On Tuesday, we started talking about how to transform your life from depending on a salary job to starting a business and living your dream life. We have been getting requests asking, how much do I need to save up before quitting my job?

Quitting your job is scary. You’re essentially walking out of the most “comfortable” position you’ve ever been in financially and from pretty much everything you’ve considered “normal” about making a living over the past few years.

You’ve made friends at work, learned a lot, and have been challenged beyond belief.
At the same time, leaving safety also represents that freedom you’ve been yearning after for years.

Many people think that leaving your cushy day job is asking for trouble. And they are right to a degree – by choosing to leave your job, you’re up against one of the more difficult things you can do in life…both mentally and emotionally, as well as financially….and you’re doing it voluntarily – you badass
And if you are the said badass, you have been dreaming about when you will walk away from your current job for the last time in ecstasy.

1. Save at least six months’ expenses

living in your parents' house or constituting a nuisance by squatting with a friend or another family member is your idea of a good financial backup plan, failing to figure out how you'll make ends meet after you quit your job could make you even more miserable than staying there. So before taking that leap, be sure to have a solid plan for paying your bills after you ride off into the sunset.


This is especially true for the bills that will keep your new business afloat.
Plan to bank even more money before you quit your day job, since new businesses often take a while to turn a profit, and may also require additional unexpected startup costs.
The golden rule is to save three to six months' worth of your fixed living expenses before leaving. Having those reserves will give you financial comfort when leaving a job so that going forward you can pursue the notion of living your true values.

Depending on the nature of your business, you may have to save up to 6 - 12 Months' worth of your fixed spending expenses and also the capital for your business.

Know exactly how much money you need to afford your life and Business
Start by calculating the exact amount you earn after taxes and don't forget to deduct any automatic transfers or other funds. Next, spell out your monthly expenses — creating a spreadsheet might help. Include your bills and any ongoing debts that must be covered. You can start from your average, day to day expenses.

For example, if I made note of how much I spent every day, wrote it down at the end of the day. It varied from N1,000 - N2,000 for each day. I did this for 14 days, added everything together and divided it by 14 days. I got N1,650. I went ahead to multiply it by 30 days. That means I spend an average of 49,500 per month. I add an additional N10,000 for miscellaneous and emergency.
For my basic living, it means I will need N60,000 multiplied by 6 for the next 6 Months. That is N360,000.

Now I need to calculate how much I need for my business. For My Digital Marketing, I need a startup fee of N150,000 and monthly N50,000. That is a total of N450,000.

Hence, in order to quit my job without worries, I would have saved up a total of N810,000.


2. Plan to live on (much) less
If a career change is important, you simply can’t “afford” to hold it hostage because you’re resisting a lifestyle change. Financial scholars call this the “hedonic treadmill.” That is, human beings adapt quickly to the achievements and lifestyle advances they make, and happiness peaks as we level off to the new normal.

One minute you’re happy living off indomie and garri noodles and splitting the rent with four roomies; the next, you have an apartment to yourself, a big screen TV and you are thinking of buying your first car. Once we decide to cut back, we soon forget about our happy circumstances in earlier days and loathe stepping backwards.


But you don’t have to travel all the way back. Consider incremental changes: a cheaper apartment, hold off on that new car and phone. Spend fewer nights and lunches eating out. (You should also approach hitting the bar with caution, though some sacrifices are easier to make than others.
The more you can cut back, the further your savings will go; the same amount of money required for six months can last perhaps twice as long and give you more breathing room.


3. Try Freelancing

Just because you've saved six months' worth of income doesn't mean you should chill for six months before generating new income. You can add to your stash without making a huge commitment by freelancing. In fact, we recommend you to try With Affiliate Marketing, you do not need to spend too much time on it, you get to make some extra bucks and focus on your business too.


See Source If you will like to Learn Affiliate Marketing!

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gosh this is so boring and impractical

bercarrray:
and that's y I asked u how I can learn it and I'll like to be thought in a simple way, cos I av zero knowledge about it

first and foremost you have to identify what you want to learn. either dropshipping, affiliate marketing, importation, freelancing, web designing etc.
the second step is to identify a mentor, somebody that can genuinely proof to you that he is actually making money from what you want to learn.

some people will tell you that you do not have to pay anybody to teach you, yes they are correct but it is an unwise choice. the truth is that, if i have what i want to learn today, i do rather pay 5k for a tutorial, a condensed knowledge and experience in a particular field than to spend 3 years learning strategies that might be obsolete when i need them most. a tutor gives you a step by step road map of what you need to do, how you need to do it and when you should do it.

the only time you will need self learning is after learning what your mentor is doing and you want to be more solidly grounded with the strategies. in this instance you can carry out a personal research because you already have a direction.

if you want to learn AFFILIATE MARKETING or FREELANCING WITH FIVERR i can hel you out. just visit the links. i wish you success.

Very very dry post

5k

Have enough to pay for your next rent and eat for 6 months.

