What I Wish I Knew After Quitting My Job with No Plan
“I dreaded going to work every morning… dealing with clients I hate… talking to people who aren’t interested in something more than what’s in front of them… spending my entire days doing questionable work. I was stressed. And this stress was tying knots in my stomach. ”
I've been there. Enduring long hours of commute, only to be stuck inside a cubicle all day. Not to mention there are the mundane meetings, the kissing-up to the person who can make or break your career (or get you fired before you even have a chance), and staring at the slow-moving clock every hour waiting for your day to end. The 9-to-5 almost feels endless. Doing this for 40 years seems ridiculous.
The highlight of your day is when you arrive home. But then again, you’d be too tired to do anything else. (Like washing the stack of dirty laundry piling up, or stack of dishes, or the embarrassing mess that is your home.) Is looking forward to the weekend really the best we’ve got?
If you can relate to this, you're not alone. 85% of people hate their jobs (and especially their boss!). That’s an alarming number. And who’s to blame them? The average person works 90,000 hours their entire lifetime, with 200 waking hours per annum spent on commuting to and from work.
That’s a lot of time of doing what you hate. Can you imagine spending the remainder of your life this way? Is this what we are born to do, until the day we die?
I knew this wasn’t going to be it for me. The idea of having to go to a job Monday through Friday for the next 30 years of my life felt suffocating. That's the reason why my Youtube channel, The Engineered Truth, took a huge pivot from being pro-engineering jobs to anti-engineering jobs.
Don't get me wrong, engineering is important. There will always be a need for engineers. There will also be high-paying jobs in the vast field of engineering. But most of them require you to be in the office 5 days a week, 8 hours a day. Maybe even longer… nope, not for me.
So, I quit my job and never looked back.
Fast forward to today, I've never been happier about that decision. Below is a photo of me taking a few days off to unwind. I just booked an unplanned trip to Singapore to enjoy a nice and long weekend. This is something my friends and I regularly do.
And this would be almost impossible to do if I was still working as a full-time engineer.
“Okay Matt, Is this the part where you tell me to quit my job right now?”
I’m not here to tell you to quit. Or to do anything, for that matter. I’m here to share with you the options you have available at your fingertips.
There are ways to get out of your job that don’t involve abruptly changing your career at the risk of everything you’ve worked hard for.
I see a lot of ‘influencers’ telling people to just quit their jobs right off the bat to ‘follow their passion’. Now, I’m not saying this is completely bad advice (okay, it kinda is), it’s just that it can easily be misunderstood.
The Problem with “Quit Your Job and Just Follow Your Passion”
The first few years after I quit my job was a struggle. It took a long time for me to get to where I am now. I've made a lot of expensive mistakes along the way. Mistakes that, luckily, I was able to afford thanks to the head start I had with my Youtube channel.I was also lucky enough to meet and befriend the right people.
You'll hate being broke more than you hate your ‘cubicle' life
The problem is, I see a lot of people jump into quitting their jobs without even thinking things through. Maybe they were given some bad advice from people they trusted. Maybe they were blindly following what others told them. Who knows.
A few months after quitting, most of them either end up taking on another job that they still hate, move back in with their parents, or find themselves in a situation that's far worse than where they started. Killing their “passion” in the process because they’ve already burned themselves out.
More often than not, that's the reality for those who jump into unemployment before they're ready. Reflecting at all of my years of struggle post-quitting, I realize that I could've saved so much time with what I know now.
What I wish someone taught me before I quit my job
After over a decade of quitting my job and running my businesses, I found a way to increase my cash flow much more efficiently. I didn't have to go through all those costly mistakes of starting a new business just to enjoy the life I want.
I still wish someone had told me about this when I was still working my ‘cubicle' job.
You see, there are 3 main ways to get your freedom. Each has its pros and cons, depending on your situation. But to me, something stands out — so much that when I learned about it, I just couldn't look at cash flow the same way ever again.
But before I tell you exactly what I'm talking about, you first need to understand the common paths people take to attain ‘freedom'. With this information, you can weigh out the pros and cons.
Let's take a glance at most common options towards ‘freedom':
- Become self-employed.
This is great if you've got a money-making skill that you enjoy doing and want more control over your time. But when you're self-employed, time working is not time earning. You may end up working far longer hours than you did as an employee. It can take even longer time to establish your name in whatever industry you choose, especially if it's a far jump from your employment work.
- Start your own business
Just like in self-employment, starting your own business means you'll be getting paid $0 per hour for a long time — a far cry from the $50 per hour from your full-time job. You're constantly unsure about yourself because you're essentially learning a new profession. Plus, if you're thinking about starting a business that requires huge capital, such as an Amazon FBA business, you'll be investing a few thousand dollars for something that likely will be a loss.
- Buy traditional cash flow assets
This is a relatively safer option among the previous two, especially because you don't have to quit your job right away with this option. However, traditional cash flow assets like real estate and stocks tend to bring very low cash flow with very high up-front costs. It will take you decades to get back a full return on your investment.
