LESSON #18: Should I Quit My Day Job?
Up until this point, I’ve been covering many of the fundamentals and principles of success that will help you create a solid foundation for your business.
In the next lesson, we’ll move out of this phase, and begin to put together the pieces of a new business, but first I need to answer an important question that many people have asked me…
(Watch this video…)
Main points:
1) Is your job hurting you? (If yes, it may be time to quit)
2) Do you have a vision and a solid plan for your business? (If no, you’re not ready)
3) Do you already have a written goal for quitting your job? (Could be helpful)
4) Are you committed to the business? (Required)
5) What do you have to lose? (If you have little or nothing to lose, it’s a good time to quit)
6) How long will your savings last? (If you have enough money saved, it may be beneficial to risk some of your savings)
7) How much income is your business bringing in?
*Quit your job and go full time at the point where your business is bringing in the minimum that you need to make ends meet.
8] What are you willing to sacrifice?
9) Do you trust your gut? (And is it usually right?)
10) Will you dare to do what others only dream of?
Action steps:
1) Decide whether you should quit your job.
2) Decide what criteria you need to fulfill in order to quit your job, and then stick to it. (Don’t chicken out when the time comes)
It is very possible that your job is holding you back from building the kind of business you’re dreaming of, so the sooner you can quit your job, the better. Just be wise about it!
As always, you are welcome to post your questions and comments below. Feel free to let me know if you’ve made any decisions about quitting your job.
Have a great day!
Hi Eric,
I’ve already quit my job since about 1 month ago.
Been wanting to start my own Internet Business for a long time and finally I decide to do it.
What do I have to lose?
Well I’m 24 years old, and I think that if i fail now I still can catch up in my later years to come.
While I was on my previous job, it was pretty hard to focus at all on my own business. All my energy is being given out to my day job and by the time I want to do something at night on my own business I’m dried out already. Feels so much better now to be able to focus more onto my own business.
Your Free Digital Resource Center
http://www.dbookworm.com
Congrats, and yes you are at the perfect time of life to take the plunge
Glad to see you did it ,i did too but don’t really have much online to make money with still working on it. GoOoD Luck
RobT
oh yea forgot this clicked.
Ahhh…to be 20 once again with less obligations and more time on my side…WOW…how do I make this vision happen Eric? LOL
Dream on right?
At least for me I don’t see quiting just yet but I do see quiting fulltime and overtime hours. My vision includes working about 20 hrs a week at the hospital with paid health benefits(instead of 40-60 hours a week). I still desire communicating and helping patients directly(and I enjoy my co-workers) ***BUT*** my desire to be independent and develop a web business is just as strong when I’m not at the hospital(sometimes even at the hospital..lol. Looking forward to applying all the hard work and making this happen. However I need to feel confident in my web business before quitting my day job…as I have a mortgage…:( Thanks again for the great insight Eric!
We Give 120 Instant Turnkey Websites with Your Paypal ID on Each
http://Instant-Paysites.com
Sounds like a good plan Gary. I recall you mentioning that in your vision previously, so I think you’ve got a good grasp on this.
Hi Eric,
I appreciate all you have presented so far.
I have never worked for someone else in my life so the the thought of this online adventure sounds great. Even though I have never had much online experience I hope with your expertise I can pull it off.
Physically I am having to realize as I get older I will not be able to continue what I do, even thought it is what I love to do and have been doing it for 28 years.
I hope to be able to apply my work and personal experiences in a format that I can apply to an online business.
That’s cool Mark, I hope I can guide you in the right direction.
Hey Eric,
Right on time…this is our burning question right now. In fact for the last few weeks our church has been praying for wisdom and clarity about this very issue for us.
Five years ago I quit my day job to go online. This was a great move for our family and for the ministry; but it took three years before my online income exceeded what I made in corporate America. I still say it was well worth it.
Flash forward to today. Now we’re considering whether it’s time for Big Dan to do the same. And that’s the leap of faith…two adults, with a mortgage, five children in private schools, (two of whom need braces) -all supported by THE INTERNET???
The numbers work out. And we’ve already seen that when he’s home, at the very least, my own productivity and resulting revenue soars (if for no other reason than the fact I am more efficient at work when he’s helping care for the kids & the household.)
Nevertheless, wondering about health insurance, and all the benefits at stake to lose seems to be the gigantic roadblock…it’s a big wall of fear to walk through…
Would you mind if I asked the Ericstips readers to help pray us through it?
In His Service,
Sabrina
http://www.workingmom.com
Hi Sabrina,
My wife and I will pray for Gods guidance for you to make the right decision. Health insurance and benefits are something that should take prayer and carefull consideration.
Ron & Rogena
Absolutely, and don’t forget prayway.com
As for health insurance, I think many people in the US would be surprised to see that they can get comparable or even cheaper rates than what they are getting through their employment.
Of course it depends on your age and health condition, etc. But if you’re not too old, and you don’t have any medical conditions you can get cheap health insurance.
The key is to get a high deductible. For example, several years ago when I had a job, they were taking about $600/mo out of my paychecks for insurance.
When I quit, I found a plan for about $400/mo (I think now it’s about $500/mo for 5 of us). Our deductible is about $4500 so the deal is that we pay everything out of pocket until we hit that point, and then everything is 100% covered with no co-pays. However, we’ve never even come close to hitting the deductible (and that includes doctor visits and an average of a couple of emergencies per year).
When I had a job, we were paying $7200/yr in premiums, plus probably $1000 of co-pays, for a total of $8200.
Now we’re paying $6000/yr of premiums plus about $2k of out of pocket expenses. So it’s basically the same price.
As far as other benefits… I’m not a financial guru, but in my opinion 401k’s are not really a “benefit” unless your employer matches your donations to it. If it’s just a normal 401k, you could do just as well opening up an IRA on your own.
Be careful what you ask for Sabrina! I was faced with the same situation — I was not able to make the money I could on my home business because I was spending so many hours at my “regular” job. The benefits were the sticking point. So I prayed…and lo and behold, I received an email from my affiliate sponsor asking if I saw the new health insurance program being offered thru our company.
