We love it and we hate it.
It can buy us nice things, allow us to travel and see new things, keep the heat (or A/C) and lights on, and in many cases, help us find our freedom.
But right now, I hate it.
Why? Because I’ve been talking to a lot of people who are miserable in their day jobs and have bigger self-employed dreams for their life.
And for the vast majority of the time, the reason they don’t make the leap and make it happen is money.
I want you to think differently about money and your leap.
Here are 5 reasons why money shouldn’t be holding you back (in the way you think it does):
1. You probably need less to live on than you realize.
Have you looked at your finances lately? Do you know how much goes out every month and on what?
I know, I know, looking at the nitty gritty details of how much you spend is the least exciting way to spend an afternoon. And it tends to make us feel bad.
But once you do, you might see a few things that can be removed from your expenses. Things you won’t miss for a short period.
Not only will removing those things mean you can save more to feel more confident in making your leap, but it will make it more clear to you how much you actually need to live comfortably in the worst case-scenario that you aren’t bringing in $$ from your business right away.
2. You have a lot more potential to make money on your own than you do in your current job.
Your current salary is probably stuck where it is. Sure, you might get a yearly raise, but let’s be honest, it’s never as much as you think it should be considering what you’re bringing to the table.
When you work for yourself, the sky’s the limit. You decide your prices, you decide how many clients you want to take on at a time, you decide how much you want to hustle to bring in new clients.
So get rid of that fear that you’ll never surpass your current salary. You can.
3. You won’t need big investments to make enough money in the beginning.
You don’t need a fancy website, fancy photos, ALL THE TOOLS to start. There are a million ways to bootstrap your business while still being professional and effective at what you do. I already talked about not needing it all to have it all here. And the freedom business you want to create (since you’re hangin’ out here) doesn’t require a lot of capital.
4. Your steady paycheck isn’t as secure as you realize.
People get laid off all the time. Companies down-size left and right. I have some stories about that here. We’ve even had a few FTF members who got laid off in the middle of preparing their leap. You bet they were glad they already started preparing for self-employment.
So why not start making your dreams a reality rather than wasting more time gripping that steady paycheck when it could disappear tomorrow.
5. Your current job doesn’t have to be your only money source until you make the leap.
You don’t have to go all-in. This is a big one.
- If you find your job too stressful and at the end of the day have no energy to work on your side hustle, why not find a different job that is less demanding until you make the leap?
- If you’re using all of your time off working on your side-hustle, and still aren’t building up enough income to make the leap, why not ask your boss to take it part-time or find another part-time job during the transition? (There are even some FTFers that took part-time jobs AFTER making the leap, both to take off a little of the financial pressure, and to be in a more social environment.)
- If you have skills in a certain area, that are different from what your business will be, why not try to get some remote work in that area while building your primary business? (I know a lot of people that start out as Virtual Assistants as they make the transition into doing something else)
It doesn’t have to be all or nothing. You can ease into your leap as slowly as you feel comfortable, as long as you are taking action that gets you closer.
Now, I’m not advocating for ignoring your money, making un-wise financial decisions, and just quitting your job (although I’ve seen plenty of success-stories from people that do), but I want you to maybe take a look at your situation in a different way. There are options to re-arrange your current life and mindset to prepare for a better future.
Is money holding you back?
How can you change those money stories you have and start taking action towards your dreams?