Get a loan to quit job

Soozehound

Money Making Megastar!
Joined
Apr 2, 2017
Messages
209
Points
198
Age
34
Location
Essex
Has anyone ever been tempted to get a loan or if able to save, save up and quit their job for a shot at creating their own business or working for themselves?

I just think it's because I'm rubbish at "work" some people can manage and I do, because I have to, but find I can't stick with jobs long before it takes a huge toll on my mental health and I'm crying, losing sleep and stressing about it 99% of the time. Then I look to move jobs, and the cycle starts again, fed up really.
Every day I have a new small business idea, but they never get far in-between my actual job and stressing!!! Lol
 
  • Like
Reactions: Annie Beau

Jon

Administrator
Staff member
Joined
Oct 17, 2013
Messages
31,324
Points
283
Age
40
Location
Leeds
I would say a LOT of people with small business ideas get a loan at the start to help bankroll it - for those that don't maybe their PAYE jobs fund it at the start to help give them a buffer.

Some people do well at being an employee, some people do better at running a business and just being in charge of themselves. I would say though don't think that being self employed doesn't come with it's own stresses as well!
 
  • Like
Reactions: Soozehound

Soozehound

Money Making Megastar!
Joined
Apr 2, 2017
Messages
209
Points
198
Age
34
Location
Essex
Thanks Jon,

It's frustrating as I am alright with dealing with stress, outside of work I seem to have a knack for dealing with crisis' and efficiency. At work as an employee at least it almost feels impossible and worse when management gets involved, I do think it'd be better for me. But I'm sure you know, the initial leap is a bit much. I might look for a part time PAYE.. then at least its not all or nothing.
 

Jon

Administrator
Staff member
Joined
Oct 17, 2013
Messages
31,324
Points
283
Age
40
Location
Leeds
Thanks Jon,

It's frustrating as I am alright with dealing with stress, outside of work I seem to have a knack for dealing with crisis' and efficiency. At work as an employee at least it almost feels impossible and worse when management gets involved, I do think it'd be better for me. But I'm sure you know, the initial leap is a bit much. I might look for a part time PAYE.. then at least its not all or nothing.
When i made the leap out of employment i dropped down from 5 days a week to 4 for a year and THEN when i was comfortable everything was heading in the right direction i handed my notice in at work
 
  • Like
Reactions: Soozehound

Soozehound

Money Making Megastar!
Joined
Apr 2, 2017
Messages
209
Points
198
Age
34
Location
Essex
When i made the leap out of employment i dropped down from 5 days a week to 4 for a year and THEN when i was comfortable everything was heading in the right direction i handed my notice in at work
I remember you posting on here that you'd taken the plunge, well done. Hope everything still going well for you!
 

Jon

Administrator
Staff member
Joined
Oct 17, 2013
Messages
31,324
Points
283
Age
40
Location
Leeds
I remember you posting on here that you'd taken the plunge, well done. Hope everything still going well for you!
I would say if you are deeply unhappy being in employment then start making plans to get out of it BUT accept the risk as well

I always told myself at ABSOLUTE WORST CASE I can just go back into employment again if everything goes wrong!
 

katykicker

I am a work from home Mum from Essex.
Staff member
Joined
Nov 14, 2014
Messages
6,489
Points
373
Location
Harlow
Website
katykicker.com
I personally would say that getting a loan out for this, if it is in your own name rather than for a limited company for example, is risky. I would suggest that you look to start side hustling, saving from that, and perhaps look to work part time before you rely on self-employment. That is what most of us did.

If you have a partner to rely on to pay your share of bills then obviously that can be beneficial if things go wrong.

I've been in your position with regards to employment before, and went from full-time, to part-time, and then cut down from there. I also had an emergency fund before I went into sole self-employment. Not necessarily what you want to hear I know but most people have some hours to spare to work on side-hustles outside of a full-time job.
 

Members online

No members online now.

Amazon Discount Finder Tool

Find hidden 80%+ savings on Amazon products



 

 

 

 

 

 

 


TMSPRESTO