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Greg –
In Jack’s Foundation of Wealth series, he recommended having an amount in reserve equal to one year’s net income before quitting your day job and going into real estate full time.
Personally, I worked a day job for 19 months, while working nights and weekends to get my business up and running enough so that I could make the transition.
Somethings to consider: private health insurance is very costly and in this economy, if the real estate gig didn’t work out, how feasible would it be to get your job/income back to where it is now?
Don’t get me wrong, it’s very rewarding to work on building your own wealth instead of some corporate fat cat, but there are cons as well.
Kurt
This is the email I got at work upon return from a seminar this weekend:
“___ and its business units will delay planned 2009 salary increases, generally for 6 months, and reduce available merit pools. This difficult step is being taken due to the rapidly slowing economy and related need for immediate cost reductions across the enterprise.
I’d like to thank employees for their past contributions and continued support during these challenging economic times.” – Senior Vice President, Human Resources and Organization
One more kick in the pants from a Fortune 100 company. Then I got to thinking, what should be my criteria to punch from this job and focus on creating wealth? I know I first need to duplicate my income and demonstrate to myself that I can sustain myself on only the rental income. We can live on my wife’s income and have a good amount of cash in reserves right now. I don’t think it is time just yet to bail, but soon.
What are some of the requirements that you have used to quit your jobs?
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