May 31, 2011, 5:00 am

Why I Will Not Quit My Day Job

by: The Financial Blogger    Category: Career
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I have considered the idea of quitting my day job several times over the past 2 years. The more I see my blogs grow, the more I thought how awesome it would be to quit my job and work online full time. I still believe it would be cool, but I don’t see this happening any time soon. I also mentioned that I would eventually quit my day job in 5 to 10 years in my long term blogging plan. If I had written this post recently, I would probably tell you that I would quit my job within the next 2 years. Why has all of this changed? I’m actually making more money than expected in 2011 and I was just told that I didn’t get the job I was looking for. Doesn’t it sound like 2 reasons to aim for a full time online career? Well, there is more to think about before quitting your job:

Income Diversification

As a financial planner, I create asset allocation and investment diversification plans on a daily basis. If you consider that your biggest asset is yourself and that your biggest income earner is from your biggest asset, why wouldn’t you invest yourself in several fields? This is what my blog helps me do at the moment. Last year, I made 135K and about 25% of my income was from my online company. Therefore, I know that even if I lose my job, I will still have a source of income. On top of that, I know I can withdraw much more from my company to compensate for a job loss.

Connections with People

While I really enjoy blogging and I can see myself doing this full time, there is one aspect I’m not sure how to deal with; being alone all day long. While I do have blogging friends and I know I could run a few chats while I am working on the computer, the feel is not the same as meeting in person. One thing I really like about my job is that I get to speak to many different (and very interesting!) people throughout my day. I get to know a lot of people and connect with them. This is something I might find difficult if I have to work in my basement day after day. So quitting my job would mean quitting a part of my social life.

I Really Like my Day Job

I think the key to succeed at work is to love what you do. No matter which field you are working in, if you hate your job, you will definitely not be successful. Just about every morning, I am eager to go to work and do my job. I really like being a financial planner because I think my job is very interesting and gives me a lot of latitude (I make my own schedule, I manage my time at work, I meet whoever I want to meet, etc). So I guess that as long as I really like what I am doing during the day, I won’t be  in a hurry to quit my job!

Less stressful

As you have seen over my latest net worth updates, I am currently spending a lot of money and having a hard time saving. Having 2 sources of income is a good way to keep money stress out of my mind. When it doesn’t go as I wish at work, I think about my online company compensating. And when I get hit by a Panda update, I turn around and look how good my numbers at my day job ;-). This is why I don’t stress too much about money.

Finding the Right Balance

In the end, I think that I have found a perfect balance between growing my business and pursuing my career dreams all at the same time. This will have to change one day if I am looking for financial independence.  For the moment, I think it is the perfect compromise. Plus, I am definitely at a stage of my life where I am looking to chill out and enjoy life. I’m telling you, life is too short to stress and hate your job! Find the right balance for yourself and your family; this is where lies one of the secrets to happiness!

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Comments

Congrats on being able to earn that much blogging. I agree that it is important to have diverse income streams. I am getting into blogging now and while not planning on being able to retire anytime soon, I do have a longer term strategy and goal in mind.

by: The Financial Blogger | May 31st, 2011 (7:22 am)

It was a hard decision to take as having the freedom to work when you want, travel around the world and not having a boss sounds like true dream… however, right now I’m just not ready…

You bring up some great points TFB. Sometimes its easy to focus on all the great things you could do if you didnt have a day job, but you brought up some great points on things one might miss. I’d love to go down to part time work week…or even 4 days a week like you have. I don’t know how you pulled that off, but sounds like a great situation to me!

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Whether or not to quit the day job is definitely a question many of us will need to figure out in the upcoming years. It is a nice problem for us to have though!

Many people who face that decision are unhappy with their career and make a choice rather than changing their day job. I would like to have a career I am happy with and multiple income streams.

I agree with you! If you are not happy with what you are doing then you won’t put forth the passion to do it well and the likelihood of you sticking with it is slim. As one person put it, “if it ain’t broke, why fix it?” Keep persevering down the route you are going!

I will always at least hold a part time job because I simply look forward to connecting with people. At almost every job that I held I dated someone/became close friends with co-workers. My other friends often joke around about how work for my is a social thing.

by: The Financial Blogger | June 1st, 2011 (10:51 am)

@MD,

that’s is a very important point: keeping in touch with people! I don’t see you hidden in an office all day either 😉

Well done on getting to the point where you have the flexibility in your income to be able to chose whether or not to quite your day job. You are very lucky that you love your job. Most people I know are in a job that they hate and are struggling to get by. In a lot of cases its fear (and debt) that is keeping them in the job.

Sounds like your online business is doing fantastic and you’re obviously passionate about the blog. Keep pluging away and the next thing you know you’ll be it full time.

On the bright side you actually have options. Most people at stuck working a 9-5 that they hate. You’re a great example of following your passion and doing something about it.

[…] other day Mike wrote about why he will never quit his job. I always enjoy a post like this because it helps to take a realistic look at things. There are […]

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[…] Mike at The Financial Blogger tells us why he will not quit his day job. […]

the grass always looks greener on the other side, but only those who have their feet on both sides truly understand the complete picture. to me it comes down to personal preference. some like their jobs while others can’t wait to quit it. either way, i am not an advocate of quitting straight out, rather working in your spare time to develop additional streams of income until those become sustainable and is able to replace your income from work.