Built a Squidoo lens about it, if anybody else is in the same boat. But as Eric says, if your job is hurting you, i.e. you’re not able to make your home business succeed because of your other job, pray for guidance!
Melissa
I think the hardest part is taking the plunge and leaving your day job. The trade off is that you cannot 100% focus on your online business. I want to quit SO BAD and have been praying to find a way. But right now, I know its not the best time. I actually want to quit and take my show on the road, particularly from an RV! I’m ready for some fun, but I know I’m going to have to pay for gas, insurance, food, internet, oh yeah, and the RV…darn. I keep praying too! Maybe someday you can read about all my adventures on my blog.
Kristina
http://www.kristinachristensen.com
Hi Sabrina,
I pray that God will guide you through all the way and be the light in your darkness times. To me faith and believe will lead us through, and also proper planning. All the best!
Edward
Hi! Eric,
I was thinking in 17th, what can be one single subject we still have to find out about? And 18th is like you are reading my mind.
I congratulate you for choosing this topic, and I think your advice is considering, and logic.
My position is different then others, I already quit my job 2 years ago. Not because I was fantasizing about a “big business” without a good foundation, because some family situation made me do it. When I stayed at home taking care of a family terminal ill member, I started to do eBay, Internet Marketing in my spare time. I made some money just to add to my current income, not a lot, but it was a useful learning curve.
Now the bad times are behind me. And I decided to go on full with Internet Marketing, transforming all I did in a long term good business.
I know that there is a lot of work to do, (sometime having a job will make you go very slow and you can lose your focus and get discouraged), I know what sacrifices mean (because I already made so many) and I know me very well. Sometime if you don’t get in hard times is not easy to discover your full potential.
At this point I am leaving on a limited budget, it is OK, the single problem is I cannot invest a lot, I have to build step by step this business, taking reasonable steps in term of investments and probably working twice as hard to accomplish my milestones from my business plan. I am committed to my goals and to my long term vision!
I a nut shell, I am ready to start; I trust your experience, and I respect your willingness to share.
Keep the fingers cross for me.
Regards
Michaela
Cool I’m glad to hear it was timely for you
Hi Eric, It’s a difficult one - on the one hand, the chances are most people will have to take a risk at some point. I know I probably quit my job too early but if I hadn’t I would never have seen any project to conclusion. My day job was holding me back but lack of a reliable income can be just as damaging.
I think you’re advice is probably the best anyone could expect to work through this dilemma…maybe a bit of faith and courage required too
Cheers
Glen Crosier
Brighton
UK
I believe when you leave your job to start a business you must do so with 1 - a plan as to when you intend to quit and how you will recognize when that is and 2)a savings buffer so that you can ensure you are able to meet your commitments pending when your business takes off. So you have to run the numbers and they have to work - taking into consideration that in the early years of a business, it won’t make much money. That’s in addition to your business plan I wouldn’t discount my gut feeling - it’s usually spot on, but it won’t pay the bills so I need to have a practical plan.
Having said that I made my own exit plan with a date and milestones about 5 months ago. it could happen sooner, but the point is I have a plan I’m working towards.
I have to say that having a source of income while you build the initial stages of your business is a very good idea. It gives me a chance to test the waters and it also gives me the opportunity to pick my projects, rather than have to grab any old thing. But it is a trade-off for now, because my productivity will soar once I’m able to either run my business full time or cut back my day job hours to make more time for working on my business so that I don’t feel like I’m working 2 jobs… which I am really. The fact that I have an exit plan gives me a deadline.
These are excellent tips on WHEN to quit your job. Thank you Eric.
1 thing to remember for all is tax liabilities.
If you can survive on the 3k you are earning online,
remeber you are responsible for those earnings!
What you may want to do is set a base line of what
you can suvive on and add X dollars/mth before quiting
in order to cover your tax obligations.
Myself, I earn about 12k/yr online which is way less
than I need since I have a family to take care of.
Loss of health insurance plus the bills would make it
impossible for me at this point in time. But, that is just me!
You all have your own choice as to the timing.
I agree with everything you have said Eric and appreciate your views on it.
Too many quit their JOB before they know they are able to survive.
My best wishes to all in your endeavors. You can do it!
God Bless
Walter Gavurnik
Hi Eric,
Nice lesson.
I will continue to work till i have enough other sources of income to take care of bills and day to day needs.Then i will dive into my business fulltime.
Once my income sources are ready and my business starts bringing revenue,I will go back to india from US and set up my office in my hometown.I will happily work in my business and help others to succeed.
Hope my vision comes true.
Thanks for sharing your ideas.
Best Wishes,
Kannan Viswagandhi
http://www.growing-self.blogspot.com
Eric, you hit on a very sore subject for most of the wannabies out there. The most important question should have been more toward “when” rather than should we. The business plan determines where in the process can you safely make that decision, however, your explaination of what have you got to loose, makes absolutely the most sense.
Thanks, see you on the next one.
I am not at the point yet! I aim to be soon! I may be in it sooner than I am ready, my curent job is ending soon. (Ah, the advantages of working construction)
Sabrina, I’ll keep you in my prayers.
Meanwhile, Eric, thanks for all your help in pointing me in the right direction.
Thank you for your prayers. (BTW, my husband Big Dan spent 20 years as a General Contractor before he took a job with one of the home improvement chains.) The whole “feast or famine” project by project is painfully familiar to us. I’ll be praying for you as well.
You need to have successful business plan and “execute” your plan before quit your job. You need to have proper plans and never “procrastinate”. Just Do It Now!
Never quit your day job if you have heavy commitiment.Especially you’re “breadwinner” You need to have “financial” backup for at least 3 month and above for you to survive.
