When do you choose to quit your job?

[Justin Dillon]

Hi my name is Justin. I am trying to figure out when do you know it’s the right time to leave your job in order to live on your investments? Example, let’s say a person would need about $5k to live on. This would be enough to pay bills but then they would be living on their passive income. In turn a person couldn’t grow their business as fast as they would want. So is there a rule of thumb a person should go by? Something like 2 or 3 times what you make a month in order to pay for bills but also accommodate their passive income.

[Dan Deppen]

For me I decided to quit my job when it was clear that I was much more excited about notes, and that the potential upside was much greater than 2-4% annual raises. I hadn't replaced my income yet, but I had the advantage of my wife making enough for us to live on easily and full benefits to go along with that. Plus I had several deals going which would pay off over the next 12 months. So I wasn't really taking much personal financial risk. If I was a sole breadwinner and had to pay for health insurance for my family it probably would have taken another year. I was a guest on a podcast where I discussed the decision in detail. I'm not sure what all the policies are here on posting links, but if you pm me I can send it to you.