Before we proceed, you should know that I do not discount the fact that the methods I just mentioned could work (or have worked) for some people. But unless you've found your ‘passion' or have a strong interest to start your own business from scratch, there is a far more effective way to generate income streams. And that's…
Buying an Already-Profitable Online Business
Let's face it. The most practical way towards freedom is to stay at your current job and slowly work your way out. However, if you ever want to be free from the shackles of your 9-5 faster, you have to create cash flow outside of work. The best way to do that is to buy existing, already-profitable online businesses.
Instead of going through all of the trouble of starting one, you can buy online businesses from owners who are typically looking to invest in a new venture in a different niche. So, you're skipping all of the trial and error and the expensive mistakes of building up a business online.
An investment that can run itself on autopilot
The best part is that you'll have the freedom of running it from anywhere while working on it only 5-10 hours a week. That's because you can easily hire an operator who will run the business for you.
An online business operator is real estate's equivalent of a property manager. Just as investors don't typically manage their real estate property, you would simply pay a property manager to do everything for you.
When you invest in online business, you'll hire an operator to help you choose a business to buy. You'll also pay them a monthly retainer to manage and grow the online business for you. So, you can focus on high-level tasks like growing your business.
If you don't believe me, you can check out existing online businesses for sale, along with all the company details and expected hours of work, on the Empire Flippers website here.
Now, let's talk numbers.
For any business venture to be considered sensible, it has to be backed by real numbers. So, let's compare Buying an Online Business vs. Investing in Real Estate or Stocks.
Note that all the values here are subject to taxes, and varies a lot depending on where you live and how much you make from other sources.
Buying an Online Business vs. Real Estate
The rule of thumb for a real estate investment is that its rent should be at least 1% of its cost. So, on average it will cost you approximately $1,000,000 just to make $10,000 a month in traditional real estate.
Once all the costs are taken, you're looking at pocketing about $7,000 per month in real estate. In contrast, if you took your money and invested it in profitable online businesses, you could make $10,000/mo by investing only $300,000 a month — that's a huge difference.
What's more, it will take 8-12 years for you to get a return on your real estate investment. On the other hand, your online business will only pay for itself in 2-3 years.
The only disadvantage is that an online business can drop to 0, which means it's riskier than buying a house. However, this risk can easily be mitigated by buying multiple smaller businesses instead of one large business.
The most successful people I know are the biggest investors. Except instead of managing physical real estate, they manage digital real estate. They usually manage a portfolio of 20 – 30 websites and have been in the industry for years. Operators have systems and procedures in place that make it efficient for them to manage multiple businesses.
Since their investment is divided across 10 or more businesses, their income is fairly safe. Some businesses will go up, some will go down, while most will maintain.
Buying an Online Business vs. Stocks
For cash flow stocks (dividend stocks) on a decent year, you'll get approximately an 8% return. So for you to make $10,000 per month in revenue you need $1,500,000 invested. (like real estate, you can also expect to pocket about $7,000 per month after taxes depending on your tax bracket).
Reaching the ‘Snowball Effect': The Goal of Buying Multiple Online Businesses
In the beginning, buying your first online business will feel uncomfortable. After all, you could do a lot of fun things with all that money instead of investing. But once you get to the point where you're making about $20,000 to $30,000 per month in profit, you'll get to a point called Critical Mass.
This means you're now able to create a “snowball effect” and buy more businesses every couple of months to add to your cash flow.
Your income will be increasing so fast, it will be hard to spend it all. Plus, your cash flow will become more consistent with less volatility each month as you add multiple sources of income.
So, what's your escape plan?
I hope that by explaining all of this, you can begin walking the path towards achieving the freedom you deserve much faster than I did.
I know this was a lot to take in. If you've read this far, that means you're serious about getting out of a trapped cubicle working on questionable projects with questionable people. The good news for where you might be at today is: you don't have to do this alone.
I went through the painstaking process of testing, learning, and distilling the insights and experiences from the minds of the most successful people in the online business industry. They got out of the “rat race” when they turned their backs and worked their way out of the 9-to-5, and so can you. I share all of this in my membership site called The Engineered Truth Premium.
Inside my platform contains everything you need to know about buying, managing, and growing your online businesses.
What I teach and share inside is great for everyone of all experience levels to learn and put into practice. But it’s even better for those who are:
- Working a full-time job and want to learn more about passive income, to escape their 9-to-5
- Looking or attempted real estate investment or trading securities, and found the returns are not enough or moving too slow
- Trying to start their own business (online or not), but are having trouble finding any traction
- Continuing to add multiple income streams to their portfolio, and want to explore or learn more about buying profitable online businesses
What might you find inside?
I add new content every week because I am constantly learning something new when I buy new businesses. Inside, you will find:
- Secrets to owning profitable digital businesses and how entrepreneurs are using the Internet and their laptop to make it work
- How to pick and choose profitable online businesses that generate predictable, recurring passive income so you can enjoy the lifestyle you want
- How to manage the multiple moving parts of your own online business empire with proven systems that automate the work for you (and take away the headaches that come from starting a new business)
- How to grow your newly acquired online businesses to 7-figures with everything you need to know about generating more sales
- And, most importantly, adapting the controversial mindset of an A-tier entrepreneur that will change the way you think and act on a daily basis
If this sounds like something that might be the right fit for you, click here to learn more about the Premium Membership. You can create your ideal freedom and lifestyle that you deserve. Because if you think you deserve a better life, then you probably do.