To Your Success
Bryan Hee
Thanks again for the lessons, Eric. Unfortunately the decision has already been made for me. I just had to close my “brick and mortar” business 2 weeks ago (and I’m not 24!. That thing was a money drain for the last couple years so I have not much in the way of savings left. So I am trying to get this business started quickly and generate some revenue (while still looking for a job). At least now I have the time to focus on this to get it off the ground. Thanks for all your help!
Rob
Hi Eric,
I already quite my job 11 months ago due to the fact that I had back surgery 1 month ago. Do I really have to go to work? Work! What is it for? You’re broke when you work and you’re broke when you don’t. LOL
Six days shall ye labor and on the seventh, rest.
Thanks for the lessons I think they are helping alot.
RonnieMarz
I already quit and become a happy full time ‘online worker’, I really enjoy being virtual. Thanks Eric, thanks for your valuable tips. Have a blessed day!
Hi Eric, This topic hits home. My job DOES hurt me. I handed in my resignation and they’re going to hire me as a consultant instead, starting end of Sept. My goal is that by May, when the consult period ends, that I have a coaching business beginning to thrive AND have begun an affiliate marketing business. This is a huge leap of faith for me for many of the reasons Sabrina mentioned - health insurance, the fear of economic disaster.
Sabrina, your site intrigues & excites me. I’ll include you and your husband in my daily prayers - may confidence erase your fears and prevail to bring you your hearts’ desire. Sabrina, I would appreciate a prayer that God take away my fear and turn my attention to what God would have me be. The specter of Fear can turn me into an almost obsessive Do-er who forgets that the main thing is to Be who God wants me to Be. (That prayer comes from the Big Book of AA, by the way.)
Eric, THANK YOU for the Lessons, and your generosity!
Ann,
Thanks for your kind words. I will certainly pray for you. There seems to be a unique twist to being successful online for those of us who are combining motherhood with an online business. The temptation to live like a “human doing” instead of a “human being” is IMO is even greater for productive and busy women.
I too wanted to focus on building my online business, however, with kids, mortgage its just scary. I still, work full time 40 hours week but slowly working to drop down to 20 hours. For those who would benefit, put everything on paper and analyze it.
Let’s say one make $20 an hour then, x 40 = $800 week
Then if one ones to drop to 20 hours, in order to supplement that income all you have to do is 20hours x $20 = earn$400 a week or x 4 = $1600 a month. So in order to drop down to 20 then one had to make at least $1600 a month…is it possible?? I gather some people are making more than that amount in the internet. In exchange you earn 20 hours of life hours to youself to do what you please
what is that nature of job to work at home and who si providing in 100% free of cost along with fee also.
please provide me it is 100% free of cost with your advice to get up a level in that work
regards
venkatesha
The whole issue of when to quit your day job or not is simply a matter of common sense. I think when your business gets to the point where you make enough to replace your income and growing, it could be a good time to quit then and place your concentration on your buiness. At least that’s how I see it as someone who’s been in business (brick and mortar) most of my life. Good luck to all.
I agree with Eileen. The whole issue of when to quit your day job or not is simply a matter of common sense.When the times come, make your own decision either you want to quit your job or not!Use our internal instinct to make the important decision.
Regards
Nik
http://www.easyartscraftstips.com
does anyone get any guarantees? lol we must make our own guarantees, many of us are not spring chickens (Rob) I too am unemployed at the moment so its not a question when for me either. Like Eric says we each must evaluate our circumstances. I have a seasonal, 8 hrs a day keying on computer, high speed, high stress, at my age isnt a good thing. So Im looking. Good luck to all in your experiences.
Liz
Right now I am getting same money from business as my day job salary, But I don’t think to quit it. It’s not hurting in anyway.
It’s true that having day job you can’t concentarte fully on your business, but somewhere you need to compromise if you want fruits from both the trees..
Also I have concern about the blogging business money.. as most of the money is coming from the Adsense and who knows when any disaster hits your business to make it zero..
so not thinking to quit the job right now..
I am not ready to quit my job
Hi Eric.
One point I ought to make is that the AOL browser seems to hate your video’s. Only allows 5 mins max. Firefox seems to love them though.
(Just incase other viewers were having the same problems)
That aside, you raise some very valid points here. I’ve always been self-employed and never afraid to try new things. Money doesn’t drive me, it’s the fREEDOM to do whatever enters my head. Some good, some bad.
One of my daughters, (Now 30) had worked in banks and offices since leaving school and getting along nicely. She got very interested in Indian head massage, took a college course and got her qualifications.
After doing massages on a part-time basis she decided one day to QUIT her job and go full time as a mobile service. She does private as well as corporate.
Now, as with most self-employed businesses, there are days when she has no appointments, but instead of just accepting the situation as ‘the norm’ those around her set ‘doubts’ in her head by saying things like “What, no work again today?”, or “Maybe you should get a proper job?”, etc, etc, etc.
It’s got to the point where she gets so much ‘negativity’ back from those who are ’supposed’ to care about her, that she’s now even considering that maybe they’re right and she’s wrong.
You’re absolutely right to warn everyone about the effects of councelling with those ‘near and dear’ to you. MOST simply don’t see the same picture. They see the world in a completely different light, and no matter what you say, you can’t alter ‘their vision’.
I’m trying to convince my daughter that SHE is right, not the naysayers around her. Hopefully she’ll listen to her old Dad.
I’m certainly enjoying listening to you young man.
Pete.
Hi Pete,
I appreciate your example and input. Encouragement and an occasional pat on the back does a lot for self confidence….I’m sure your daughter appreciates it! Best of luck to you!
Hi Pete,
It’s easy to fix the video problem in AOL (9.0 VR). Go to settings, click on internet (web) options. Click on Clear Footprints, then click on Select Footprints to Clear. Be sure to select Browser Cache and clear it.
Then click on Internet Explorer Settings link, go to Browsing History, click on Delete then click to clear Temporary Files. If you haven’t cleaned up your computer in a while, it’s good to clear everything else too while you’re at it.
This will free up memory every time for video on AOL, but it may have to be done fairly often to keep the videos unblocked. It just takes a matter of seconds to do this.
