#1190 - Q&A: With the downturn in this economy, should I quit my job?
Here's a new podcast. I am excited to share with you. Produced by the team behind revisionist history go and see is a six part series focused on Lexus and the philosophy of Gin Gin Bhutto which means go and see for yourself an idea that stems from the belief that if you experience something yourself you have a better understanding of people and how to create something for them in this series. Lexus invites glad well to Japan to discover their unconventional thinking firsthand. Find out how a Japanese tea ceremony influence the engineering of a car window. How Understanding Samurai warriors is led to a suspension innovation and more follow the journey starting march fifth wherever you like to listen visit. Lexus DOT com slash curiosity for more stories? Like these in today's episode. A listener wants to know with the downturn in this economy. Should I quit my job? Welcome to school. My name is Chris Killer. I've been hearing from a lot of people in a time of transition one way or another and it's usually good to go case by case and look at different examples because the answer for one person might be different than for the other person but at the same time. One individual often serves as a proxy for lots of other people who are wondering the same thing. That's why I really liked this new format that we started with in January. I've had a lot of good feedback from people who've been enjoying all the questions and answers and just a side note when you send me these questions. Include some detail about your business so I can be more helpful. I appreciate people being concise. It's still good to be concise. I can sometimes be a little bit more helpful if I know more about the business now. I think I still have a good general answer for this one with some questions. You can ask yourself when you're facing this issue during the difficult time that we're all in so with the downturn in this economy. Should I quit my job? What should I do and how do I make that decision announcing a live virtual event? That's right I couldn't go on book tour at least not yet so I'm going digital on Saturday April fourth. I'm hosting a live virtual event to introduce my new book the Money Tree finding a fortune in your own backyard during this event. I'll be teaching sharing an answering questions for two hours. This is in partnership with my friend chase and the creative live team so chase. We'll be there as well and maybe even some special guests you can register for free and you'll also be able to watch it afterwards. Check IT OUT. Just go to school dot com slash virtual. That is once again. Side-hustle school dot com slash virtual. Your non working hours are precious and should be spent relaxing on the perfect bed. But which is the best mattress firm did the research and right now during the semi annual sale. You can save up to four hundred dollars on top rated brands. Plus you'll get a free adjustable base when you spend sixty nine or more so you can enjoy the sleep you deserve without doing any of the hard work. Go on kick your feet up and say big when you shop now credit. This is Sanjay from New York. I've listened to the show for a while now and this is my first chance. I actually ask a question so I was about to make a leap from a corporate job to something more independent striking out on my own host. Very excited about it But now I'm a little torn with with everything that's going on On the one hand I'm thinking a making a move like this seems incredibly risky and maybe even a little foolish at a time like this when when when the economy is doing so poorly but on the other hand I recognize. There's never really a good time to take a leap of faith and sometimes down. Moments are actually when you know when the greatest opportunities arise so. I'm just curious if you have any thoughts or perspective for how do I? How do I think about that in and determine if this is the right time thank you so much Sanjay So glad to know you are out there. This is just a really great question. I feel like we could sit down and have some back and forth and talk about it for twenty minutes or so so maybe that'll be the new format for next year. But just based on what you've shared here. I think a lot of people are in a situation when they have been building something and they've been thinking about making that move just like you said but now they're like what do I do also highlighted very well. This point about how sometimes down moments are actually win. The Great Opportunities Arise. That's what I've been talking about in teaching about fairmount and some other formats recently. So how do you actually make this decision? Which is also a great way to frame the question by the way. This is like a five question. You know asking not what you should do. But how should you think about it and make that decision? I love that okay so I think it all has to do with your situation specifically relating to the side hustle slash business itself. Okay so it really matters a lot. What this business is what you're trying to do. In the extensive voice note which was otherwise. Excellent Sanjay didn't mention. That was so that to me is the critical point. Is this you have something already that you've been doing for a while. It going well. Is it providing a sustainable level of income and crucially very important? Third question is the kind of business that will be able to thrive in this new environment. Which we're going to be in for some time. Both the current president reality and whatever the recovery is. It's not going to be short term. So if your answers to these questions are yes then. That's great you know. This is a good sign to move forward if no probably not a good idea to go all right now. Let's take a couple of examples here I'm GONNA. I'M GONNA choose some extreme examples and obviously it's probably going to be the simple if it were this simple easy but if your business is a travel agency if Sanjay was like yeah. I've got this travel agency that I've been building. Is this a good time to go all in I would say you know what I think? The answer is no basically like even if it was working before yes people will eventually travel again but it will be a while and they will come back slowly and the entire industry will be struggling for a long time and some of the things that worked before won't work again. Okay so travel agency not a great business. Start Right now on the other hand if your business is training corporate remote employees for example and you already have existing contracts plus. You have some sales contacts. You're working then. This is probably a really good time to quit your job go all in. So that's why I think in this environment. It really is key to ask that additional question. There's other questions you're always important. Is it going well now? Do you think the income level of sustainable but now in this environment that additional question about what's going on right now just because it's affecting so much and I don't want you to make the wrong decision. I know it's a really big one so once again. Thank you Sanjay. And for everyone out there. Trying to navigate this new landscape of uncertainty and disruption world turned upside down etc. Know that you're not alone will keep doing everything we can to support you. Hear what the program but he sure you take care of yourself. That's my gentle encouragement for you today. If you have a question of your own come to satisfy the school dot com slash questions for an appeal to them throughout the year. Whatever else happens in this crazy world along with updates from other listeners as they launch their projects or as they launched do projects if they had travel agencies before. Okay stay tuned my name. Is Chris Gil about this? Is Side Hustle school interest from the onward projects?