Today on Financial Freedom Friday, Matt Theriault shares the 5 signals that it’s okay to quit your day job! Find out why it is important to check your results in a relatively short amount of time, why making enough money to almost live on is actually a good sign, and learn how to recognize the moment when keeping your day job costs money.
What You Will Learn About the 5 Signals That It’s Okay to Quit Your Day Job:
- Why it is important to check your results in a relatively short amount of time
- The importance of being comfortable with what you are doing
- Why you should have reliable lead generation
- Why almost making enough money to live on is actually a good sign
- Recognizing the moment in which keeping your day job costs money
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Speaker 1: This is Theriault Media.
Matt Theriault: Hey, Matt Theriault here at The Epic Real Estate and today we’re gonna talk about the five things you want to look out for. The top five signs as to when it’s okay for you to quit your day job and go full time into real estate, alright. So welcome back to another episode of Financial Freedom Friday.
Okay so last week we talked about everything that you need to do before you quit your day job, and once you get those wiped off your plate, then there’s some signs you want to look out for to really give you the ultimate thumbs up, so you can quit your day job once and for all, and you never have to go back. So just coincidentally, and what inspired today’s episode was I stumbled upon an article on Inc. Inc.com, and it’s titled The Top Five Signs You Can Quit Your Day Job. And so I thought I would go through these with you cos I think they’re pretty good. I’ll probably have to change them a little bit, I think this is a little bit more geared towards corporate America. But the same type of signs apply right here in our real estate investing business as well.
So one is a sign that you’re heading in the right direction. When you start to get some results, and you’re getting evidence and proof that real estate is actually going to work for you. So look for those first couple of checks in a relatively short period of time. I would say if you got two or three checks in the last 60 days, 90 days or so, like that. That’s a good sign that okay, you’re heading in the right direction. You getting this thing figures out and you’re making some money.
The next one would be you know what you’re doing, right. So as we get started on something we all this level of discomfort and you got this little thing of uncertainty, might even be a little bit scary. So once you’ve done a few transactions and you’ve got a few repetitions of talking to sellers, taking appointments, submitting offers, closing deals. Once you’ve done that a few times and now it’s not so unfamiliar, and you’re a little bit more comfortable doing it, and you’ve got a certain level of confidence walking into a transaction and knowing that you’re going to get it completed, that’s a good sign, okay.
The next would be you have reliable customers. So I think this was written for a different type of business. But I think what I’d replace this with is you have a reliable flow of leads. Your lead generation is working. Your lead generation is working consistently and it’s producing these deals for you and without preferably not a whole lot of effort on your part. You want to have a certain level of your lead generation totally automated. Whether that’s through digital marketing like a paper click or a Facebook or through direct mail or some sort of advertising or co-op advertising with a strategic partner. Something that’s predictable and automatic that’s gonna happen whether you get up and go out to generate a lead or not. So you need a reliable lead generation.
Next is, you make enough money to almost live on. Now they put almost live on because what they’re saying is if your [inaudible 00:03:00] gives you enough income that you believe you can do even better if you were to go to full-time, you’re probably right. And I don’t know. I tend to agree. If you know this is what you wanna do, you’ve made some money, you can almost live on it and you know that you just have to make this little bit of a shift. And by going full-time you’d be able to bridge that gap to where you indeed have enough money to live on, then I think that’s a good enough sign. Before doing that I would put a little … some reserves in the bank. I think we talked about that last week if I don’t know .. a good number is just kind of arbitrary. But I’d say if you had six months of reserves to live on in case you hit a dry spell, I think that would be smart. But if you’re making enough money to almost live on, that’s a good sign.
The last one is, you can’t do it, right. It’s at a point where it’s calling you. You’re doing so well, it’s costing you money. I remember when Josh Miller, one of our clients, that he was taking on full-time real estate investing and his full-time career. He was working as an engineer at a major company; this had been his career. It’s what he went to school for, he’d been there for ten years. Did very well for himself, and it just got to the point where he couldn’t do it. It was costing him money to keep that job cos he was doing so well on the real estate side. I think of Jeremiah as well. Where he got to a point where he had this 90-day goal set out for himself and he made more money in that first 30 days than he’d made the entire year at his job. And he was like, well I can’t do this now because this one paycheck represented what my whole last year’s salary was. So I think that’s a good sign.
So let me just review those real quickly. One, you got evidence that you’re heading in the right direction, that’s a good sign. Two, you know what you’re doing, that level of fear, that discomfort is gone. You’ve got a certain level of confidence going forward. Three, you’ve got reliable lead generation working for you. And four was, you’re making enough money to almost live on. I’d recommend you couple that up with a little few months of reserves. And then the last one is, you just can’t do it. You know this is what you were born to do. And it’s costing you by doing anything else. You’re missing out unless you’d go full-time. Alrighty. So those are five things to do or five signs of when it is actually time to quit your day job. Alrighty. So that’s it for today. I will see you next week on another episode of Financial Freedom Friday. Take care.