Best wishes,
Susan
Thanks Susan, I’ve copied your instructions into an E-mail and mailed them to myself so that I don’t lose them.
(At my age, I have to have notes everywhere.)
Much appreciated,
Pete.
Hello Pete:
If your daughter FEELS good about what she is doing, then I too would encourage her to continue. The people giving her advise see what is … and not what could be.
Those who enjoy what they are doing will always be more successful than those that do because they must.
I hope that this helps both of you.
Wayne
I feel the decision to quit or to stay on Salary Job is basically one opinion or vision.
A lot of things must be put into consideration as stated by Eric.
Is the present job hurting? Is there any plan or goal for new online business? Is there anything to lose, monetary or otherwise? Do you save enough to meet the challenges unknown? Will the income expected be enough to take care of your needs in future? Are you ready to take the risk and dare to take action where others just dream?
I would rather suggest that you look before you leap.
Together we shall win!
Adesegun Akitoye
http://www.repeatrichrelief.com/pips.html
Hi Eric,
I think having two jobs is ok as long as you balance your job timings and your life as well.
Having a business also requires your time as much as working for someone else, but the defference is you make your own rules and you work at your own timings instead of being pushed to work for someone else.
Hi Eric,
I just left my job last week. Although I really liked working there I felt I had progressed as far as I wanted to and my gut feeling was it’s time to go.
My online business has been going for a few years and last year demand was much more than I could cope with. Financially I reckon I should be able to make more through my business then working full time, and I have enough savings live off for a year - just in case.
Hope I made the right decision!
Mark
Hi Eric,
Your reasons out is crystal clear. We have a “VISION” & our goals is being working out now. As along we follow your lessons, we hope to learn more from you as to make progress on this business.
We will quit, once we are making real monies on these businesses.
But, we still take your advice on making a decision as not to regret later & there is no want that we have to blame.
The risks is always on us, as we are the want that want to commit. We hope all of us are safe with your sincerity honestly guidances.
Ths, regards
Thanks Eric for not been too liberal in your opinion about this issue. It is very tempting for aspiring entrepreneurs to believe they would immediately begin to make big money when they start up their own businesses, and so they quit their jobs and plug in.
But when the money isn’t coming as expected, frustration sets in.
I think before anyone should quit their jobs they should have started executing their business plan side by side with their jobs, and the business should have started generating income, which means they have gotten a customer base they will be able to expand. They should have put in place the necessary structures to make the business run.
Thanks again for your beautiful lessons.
Hello to all of you,
1) The Eric lessons are right on target, very well crafted, full of solid ideas about the business, and I am sure the technical part of lessons will be absolutely grate to follow.
2) It is very interesting to read others people mind and comment. Each one is different, same situations are similar some long way apart, but the people are good, sincere and everybody have dreams, goals, necessities.
This is incredible, we begin to know each other and we will end up being friends and helping each other as well. The generosity of Eric is propagating among the “students”, not all, but a good part of them.
Yes, Sabrina you are in my prayers as well!
3) Our comments have a lot of value for our work; they are a good practice for blogs. If we will be as human, open, and vulnerable but determine to success … in our Blogs, we will get an audience, don’t you think?
Regards and all the best for everybody
Michaela
ERIC THIS IS A good business opportunity for me and my family.
HI I AM VERY PROUD OF MY SELF. BECAUSE I CAN START MY ON LINE HOME BASE BUSINESS FROM THE COMFORT OF MY OWN HOME
What Kind of business is suggested by you?Other way around is:what is to start with?
ANIL JOHN
I read all these comments with a LOT of doubt! I have lots of years in at job, lots of time & MONEY invested in so called “make money sites” What makes this any “different” from all the others? A: You half to put in the work & time (&money!) to get returns! Anyone else see this?
Hi Eric,
I still got a lot to learn from you before I
could start my online marketing business. For me to quit my day job is not in my mind at the moment.
Thanks for the tips,
Mike Wong
Eric,
Interestingly, my decision about when to quit my day job was made for me when the small Christian school at which my wife and I both worked cut our jobs for economic reasons. Let me tell ya, that adds impetus to creating a viable online business, even as I seek other teaching positions.
I appreciate your open, candid approach to forming a business, and have taken your advice about “don’t buy anything” literally, even as some of the ads promote good sounding things that likely are more sound than substance.
Thanks for the commitment you have shown to helping people as much philosophically as in the economic sense.
John in southern California
Hi Eric,
I have been thinking about quitting my job for a long time. Unfortunately, my boss did that for me a couple of months ago. I was laid off due to a slow economy. I miss the money, but I don’t miss my job. I worked 40 plus hours a day in an over stressed environment. Then I would come home and work on my internet business until it was time to go to bed.
Up until recently, I would work all day and night on my internet business. But even with that, the stress level of working at home has been half of what it was when I was working an outside job. I finally tapered off to make room for a life outside of the computer.
I have an ebook business http://ebooktreesaver.com, several domains that I am working on and great free to join marketing system http://thespiderwebsystem.com/Sandyspider
But my biggest problem is getting traffic. I have joined several ad blasters, PPC and social network sites but the traffic is not there. Any suggestions?
I would love to not work for someone else again!
I’ll be talking a lot about getting traffic later on in the lessons. If you can’t wait that long, or if you want a more comprehensive traffic education, I recommend John Reese’s Traffic Secrets 2.0:
http://www.trafficsecrets.com/ericstips
I just received the Traffic Secrets 2.0 program that Erics talking about…looks like a GREAT product for anyone who might be cosidering it. Just click Erics link above
Thanks for the information. I’m sure Traffic Secrets 2.0 is a great program. It’s a little to high on my budget right now. I will look forward to your lesson on getting traffic.
Hi Eric,
I am having a real problem getting started.
We started to try to build a website almost a year ago. We are retired but did morgue our home.
