Sep 2019
33m 50s
Are you financially prepared to quit your job to start something new? There are so many aspects you need to consider, and financial expert, Ryan Inman, is proof that sometimes taking that leap with only your savings account is enough to land on your feet.
Ryan started his business, Physician Wealth Services, after leaving a hostile work environment. He got to the point where he just couldn’t take it anymore, so left his job without any notice. While Ryan landed feet first, he also had a solid savings account built up after years of working.
Perhaps the most important interpersonal lesson from Ryan is that you should always endeavor to help people without the expectation of anything in return. This is how you build relationships and your network, even if you didn’t have an existing one when you started your new venture.
Ryan talks us through how to prepare your finances for quitting your job. It starts with knowing how much you spend each month, building a savings pot (or nest egg), and speaking with people in your new industry about what kind of money you can expect to bring in.
When it comes to saving money, it’s easy to listen to experts weighing in on your weekly Starbucks. But why should you cut something out of your life that brings you joy? Save money on something that you don’t like and that isn’t necessary.
Finally, Ryan gives us the low-down on student loan debt. There are things you need to know about your student loan repayments, even if you aren’t thinking of quitting your job. But if you are, there’s also a host of things you should avoid if you’re encumbered with debt.
Do you know how much money you’re bringing in each month, and how much you’re spending? What expenses can you cut out of your life to save money? How will you handle your debt when you quit your job? Let us know in the comments on the episode page!
In This Episode:
Quotes:
“If I don’t do this now, I’m never gonna do it. So let’s jump in!” (6:56)
“When it comes to saving money, I want you to think about cutting something that doesn’t make you as happy as other things.” (18:15)
“If you have student debt, it might stink, it’s not the sexiest thing in the world, but please understand what kind of debt you have. Is it federal, private, what repayment options are available to you because before you quit, you want to understand this? It might have drastic implications on what you do going forward with your loans.” (24:21)
Links
Find Ryan Inman and Physician Wealth Services Online
Follow Ryan Inman on Twitter | LinkedIn
Get 10% off your order of Remarkable Wellness adaptogenic mushrooms with code QUIT10!
Check out the full episode post here
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Podcast production support by the fine folks at Counterweight Creative