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Why I Quit A Six Figure Job

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21–30 of 106 posts

Re: Why I Quit A Six Figure Job

#21

Two years of saved living expenses is great, but at a six figure salary, you can easily double that in 6 months. It seems a little foolish to back away so early. Though I'm sure the short-term result of quitting must be wonderful. I especially liked the anecdote about staying up weeknights to watch B-grade sci-fi. Best of luck!

Sure I could double it ... but why? 2 years is far in excess of my planning capability. The effective difference between 2 and 4 for me is basically zero. (Also! Not having a job doesn't mean I don't have income. I'm still aiming for 50K in the next financial year, even if I fail I'll still meet living expenses comfortably I reckon)

Don't touch at least half of your savings for a zillion reasons.

Good luck on road ahead. This article will be nice to review in the months ahead. I wrote myself a similar note when I made the leap.

Re: Why I Quit A Six Figure Job

#22
>> I currently have enough assets to sustain me for about two years

I think this is the actual reason why he quit. He has savings. I don't think he will do that if he doesn't have money.

Re: Why I Quit A Six Figure Job

#23
"A job is low risk. ... risk is shouldered by the owners of the company, and that’s why they stand to gain (or lose) a lot more."

Not true, as an employee you bear all the risk of being laid-off if the company does not do well; but do not benefit from the upside.

Re: Why I Quit A Six Figure Job

#24

"A job is low risk. ... risk is shouldered by the owners of the company, and that’s why they stand to gain (or lose) a lot more." Not true, as an employee you bear all the risk of being laid-off if the company does not do well; but do not benefit from the upside.

But the business bears the risk of running into significant debt if things go bad, as an employee you don't take that risk. Often business owners have invested significant capital in order to get things going, and they are not guaranteed a return on that investment.

Re: Why I Quit A Six Figure Job

#26
post #2

I don't know. This seems stupid to me. I'm all for chasing your dream when you have an actual dream to chase. But to quit a good job that pays well just to randomly walk around and try to figure out what you want to do doesn't seem wise to me. It seems much wiser to wait till you have an idea that you want to pursue and then quit. That way you have more resources to devote to the idea that you're actually dedicated t…

There's more to life than work or money. Taking some time to travel, or figure stuff out, or whatever can be the best thing ever.

Re: Why I Quit A Six Figure Job

#27

"A job is low risk. ... risk is shouldered by the owners of the company, and that’s why they stand to gain (or lose) a lot more." Not true, as an employee you bear all the risk of being laid-off if the company does not do well; but do not benefit from the upside.

Looking at it from another angle, the laid-off employee loses nothing - they simply stop receiving. However, the owners are on the hook if the company goes belly-up

The entrepreneurial system is organized so that the risk takers are the money makers when a company succeeds. It doesn't really make sense any other way - why else would someone start a business that might fail and cost a fortune?

Re: Why I Quit A Six Figure Job

#28
post #2

I don't know. This seems stupid to me. I'm all for chasing your dream when you have an actual dream to chase. But to quit a good job that pays well just to randomly walk around and try to figure out what you want to do doesn't seem wise to me. It seems much wiser to wait till you have an idea that you want to pursue and then quit. That way you have more resources to devote to the idea that you're actually dedicated t…

I recently quit my high-paying job, in fact, today is my last day, and "randomly walk around" is exactly what I'm going to do. For most of my 27 years, I've been trying to do the "wise" thing by getting good grades, graduating from a good college, working at a good job, finishing my master, etc. For once, I want to be foolish.

My number 1 reason for quitting is I want to get off the addiction of the constant paychecks. It's easy and safe, but the trade off is the predictable and unbearable daily routine. Everyday on my way to work, I know exactly which lanes to switch to on 495 for the optimal travel time. I log on and off the computer at work at roughly the same times. Once back at home, it's sad to look at the reflections of myself and the clock in the bathroom while washing my face and know that the same action happened at exactly the same moment yesterday. As for long term, I know exactly where I will be (in the best scenario) in the next 15-20 years if I continue to work for this or any other big companies.

That's no way to live life if you look at the short time we have here. That's why I take the year off to travel, not only to break the daily routine, see new things, and meet new people but also to taste the danger of having no financial security to motivate myself to act.

Before quitting, I've consistently worked 2-3 hours everyday after work on side projects. But the passion and focus cannot be there after being exhausted by 8 hours of work and knowing I will still get the next paycheck even if my projects fail. So now I'm excited to have my 8 hours back. Let's see how this foolish thing will work out.

Re: Why I Quit A Six Figure Job

#30

"A job is low risk. ... risk is shouldered by the owners of the company, and that’s why they stand to gain (or lose) a lot more." Not true, as an employee you bear all the risk of being laid-off if the company does not do well; but do not benefit from the upside.

But the business bears the risk of running into significant debt if things go bad, as an employee you don't take that risk. Often business owners have invested significant capital in order to get things going, and they are not guaranteed a return on that investment.

I am not arguing anything about the risks the business owners is taking, I am saying taking a job is not the low-risk, low-reward option it used to be.

Years ago there was an implicit agreement when taking a job: work here for 40 years and you will not get rich but at least you will always have a job. That agreement is gone. Work for one company until you are in your 50's and you will be "laid-off" and replaced with a younger worker. Many people still think starting business is high risk compared to working for a company, but over the past 20 years the risks have changed and no longer makes sense to bear all the risk of losing your job with none of the commensurate up side of owning a business.

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