Finally signed up with an SOE, and even though the pictures are in jpeg, I do not like the website, Because the pictures do not show prpoerly. When we put them on the site they are either distorted or just plain out of anyones imagination. The web designer says it has to be this way. I can’t believe that! Since other people have websites that look okay. I’m afraid that the customers will return the merchandise
complaining that it does not look like the item,if we get any customers. Also the supplier has to appove our site.
What would you do in our shoes?
We desperately want a website, I am taking your classes. Thank you so much! You really do walk the walk, and I admire you very much. Also like the haircut.
We still have over fours year left on the morgue we took out to use with PMI I am now using a SOE, which in My opion is not any better. Can you help me out? Will be talking to the web designer again soon.
in your debt,
Betty
Can you help me out? Will be talking to the web designer again soon.
in your debt,
Betty
we
Betty, I think you need to get a new web designer if they can’t make your pictures look right, or if they make excuses about it. I’ll be talking about cheap places to outsource in a future lesson.
Hi Betty, I’m no spring chicken and I’m a bit of a technophobe as well. As far as web design goes I’m not very imaginative either, but I’ve found that the Yahoo hosting platform coupled with their Sitebuilder software makes everything Soooo simple, it’s like building your webpages in a Word document, pressing Publish, and hey presto it’s there.
jpeg images and most others look great as well.
Why pay a web designer when you will do a better job yourself.
After all, you obviously know what you want judging by this post.
Good luck,
Pete.
Hi Eric,
I’d like to quit my job but not now because by present it is the only source for living.
I am in my 50 years and I am very tired having 30 years full time working experience.
For me personally your lessons are something like a sun in the darkness. I believe in you.
God bless your family.
Halina
Eric, you are correct about ‘benefits’ such as 401k and insurance. The theory is that larger companies can use their size to provide benefits at a cheaper rate than one could acquire alone.
As you illustrated above, this is not always the case. Provided that you use insurance to only cover emergencies and unexpected costs with a reasoable deductable set, insurance can be affordable. The high costs come when you want every small visit to the doctor covered.
Remember, benefits are simply another form of compensation and not a favor from your employer. Ultimately, your paycheck and benefits are paid out of the same source.
[…] Click here to watch Eric Holmund’s video discussion about this topic. You’ll like this. […]
Hi Eric,
Will you please excuse me if I say that you are beating around the bush and it would be better if you strike fast on the subject. And come on! you think your readers even don’t know about the ABCs of computer that you dwelt so much on that. Sorry Eric. Too much of psychological approaches, which gives a ‘deja vu’. If it goes like that. probably you may take years to complete the subject. Readers may conclude you are trying to build volume of subject than the main essence.
Hope you view my comment in a positive way.
Regards and god bless.
Murthy.
Constructive criticism is always welcome
As I mentioned a few times in the lessons, this is the end of the “foundational” portion of the series.
However, I make no apologies for it. While there are many readers who are familiar with this stuff, many are not. I believe that these principles are too often overlooked by other teachers, and this is a big part of why so many of their followers fail.
In fact, I think that if you took my lessons #2 through #18 and tagged them onto the beginning of almost ANY internet marketing course, it would increase the success rate of the participants. (and I’m not saying it’s because of anything to do with myself, it’s just about the principles.)
Eric,
A common mistake that people make time and again is not taking advantage of the experiences and knowledge of “those that have gone before us”. In other words it is short sited and a little myopic to ignore lessons that have already been learned for us in the interest of brevity or misplaced and false urgency.
For a forum like this where few prerequisites are required, it would be a shame for even one to be left behind just because of an inaccurate
assumption about one’s background and abilities.
For any project or endeavor, the foundation is the key. Too often we fail without knowing why, and many times it is because we did not pay the necessary attention to making sure our foundation is strong.
Of course, it is equally unfortunate when our lack of success is due to something as simple as a mis-assessment of our own acumen.
Thanks for being so thorough and covering all the bases for those of us that need or can benefit from it.
Big Dan
I agree Eric, I am not a techno newbie, however have not made a dime in 4 yrs of trying simply because of the material you have presented up to this point. I believe if I would have had this information sooner I would not be viewing your lessons now. Stay the course and keep to your game plan with these lessons.
Darling Murthy,
Why don’t you go and find yourself another guru ?
If all that Eric is saying is “deja vu”, why are you here ? If you possess all that knowledge, you should have had a very successful business by now, and shouldn’t have been here. Then still, why are you here?
I’ll tell you why. Because all your attempts at doing business have become “deja vu”. You simply don’t understand the value of what Eric is saying! You can do everything and yet, if you don’t have those “psychological” gut-level understandings, you will not make any headway anywhere - ever!
Eric is giving away these lessons for free. And on top of that, you want to tell him how to do it! Do you own a house or a car? or something that you can call your own and something that you built or acquired with great time, effort and care? Great! Give that away to the public for free. And the next thing I’ll go and do is to dictate to you the way to do it. And mind it if you don’t follow every word I say! You will instantly prove that you are all “psychological” and “deja-vu” !!!
Thank you (but you don’t deserve it - I’m just maintaining a formality),
Summit.
give it to him.remember a house built on sand will not stand as long as a house built on a rock soid foundation.eric is giving you the rock to build on you should be grateful for his insights.i for one want to build on rock thank you eric.
Hi Eric
I have tried once before to ‘quit the day job’ and was unsuccessful.The ego took a knock or two but I managed to survive and carried on thinking at least I gained knowledge of what ‘not’ to do next time I try it!There will be a ‘next’ time of that I am certain.Most of the lessons you have brought to us are exactly the type of lessons anyone should listen to and take heed from if they wish to start ‘ANY’ business.They are an excellent resource as many other people have said in the many comments posted.I use to be a ’scout’ in my younger days and their motto is true today as it always has been,’Be Prepared’ and following these lessons of yours is the best preparation anyone can have…
Paul (UK)
OK everyone,
I’ve been leaving comments, even though I’ve been playing catchup.
Goal number one was to get caught up with Eric’s tips by the end of this week. Mission accomplished, ahead of schedule.
Goal number two still in place.
