistic but don’t underestimate your abilities either.
Well said David. Could be “don’t overestimate” or don’t underestimate your abilities either” actually. It’s a tough balance, but it’s an important one.
I find it extremely hard to decide when’s the right time to leave my job. I hate being there, but I need the money. It’s not like I have an idea for a business either, so what should I do?
There isn’t a perfect time to take the leap. You just need enough courage and a desire to leave. Perhaps you can start learning the skill set in an industry that you like so you can eventually make the jump to another field.
Great inspiration! I’m about to quit my job and hearing about other’s stories calms my nerves. I’m anxious but excited right now! Thank you!!
I used to yearn for the 9-5 life, but then I realized what it was all about. Your life sounds unbelievable, and one day I hope to be where you are.
Any chance there’s a follow up post with the steps you mentioned that we can take to make our lives better?
To the original poster, congrats for making the leap! Do you mind sharing with us how long you worked in this corporate job for (I don’t think i saw the stat, and I read the post, but sorry if I missed it)?
Was there a comfortable level of savings that you had, or an age goal where you said enough is enough?
Thnx for the insights.
Employment was not for me. I have worked three or four jobs before recently coming to this stark realization.
Daniel & Financial Samurai
Poster here … I worked at this particular job for just under three years. While it’s not long compared to how long others have been working their dead end jobs, I was able to identify the problems in this company early enough to know that 2009 would be my last year, even if the economy improved.
I barely had anything in my savings but I began working my way into my own at home business while I was still working for the company. After a couple of months of building contacts and relationships, I jumped not 100% confident I would make it. It’s impossible not to be worried but I knew my plan was solid and the beauty of it was I relied on no one other than myself.
I first identified problems within the company and did everything I could to fix them. Once I saw this was not going to happen no matter my efforts, I knew at that instant, my tenure was up.
Sounds great Michael, thnx for your reply. If I ever really started to hate my job I’d definitely find something else to do. Gluck!
You should really look for some side income even if you like your job so you won’t be scrambling when you feel that the job isn’t right for you. The more you reach out, the more opportunities.
You’re right David. I shouldn’t feel bad, for example, if I want to monetize my blog to at least pay for the operating expenses yeah? For some reason, I feel guilty about it. Is that weird?
Great article!
I remember when I quit my 9-5 job. I was feared as well. How to get the cashflow and what will happen if not?
Until now this thought is present, but not in a kind of fear. Today it is the motivator to grow in business and let me find new ways to success.
I was self-employed for 5 years and I really enjoyed it – total freedom and it helped me grow a lot. But it was also difficult to have a steady income so have some savings to fall back on. To be a successful entrepreneur, you not only have to be good at what you do but most importantly, be good at marketing your business and keeping customers happy.