Everyone needs one. The problem is figuring out what mine is. Folks seem to recommend you save anywhere from 3-6 months of living expenses before making the switch.
Time to start crunching the numbers. It’s really unfortunate that I live in such an expensive part of the country. For 3 months worth of savings I would need 20K and would need 40K for 6 months. I’ve never been really good at saving and it seems like sooooo much money and a little unreachable. Though I’m sure it’s the smart and prudent thing to do.
If I’m able to put away and save $400 a month (a reasonable number that I think I can achieve) by the end of the year I will have only saved $4800. So at that rate it will take me 8 1/2 years to save 40K and a little over 4yrs to save 20K.
I’m not sure I can wait 4 years never mind 8. So how much more time do I wait until I take the leap? I’m leaning toward just setting a “launch” date, and asking my employer if I can reduce my hours to a 3day work week . Hopefully this will be an option. Of course, that would also mean a salary reduction. Having a steady gig while trying to continuing to build up my illustration and licensing business is a compromise I think I’m willing to make.
Experts also suggest that you also create a way to have a passive income. I haven’t quite landed on what that is yet. However, I know that I want to try to set up a Etsy and ArtFire shop, and I think that once I start getting a few more art licensing contracts with royalty agreements this will also help.
So what’s my Exit Strategy?
- Start Saving, starting now.
- In a year reduce my work week down to 3day.
- Continue to build my business in the evenings and weekend.
- Start to create a passive income by getting a Etsy and ArtFire shop up and running.
It feels good to have at least an outline of a plan!
I wrote this post last night and got in a fight about my plans to reduce my hours. (Not quite the support I was hoping for, but pretty much the reaction I was expecting.) Hubby asked ” So, your just going to ask them to cut your hours?” — Well yes! I think that’s at least that’s going to be the first step and if they can’t agree to that then I think I will look for something that’s part-time. Financially we will HAVE TO make it work. I’m not sure yet how, but I need to have more time to spend on my own work and desperately need to make a CHANGE! (this shouldn’t of been a surprise to him.)