Goal number three is a biggie. We need to decide about this lesson’s topic. My FMLA leave is has me scheduled to go back to work on September 1st after the kids go back to school. I can take at least two more weeks if need be, putting the drop dead date for a decision at September 14. But I am going to leave this goals deadline at September 1st.
Keep the advice and prayers coming y’all!
Thanks,
Big Dan
hey Big Dan, nice to see the comments
Way to get caught up!!
Hey Everyone,
Here is my goal number 2 again, since we could definitely use some advice!!
Goal number two. Complete all supplemental research and education by October 1st. This relates to my computer savvy as apposed to real knowledge. I actually went to school for computer science over 25 years ago, but my current experience is limited to the systems I use at work.
By the way, to that point, we are considering a laptop because we would like to expand our flexibility so as not to be so “landlocked” with our work. Any advice or recommendations would be greatly appreciated. All I think I know for sure is that we want one with a nice large screen and integral camera?
Thanks all,
Big Dan
Hi Dan,
You might want to take a look at the new Gateway Laptop M series. I just purchased the red one….I did a lot of research before the purchase and it looks like they give you more bang for the buck. After the rebate I paid $649.00 and the laptop has built in web cam, 4GB of memory, and 250GB Hard Drive. Also has many other features such as Lightscribe and CD\DVD player.Best of luck… your going to love a laptop!
Hi Eric
Thanks for your valuable tips. Although I have enjoyed the tips in the past, this is the first time I am commenting in your blog.
I have just been so blessed to see how many of your readers are Christians who believe in prayer. I am a 71 yr old pastor, still working full-time in a church, Christian school, mission printing press etc. In fact I am so busy I do not really get much time for my Internet business.
Give up my job? Not until the good Lord takes me home! There is just too much to do. With the aids orphan pandemic in South Africa, millions without proper education and so without a hope and a future, as well as so many other needs - I could never give up and “go fishing”.
The challenge for me is to earn extra income online in order to be able to help underprivileged people financially as well as spiritually. What I can earn may only be a drop in the ocean but at least it will help a few.
May God bless you and all your readers
Peter Maritz
The most incredible WiFi Breakthrough of the centaury coming soon!
http://wifi-10505pm.ItsYourNet.com
Salute to you sir! A true salute to you!
Summit.
Hey Eric, I have been on Social security about 24 years but I can’t get used to it. However I picked a niche which is not remunerative and very cometitive—Health. I have been struggling with this for 2 years or so. I finally have more than a hopeful feeling about it. Thanks for your help. God bless you.
Mary
At 2008.08.07 08:57, TommyBoy said:
Hello Eric,
Thanks for the way you teach. You are easy to follow. My vision in a very short form is simply… to have numerous web sites Adsense and Affiliate types. Informative sites in many different niches such as health; green site; just to name a couple. I will also help my close friends and family in this area as well.
I will have two homes, one up here in the north which is home and one down south where it is warm. If $500 thousand is where I get to I will be happy but I plan on much more than
p.s. I re posted this comment because I was so far behind these past two weeks that I posted in tip 13 so nobody could see it. But thanks again Eric and I am looking forward to the next lesson.
Hi Eric,
Since following your lessons I have found that the comments too have been equally informative.You have made people take action by participating in something that doesn’t seem readily available elsewhere on the internet.People who seemed to have never commented before anywhere are giving out their hopes and dreams.Supporting one another without perhaps realising that they are.It’s offering me a newer perspective.I am not just learning ‘tips’ concerning the internet I am also discovering more about my fellow human beings and how much alike we really all are!
Paul (UK)
i agree with you these comments ae a very good part of the learning curve.i don’t think the lessons alone would as much without the feed back.i’m really behind looking at the dates on the comments but even so it allows me to participate in the discussion for people who come later than i.
Hi Eric.
So far i have watched 18 video’s and i can see a teacher with respect and knowledge in these video’s. I have learnt quite a bit from them.
My only question is - When do i get the rest of them (the video i mean), as they appear to have ceased to arrive. Haven’t received any in about two weeks now and the suspense is killing me.
Keep it up, i’m sure you must be the only one on the internet who has anything as helpful as these.
Hello Eric,
I have been following your emails and eventually ‘these videos’ for over a year now.
I see clearly the honesty attached to this. In a world where God is put aside by many, several clues have pointed to fact that your are a prayer-bible based believer in Christ Jesus. In fact, that even motivates me to hesitantly open to any email you send. It is a personal motivation as most of ‘our men of God’ have little clues in these sort of things. Well done. Keep it up… other believers are following you.
I however have one question! I bought your AVB almost a year ago and have never used it. Lately, I have been looking for video based affiliate programs without any success. Any help on those? Many thanks and can’t wait to read Lesson #19 and the rest. Cheers
Hi Eric,
With all the over hyped anfd false crap out there I can always trust you to deliver some good sound and practical advise about making money online.
I have bought a number of products from you so I feel the great free advise is part of the deal.
I run a website that gives free tutition myself and learning from one of the modern masters is truely appreciated.
Regards
Paul
Eric,
Me and my fiancee are going to moonlight on our businesses until we can quit and do it fulltime/permanent. We figure that we must have 6 months to a year comparable of what we net monthly now, before we can quit….that way, we will have a “buffer/savings/capital” to play with ($ for advertising to grow even bigger/etc).
Hi Eric,
Once again you have opened my eyes to a new way of looking at my business. I too was at the far right in my thinking of when to quit my job. I figured making twice my paycheck would be the time. I can now see that I will achieve my goals and dreams much sooner than that and will quit much sooner. Thanks for showing us the right way to determine when the time is right for us personally.
[…] Terima kasih untuk eric yang membuat posting yang sangat membantu […]
Hi Eric,
Again great videos and I am learning how to
focus better just going thru what you’ve done
to this point.
In the business models-is it possible to give
a timeframe for when income should be generated
if we follow the best and simplest model to the letter-is it possible to say earn $2000 in
a month?
I quit my job and it was the best thing I have ever done. It took some time for me to get to the place where I could do it. Thanks Eric for you continued efforts to get others to the point of financial independence.