Ten million naira.
Oops . It’s this Ebook seller again

What kind of dumb question is this? I thought the reason for your wanting to quite your job is because you already have an impending idea you want to bring to fruition, by now you should have made required estimate of amount needed! Stop asking these kinds of questions please, some people are fraustratingly seeking for jobs and you are asking to quite without an ideal plan? Common bro!

harlee:
baba mi,u don't get,I gat mad bills to pay n its not as if the job is so profitable, spends most on transport

you have to start something asap. you need a profitable online venture that can add to your monthly income. if you are familiar with Instagram and facebook marketing their are a lot of opportunities their. you can contact offline vendors of products that are affordable in your area and help them to showcase their products online for a fee or commission. i have a female friend that lives very close to car dealers in abuja, she was always telling me that she needs a side hustle with very little capital. i told her to contact the car dealers around her, collect nice pictures of their inventories, run facebook and instagram ads for the cars and collect her percentage when sales are made. today she makes 200-500k monthly in commission and she is still in her first year. he ads start up cost was N15k

alternatively you can buy items from 1688 and alibaba and sell using fb, ig and other platforms. you can go in to infopreneurship and provide informational solutions to different problems.

furthermore, if you have any skill you are good at, you can create an fb and ig page for the service and run paid ads and it will start paying off in no time.

lastly, personally i am into affiliate marketing. you can check everything i do and how much i earn on affiliate marketing here

Scam! Do Not Quit If Your Business Is Not Yet Running Smoothly.

Brossmafia:
Pls, how do I open clickbank account in Nigeria?

first and formost, it is important to note that clcikbank officially does not have Nigeria on its list of supported countries. but their is a way around it. you can register using a vpn. a vpn simply means a virtual private network. it is a simple software that changes your location from Country A to any other country of your choice. lets say from Nigeria to uk. their are hundreds of paid and free vpns. some work and others don,t. a free vpn that currently work is the turbo vpn. if you will like a detailed step by step guide including how to get traffic and withdraw your earnings here in Nigeria please check here

Visualize everything I needed in dream. Bought a Bible oh yeah God gat me_we up. K. Dot ✌

Pls don’t quite ..check my signature..everything about laptops

Thanks for the info Jagaban. I have few questions for you and I'll be glad if you provide me with the appropriate answers. They are as follows;

1. What is the minimum and maximum number of products I can promote at a time?

2. Do I have to create a squeeze page for every product am promoting? If yes, where would they be re-directed to the moment someone opts-in?

3. Is it possible and advisable to promote different products from different niches at a time?

4. Is my landing page the same as my blog? If yes, can I do as above in question "3" on it?

5. Kindly clear my fear on these ones while I ruminate on the other areas I have questions.

Thank you.

1. for my affiliate marketing i mostly use clickbank and i promote not less than 5-10 different products at a time and i have never heard of any limitation to number of products you can promote.

2. yes. every new product you want to promote needs a unique squeeze page. the squeeze pages can be on a single domain and hosting. this is the reason why i advice buying general name domains instead of niche specific domains. e.g supercourses over looseweight dot com. the reason is that you want to promote many products on the same domain. it will not look wise to promote make money products on looseweight domain.

3. yes if you can handle it. no if you cant. i personally promote any product in most niches if i have an hungry traffic for it. but this does not in anyway mean that a person subscribe to my make money list and i will start sending him dog training promotions. i will never do that.

4. a landing page is the page you direct your visitors to. if i say a landing page in this context i basically mean a squeeze page. a squeeze page is a single page where you collect potential buyer email addresses. partly answered in 3 above

5. visitors to your squeeze page are potential buyers. if they optin to your list, they are interested and most likely willing to buy. after subscribing to your squeeze page they should be redirected to your hoplink. that is the product you are promoting using your unique hoplink. if they buy instantly fine, if they dont, you already have their mails and your mailing series will follow them up.

will you like to have a peep on how i made over N271,500 from affiliate marketing within just 5days? see it here

Why do people make it seems like freelancing is an option? What if I tell you that a lot of whites freelance for a living. I mean these people earn thousands of dollars in a month and live with it. How many of employed individuals in Nigeria earn $1000 in a month?

As much as your 6 month salary. I am the right person to talk to as far as powerbank for your laptop, Phones and LED TV is concerned. See my signature below and recommend. Thanks

Forreellinc:
gosh this is so boring and impractical

ok

You goto have a backup first just as you asserted.
What I would do:
Start a business while still in your job: This will give u some hint as to where to improve more when u resign and concentrate on the biz.
Keep aside basic expenses for a year: Yes a year. This translates to house rent, school fees, and Sundry ( You never know when you will start getting returns).
Quit only when you've acquired experience in the business you are planning to venture.
Quit only when you have a solid plan.


