Home – New Forums Starting your journey How has everyone coped with giving up their full time job and biting the bullet…? Reply To: How has everyone coped with giving up their full time job and biting the bullet…?

#1210455
gtenvy
Member
  • Total posts: 19
Up
0
::
bb1, post: 251240, member: 53375 wrote:
I did exactly that, went from a very healthy 6 figure number to starting a business from scratch, as long as you put the initial drive into the business and have done your research into viability it should work.

My big question to you is do you really need the 6 figures, you are the only one that can answer that question, but I found I could live as comfortably on a lower number, plus the change in life was worth every last cent of the change. Many I have spoken to in a similar situation found that you don’t need 6 figures to still have a high quality life.

Personal circumstance (both my now wife and I have been through previous divorces at the same time) which has caused us to need a higher income in the short term, however I am being smashed with tax at the moment with the income from my job and because of the way my company has been structured once I give up my job we can take home around the same money from the business and pay a lot less tax.

Unfortunately employees gets really shafted by the tax system where as business owners if it is set up correctly have a lot of benefits.

Rich