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How Much Did You Save Before Quitting Your Salary Job For Your Own Business? - Career (5) - Nairaland

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How Much Money Should I Save Before Quitting My Job? / 9 Steps To Take Before Quitting Your Job!!! / Avoid These Phrases When You Are Quitting Your Job (2) (3) (4)

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Re: How Much Did You Save Before Quitting Your Salary Job For Your Own Business? by adetayoonas(m): 8:29am On Nov 29, 2022
Dialpad:
Business is not really for everyone. Let's all understand that fact.

I left a job that paid me over $20k monthly .... relocated to Nigeria...

Was not 100% sure of what to do but I carried my stuff and left .

No single regrets ....



You must be joking or telling lies
Re: How Much Did You Save Before Quitting Your Salary Job For Your Own Business? by D1256: 8:34am On Nov 29, 2022
Abeg @continous how you take learn betting
Re: How Much Did You Save Before Quitting Your Salary Job For Your Own Business? by PDPGOVERNOR(m): 8:58am On Nov 29, 2022
grin grin grin money been dey na I quit abeg eeee
Re: How Much Did You Save Before Quitting Your Salary Job For Your Own Business? by GreaterFuture(m): 9:02am On Nov 29, 2022
Dialpad:

I left a job that paid me over $20k monthly .... relocated to Nigeria...


Over 20 thousand dollars monthly? Really??
Re: How Much Did You Save Before Quitting Your Salary Job For Your Own Business? by geegee08(m): 9:07am On Nov 29, 2022
The amount of money to save before quitting your current job will depend on a couple of factors, viz:

1. Your current salary and your satisfaction with your current job;
2. Your current lifestyle and monthly maintenance cost (including rents, if not living in your own property);
3. Your dependants - spouse? Kids? Parents? Siblings? The more dependants you have, the more money you will have to save to avoid disrupting your equilibrium which can cause you to regret leaving your job.
4. How long you have been running the business you are planning to go into full-time. Do you know the new business well and have you made the mistakes or yet to?
5. Your new business running costs - you should be able to fund the running of the new business for at least 6-9 months;
6. Your support structure. If you have a solid support structure, especially from family, you can do with less money saved before breaking out. Having a dependable business partner will be very valuable here.

A good business feasibility study should be done and worst case scenario planning done before you leave. But above all, God's purpose should first be sought.

I have a colleague who about 7 years ago, had saved and invested enough to keep his family going for 2 years without any major lifestyle change (family maintenance, church / ministry support, 3 adult children's school fees to post-graduate degrees, annual family vacations overseas etc) but still in paid employment (and continuing to save). His target is 15 years family support maintaining current status, God being with him.

I hope this helps?

3 Likes

Re: How Much Did You Save Before Quitting Your Salary Job For Your Own Business? by Celsony: 10:02am On Nov 29, 2022
Seyiemath:
I had no chance





Read my heartbreaking story here

https://www.nairaland.com/7417940/how-lost-everything-just-7

We are still waiting for the next part boss. Your story give me shiver
Re: How Much Did You Save Before Quitting Your Salary Job For Your Own Business? by Dialpad: 10:10am On Nov 29, 2022
I can understand you, you have never left Nigeria, to you everything will seem impossible.




adetayoonas:



You must be joking or telling lies
Re: How Much Did You Save Before Quitting Your Salary Job For Your Own Business? by sacajawea: 11:18am On Nov 29, 2022
NWANICHODE:
Monthly salary 435k
Monthly savings 200k
Saved 3.5million
Borrowed 2.5million
Started second source of income.
Happy to have paid back the 2.5 m I borrowed within 4 months
Please Which business is this Sir
Re: How Much Did You Save Before Quitting Your Salary Job For Your Own Business? by Silentplain: 12:25pm On Nov 29, 2022
Miracood2:
I save myself.
Aswear�
Re: How Much Did You Save Before Quitting Your Salary Job For Your Own Business? by Emmanuel1717(m): 1:47pm On Nov 29, 2022
I got my first job in Spetember after nysc with a salary of 70k monthly, saving 40k each month knowing that my monthely expenses are over 28k including my Transportation and for my feeding am doing 010 just to meet up my target of 40k monthly, Sept,Oct and November Savings showings 120k in my UBA account without ATM Card or means of withdrawal.

I bought corporate wears during my service years because i know life will be tougher ahead.

Abuja is very tough but knowing how are survived in Port Harcourt my place of birth i shall survive here as well.

2 Likes

Re: How Much Did You Save Before Quitting Your Salary Job For Your Own Business? by Karlifate: 10:06am On Nov 30, 2022
lifeandjoy:
Some Jobs were memt to kee you before you leave, if you left with your life you saved something.

grin grin

No be lie.

1 Like

Re: How Much Did You Save Before Quitting Your Salary Job For Your Own Business? by Ohman(m): 11:34pm On Nov 30, 2022
Well, you will be smart when taking your next business step.
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Re: How Much Did You Save Before Quitting Your Salary Job For Your Own Business? by Eserise1(m): 10:27am On Dec 02, 2022
I meant b4 person go think of savings such huge amount 30m, it means hes well paid ,dunno abt u
GoldenJAT:
My brother! Read the sentence again!! Na future I de talk about! Lol

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