Starter Story - The right time to quit your job?

The right time to quit your job?

4 min read

Hey there,

Pat here. Happy Hump day.

“When is the right time to quit your job?”

If I had a nickel for every time someone asked me this question, I’d have enough money to buy a sense of humor and come up with a better joke about nickels.

But instead, I'll dedicate this email to answering that question.

Spend 4 mins reading this email if you want to learn:

Why quitting your job before you have traction is really, really dumb
Why having your back against the wall is a feature, not a bug
The optimal time to quit your job

My insane story

About 5 years ago, I quit my software engineer job.

I had less than $10,000 in savings.

I canceled the lease on my $2,200/month NYC apartment.

And I moved into this $150/month apartment in Thailand:

I decided to sacrifice everything and finally do the one thing I’d been dreaming of for years: build my own business.

I sold 99% of my sh*t and stuffed the rest into one backpack.

And purchased a one way flight to Chiang Mai, Thailand.

When I got there, I walked around the streets looking for “For Rent” signs.

I found that studio for $150/month.

The bed was as hard as a rock. The bathroom was… interesting.

I went to bed and woke up the next morning and just started executing.

I worked my ass off every single day including weekends.

At the time, Starter Story was making about $3,000 per month.

I didn’t have some grand plan on how I was going to make it, or how I was going to match my old salary.

I just knew that I had a few months to figure it out.

And that feeling was incredible… but more on that later.

So… when should YOU quit your job?

That's my "quit my job" story, but... how does this help you?

Well, there's actually something deeper here that I'd like to explain.

To illustrate this, I drew this career “ladder”:

(don’t mind my horrible drawing skills, I’m in Buenos Aires this week and it’s all I got)

The following are the 5 "steps" of most professional career ladders:

🪜 Ladder Step 1: Skills

When I first got started with my side project, I started peeling back the onion on everything I didn’t know.

I didn’t know anything about marketing. I didn’t know about sales. I didn’t know how to launch something. I didn’t know jack sh*t!

But… I got to practice and sharpen these skills for free!

I was able to fail with minimal consequences.

(and my failures were essentially bankrolled by my full time job salary)

Verdict: If you’re here, don’t quit your job yet.

🪜 Ladder Step 2: Execution ability

At this point, I’ve acquired some skills. But… these skills could only get me so far.

The next thing I needed to learn was how to execute… how to get sh*t done!

I only had 2 hours a day to work on my side project.

And thanks to this insane time constraint, I mastered the most underrated skill: time management.

I learned: How to motivate myself. How to get into deep work. How to "hack" productivity. How to work on the right things.

(btw if you’re curious about learning more about this, join our workshop on Monday)

Verdict: If you’re here, don’t quit your job yet.

🪜 Ladder Step 3: Savings

Ok, so at this point, I’m getting more serious about my side project.

It's now got some traction and it’s making some money.

And I’m using this money to pay off my student loans and build up a small amount of savings/runway.

I’ve got some skills. I know how to manage my time. And I’ve got a (small) cash flowing online business.

Now, I'm ready to finally buy back my 8 hours/day spent at the 9 to 5 full time job.

I'm ready to go all in.

Verdict: This is the sweet spot.

🪜 Ladder Step 4: High lifestyle costs

This is where things can go downhill.

Life happens: You spend $50K on a wedding. The kid has a $1,000/month daycare. You get the $500/month car, or the $5,000/month mortgage.

You’ve got some money. You’ve got a good salary. But you’ve also got a high burn rate.

Now, starting a business feel less realistic because, all of a sudden, a business making $5,000/month is not enough.

(and let's be honest, a $5,000/month business is life changing)

Verdict: If you’re here, you need to go down in lifestyle and lower your burn rate. It’s not too late!

🪜 Ladder Step 5: Ego

This is the danger zone.

For example, you’re a VP, lawyer, banker, etc.

You’ve spent so many years to get to that point in your career, and quitting/starting your own business feels like career suicide.

You’re comfortable, have a high status job, but working like a dog and unhappy.

And even worse, you’re more worried about the optics of what quitting your job would look like (to others).

You’re worried about what people will say about you.

Verdict: This is a scary place to be. If you’re here, reply to this email. Let’s talk. It’s not too late.

Final verdict

There is no right or wrong answer about when to quit your job

(every situation is different).

BUT: Quitting your job too early could kill you.

AND: There’s a point in your life where it will be too late (and you’ll never do it, out of fear).

Look at the career ladder above and get a sense of where you are.

So… I moved to Thailand, what happened next?

Well, I had <$10,000 in savings, and only a few months to figure it out.

My back was against the wall.

But… that made me feel alive.

Because I was finally following my dream, finally doing the thing I'd put off for years!

I realize that not everyone can make this kind of sacrifice. I was 28 years old. I didn’t have a family.

But I do believe that if you want to build a business, you must sacrifice something.

I’m not sure you can be successful if you don’t.

Ready to build that side project?

Serious about building something?

Next Monday, I'm running a free workshop on how I built a $1M business on two hours a day.

(basically, it's everything from Step 1 - Step 3 on the ladder)

Click here to sign up (limited spots).

Thanks for reading!

Pat Walls
Founder, StarterStory.com

Starter Story - 4920 W Cypress St Ste 104 - #5143 - Tampa, FL 33607

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Starter Story - The right time to quit your job?

The right time to quit your job?

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