Know this: it will get rough, might get even bad but there will always be light at the end of the tunnel if u have a good plan

A sugar-coated tongue Pastor made me try it in 2009(that year of recession),
Mhen, I hear whennnnnnn!!!! b4 I recovered years later; no be small thing....

babaonpoint:
On Tuesday, we started talking about how to transform your life from depending on a salary job to starting a business and living your dream life. We have been getting requests asking, how much do I need to save up before quitting my job?

Quitting your job is scary. You’re essentially walking out of the most “comfortable” position you’ve ever been in financially and from pretty much everything you’ve considered “normal” about making a living over the past few years.

You’ve made friends at work, learned a lot, and have been challenged beyond belief.
At the same time, leaving safety also represents that freedom you’ve been yearning after for years.

Many people think that leaving your cushy day job is asking for trouble. And they are right to a degree – by choosing to leave your job, you’re up against one of the more difficult things you can do in life…both mentally and emotionally, as well as financially….and you’re doing it voluntarily – you badass
And if you are the said badass, you have been dreaming about when you will walk away from your current job for the last time in ecstasy.

1. Save at least six months’ expenses

living in your parents' house or constituting a nuisance by squatting with a friend or another family member is your idea of a good financial backup plan, failing to figure out how you'll make ends meet after you quit your job could make you even more miserable than staying there. So before taking that leap, be sure to have a solid plan for paying your bills after you ride off into the sunset.


This is especially true for the bills that will keep your new business afloat.
Plan to bank even more money before you quit your day job, since new businesses often take a while to turn a profit, and may also require additional unexpected startup costs.
The golden rule is to save three to six months' worth of your fixed living expenses before leaving. Having those reserves will give you financial comfort when leaving a job so that going forward you can pursue the notion of living your true values.

Depending on the nature of your business, you may have to save up to 6 - 12 Months' worth of your fixed spending expenses and also the capital for your business.

Know exactly how much money you need to afford your life and Business
Start by calculating the exact amount you earn after taxes and don't forget to deduct any automatic transfers or other funds. Next, spell out your monthly expenses — creating a spreadsheet might help. Include your bills and any ongoing debts that must be covered. You can start from your average, day to day expenses.

For example, if I made note of how much I spent every day, wrote it down at the end of the day. It varied from N1,000 - N2,000 for each day. I did this for 14 days, added everything together and divided it by 14 days. I got N1,650. I went ahead to multiply it by 30 days. That means I spend an average of 49,500 per month. I add an additional N10,000 for miscellaneous and emergency.
For my basic living, it means I will need N60,000 multiplied by 6 for the next 6 Months. That is N360,000.

Now I need to calculate how much I need for my business. For My Digital Marketing, I need a startup fee of N150,000 and monthly N50,000. That is a total of N450,000.

Hence, in order to quit my job without worries, I would have saved up a total of N810,000.


2. Plan to live on (much) less
If a career change is important, you simply can’t “afford” to hold it hostage because you’re resisting a lifestyle change. Financial scholars call this the “hedonic treadmill.” That is, human beings adapt quickly to the achievements and lifestyle advances they make, and happiness peaks as we level off to the new normal.

One minute you’re happy living off indomie and garri noodles and splitting the rent with four roomies; the next, you have an apartment to yourself, a big screen TV and you are thinking of buying your first car. Once we decide to cut back, we soon forget about our happy circumstances in earlier days and loathe stepping backwards.


But you don’t have to travel all the way back. Consider incremental changes: a cheaper apartment, hold off on that new car and phone. Spend fewer nights and lunches eating out. (You should also approach hitting the bar with caution, though some sacrifices are easier to make than others.
The more you can cut back, the further your savings will go; the same amount of money required for six months can last perhaps twice as long and give you more breathing room.


3. Try Freelancing

Just because you've saved six months' worth of income doesn't mean you should chill for six months before generating new income. You can add to your stash without making a huge commitment by freelancing. In fact, we recommend you to try With Affiliate Marketing, you do not need to spend too much time on it, you get to make some extra bucks and focus on your business too.


See Source If you will like to Learn Affiliate Marketing!

.
.

Lies upon lies

Just 10m is enough

Let me advise you from experience.

I left my high paying job September 2017( because my boss was micromanaging us, slow growth, gossip and backbiting,etc) and i have never for one day regretted leaving the job. By God's Grace, my business is doing very well.

I have a business I'm running while still working, but before I quit, i saved up to 1 million Naira (non touch) in addition to my wife's salary.

We reduced our expenses drastically, we began to Buy things we need and not things we want.

If you are into business, make sure it's doing well before quitting, because every expenses (School fees, hospital bills, food, etc) will now depend on one source - your business.

Get very close to God, and pray for God's Grace in your business.

I dont expect anyone to stay in any toxic workplace.

Forreellinc:
gosh this is so boring and impractical

you didnt even read the article...

only God knows how you pass waec...

just shut your trap and lets hear word

30 billion is not even enough for you in Nigeria

Uncountable amount

It’s a long road, longer road in Nigeria. Save for at least 2 years.

MORE THAN ENOUGH.TOO MANY UNCERTAINTIES.