Best Regards,
Tim
Hi Eric,
Very poignant video as I lost my job as a result of the global recession back in September 2008 and decided to work my online Business full time (I had only been doing it part time for 2 months!!)
Whilst my income is nowhere near what I was earning yet, I am happier than I have ever been. I am lucky that I have a very supportive wife and kids.
I am so looking forward to 2009 as I believe my Business will take off in the not to distant future.
Loving the ‘tips’ as I go along although I do keep smiling when listening as you sound very much like Keanu Reeves!!!!!!! Awesome dude!!!!!
All the best
Jonathan
Hi Eric !
Do you know everything? You come close enough for me. I have never followed anyones plan this long, so you’re doing something right! That info on the 401k and insurance was excellent also ! The transmission on my car blew this week and I had to miss 4 days of work. I had to decide between fixing the trans or renting a car all 5 days. I couldn’t afford to do. I still have a car note. If I had been working from home, it wouldn’t of mattered. So I am all ears with your lessons. Thank you!!! and most of all thank you God.
It is not time for us just yet. That is what we are working toward. Thank you for the help in helping to know when to leave.
Dan and Deanna “Marketing Unscrambled”
I really want to quit my day job. I have been doing my part time business for 3 years and it was booming at first and went down not it is booming more than ever and i can’t keep up with the demand. If I dont quit to keep up with the demand I am scared I will lose costomers. I think it’s time to quit, but very scary since I have a good paying job that is not bad at all.
[…] The question comes in all the time from affiliates as to when be the appropriate time to quit the day job and follow Internet Marketing full time. One of the most balanced responses came recently from Eric Holmlund in his free newbie video-based course, Eric’s Tips. […]
Hello Eric,
I am just starting anew on my job,i think what i need is to take the course all over again.I am keeping it real this time.
Just have a great day!
Graham.
I’m to much of a new-be to think about quiting my job, but i can tell you now that i can’t wait until the day comes when i am telling my family and friends that have moved on. Thanks again, James
Hey Eric;
Very good lesson. I have a unique situation I only work 6 to 8 months out of the year for the last 3 years, I have had some health issues which keep me from full time employment. So over the past three winters I have purchased quite a few online programs. I have learned a lot from each and every one of them. But I have to say that I have learned a lot from you here for free, I only wished that I found out about your lessons earlier on. That’s alright just another learning block right? Still nothing ventured nothing learned right? I also have purchased your push button marketer to me it’ started out a little complicated but I got it now and what a plus it is. For now I must go but my opinion if anybody can in anyway go full time on your own it is worth it 1,000 times over. Good day to all
D.T.
http://www.surefire88.com
I needed this one!! My goal is to quit my job and focus on my business because my job is killing me!! working retail for 19 years will take a toll on you physically as well as mentally, so any day now!! I’m felling it!!
Working this security job on nights and weekends is the best time to play these videos and study what I need to do to be in business by the time I retire for reals.
Super good advice and sound beyond reason, Thanks.
well unfortunately I cant afford to quit my full time job that pays the bills. I do have a question for anyone who might be able to answer it. I just joined paydotcom and starting affiliating erics monthly income forum and on the paydotcom it says raw and unique hits what is the difference. I have the hits but not the sales. so i am trying to find out if iam doing something wrong.
thanks again eric for the lessons they are a big help.
through your affiliate program is the first signs of life in my own business.
Raw is the total number of clicks. But some people may click more than once. The unique is the number of different people who have clicked.
Hi Eric. My name is Joey and I am a newbie. I don’t know where to start. I am a very hard worker and single dad. I have a baby girl and she is by far the love of my life. I have been so lost in my life and desperately need guidance. I try to keep a close relationship with god as much as possible, and continually pray for help. Everyone tells me that I can’t do it, or I won’t amount to anything, and so far they are right. I don’t want them to be right anymore. I need help! I need to start earning money now, I don’t want to quit. So far I have everything I need I think. I have the software for traffic, even though I have no idea to use it, my website and all fees paid for. I have been intently watching all of your lessons eric, and I know I can do it. I fear I am out of money for your 97$ membership for traffic machines. It brings me joy that you are christian based, that’s very important to me. If you can guide me in any way, please.
Just replied to you on lesson 19
Hi Eric!
I dont know what to say! but i say this; i quit my job already for already 14 months!
And yes i’m totaly broke!
But one thing i wonder, why you ask people to buy Jeff Walker’s pre-launch product, since we have not complete the lessons yet?
It’s was a temptational act, i felt so!
I’m trying hard to find a job or doing some kind of business! Eric i realy need to know what you are up to!? If did stumble upon this before i would not had quit my job!
I was to desgusted and frostrated about my situation in like, so i dive into the sea of unknow obstacles. Ok i know, no use crying over spilled milk! For me this lesson is a passed staion. I already fell out of another train! And by the way even if i had the money i would not have bought the Walker thing! It had been offered to me days before by Jeff Dedrick! Sorry Eric, just trying to keep my nerves under control. Again i dont know all the facts, but please please you have my mail address, send a personal mail, i need to contact you personaly!
Regards, bye
I recommended PLF2 because I’ve sold millions of dollars of products using Jeff’s techniques. The course is actually a similar format to Eric’s Tips, but it obviously focuses on product launches, rather than all the aspects of online business building.
The course is best suited for someone who already has a product, or one in development.
Hi Eric,
I’ve already quit my job since about 4 month ago.
Been wanting to start my own Internet Business for a long time and finally I decide to do it. And the thought of this online adventure sounds great. Even though I have never had much online experience I hope with your expertise I can pull it off.
Eric,
I am unemployed right now, so I have all day every day to build my online business. Do you recommend DaddyO for website hosting on wordpress.org? My blog is starting to really take off so I think its time to get a domain and design a website. I’ve given lots of thought to my niche and have reviewed lifetimecommissions.com with food niche in mind. I also checked out google’s articles on writing press releases and a whole lot more. “You don’t know what you don’t know.” Knowledge is everywhere and you have to be a sponge and soak it, then wring out the non-relavent and hype.
I’m really enjoying this course!
I recommend Hostgator, which I cover more in depth in lesson #24:
http://www.ericstips.com/tips/lesson24/
They do include the 1-click wordpress installer
It’s like a race for leader!
Eric
I love what I do and will probably never quit doing it. My internet business is an adjucnt to my existing business. Having said that, I appreciate this lesson because it made me think about how to prioritize my time and even consider the idea of sacrificeing my love of architectural design to some point, in order to fulfull my vision of Energy Efficient Green Construction Alternatives for all buildings.
Currently I am a captain who has not been assigned to a ship or a ship without a rudder. My job left me a little over three years ago due to downsizing and restructuring. The company moved the operations to a different state and did not offer to take any of us with it. I decided to concentrate on school instead of seeking another job. I also tried to launch my e-commerce business with little to no guidance — at least I have not been able to find specific answers to questions on eBay.
My coursework in Interior Design has turned out to be much more challenging than I ever dreamed it would be, requiring that I only take one class at a time. I am due to graduate, FINALLY, in December — if I can get my financial aid in place for the last two terms.
Anyway, since the decision to quit my day job was made for me, all I can do now is channel my energies toward making my internet business a success. Eric’s guidance is priceless in this endeavor. These lessons would have been so timely three years ago. I can only pray I make up for lost time and resources. Being broke is no picnic. In an ideal world, I would do all I could to make sure no one is ever poor.
Louise
My boss set me free 9 months ago. I started a small business but it is slow right now. Just enough to pay the bills. This is one of the reasons why I want to start this online business right away. Starting your own business is a great thing! Even if you are just “getting by” paying your bills, you are free. You can always grow your business but you cannot always get a raise when you have a job. Once you quit your job you will never work at a job again for the rest of your life!
Not ready to quit my job yet. But it is on the horizon.
Hi Eric,
Thank you for todays lesson.
I do not have a job to quit due to age and health. This oppotunity that you are giving is going to make me determined to suceed and come indopendent from here on in. Many thanks.
ann: i’m in the same boat i have had two heart attacks.but they occured after i retired these lessons give me hope for a future best of luck to you on your endeavor may God bless.
I already quit my job 2 months ago because the pain of sitting in a cubicle any longer was greater than the minor setbacks of starting my own business and if I continue to rely on it and trade time for money( 8 hours a day) I would not have time or enery to pursue my dreams. There came point where not quiting would cost me my dreams. I feel you can’t wait for the situation to be perfect before I start because then it will never happen. I am married and my husband I sold our house and reduced our expenses so that I wouldn’t have to work full time just to barely get but. We moved into an apartment ans cut our living expenses by about 1,500.00 per month which is a very small price to pay for my sanity and to realize my dreams.
Hi Eric prince here. I’m glaD you talk about what so many are confused about. Should you quit or stick with? As for me I always go with my gut because I know what my business will do for in the future my job will not. My advice to all new entrepreneurs is if even if you have a job, as long you can pay your bills and feed your family, put more time in your buisiness than your job. Yep that’s how I feel because no matter how many hours or overtime you work, your job will not give you the lifestyle your business will give you thats whats up. I’m not conservative and have no patient for a job. The job is set up to get your the company owner rich not you and your family. So go with your gut.
follow me http://www.twitter.com/sam1847
as i said before i’m retired been out of the work force for 13 years.i hit my first goalof retiring by the time i was fifty it took many 70 and 80 hour weeks to achieve.i’m ready now to start my own olb.but before i got erics tips i was making costly mistakes i have 9 domains and no web site and no idea how to set one up.or even what to do with it. what do i sell?see i put the cart before the horse and paid dearly for the right.now i’m starting from scratch with erics tips.hopefully i’ll have something to offer by the time i’m done with the lessons.right now i’m wandering aimlessly in the internet market looking for an oasis.
Hi Eric,
I have not been working for 10 years now so I am ready to dive in full time and learn and apply all your resources and knowledge for business online marketing. I love to promote and sell. Thank You Eric I am so glad to find you on the net. Barry Charles Anderson
Another great video.
dyuane
I have already quit job,now start to prepare to build a business on online.as my job is tied most of my time,cant have time with family. my current liquid could last abt 3 months,appreciate advice on tips to start bsn right now. yeah,I just 24 years old right now, hope to build bsn to cover my exp in future,as feel that job’s income is not able to cover exp in future with inflation rate growth every year.
Thanks again for your tips and advice.
yeah with passion,goal…motivation..will help to pursue full time bsn.
Great advice Eric! I’m hangin’ with ya all the way. I can’t quit my job yet, but when I can it will be out of the way so I can devote all my energy to my business!
Hi Eric,
Very sound advice. I want to quit end of April 2010
Regards Butch
Eric,
You have made me see things differently now and I will continue to follow up with your lessons.
Thanks a million times.
HENRY
Hi Eric, Not sure if I will watch this one as I lost my job and going to be 60 in December and am struggling to get our business going but we are committed. It is a little tough to pay the debt and bils at this time. but I God is good.
Hi Eric,another interesting topic of the lessons .
angie
I’m having a bad time each day, still working full time and have to spent some time on my website once back. I’m starting to turn into working zombie!
Hi Eric,
Thanks for the lesson. I won’t quit my job still cause the day job is currently paying for all the expenses.
Hello Eric… I don’t have a job right now, and for the last 3 month I’m working about 16 hours a day on my Internet Business.
All the best,
Arne
Your advice on how and when to quit your job is for those that truly have a vision.My wife and I have sacrificed and planned our goal to quit our jobs.We made major changes in our lifestyle to realize we do need to always be prepared.We only work 40 hours total between us know.That leaves us 296 hours a week to concentrate on our vision.We work only enough to sustain life.If you are willing to work on your vision and build,then you are right on.
Thank you for saying it like it is, not what people want to hear.
Pierre