Speaking of quitting my day job ...
My husband and I had a great discussion yesterday while driving around the city ...
He's NOT a risk taker! He doesn't like change! He likes it when I work - he even dared me to earn more than he (and he wasn't kidding!)
So I asked him, if this continues to grow, how will we know when I can quit?
I think he's been thinking about it as his answers came quickly. I liked his thoughts and had a few of my own!
Here's what we came up with:
- No outstanding balances on any credit cards.
- Will our budget change when I leave my day job? For example, will we still want to have a housekeeper?
- Should I pay off my car loan first?
- We need to decide if we want to increase the amount of emergency savings we have and if so, how much should that be?
- What will be the time frame for which we average the amount of income this account is learning? This may be important as I'm now paid weekly.
- How much money should this trading account have before I leave my job?
- We need to shift our budget allocations so that all non-discretionary spending comes from his income (he loves his job and doesn't want to retire early. He's good at what he does, earns a lot of money and gets bonuses.)
- How do we test our results against down markets as well as up markets?
Fortunately, we usually agree on things like this and it was a great conversation. We know it's way too early to even know if we are asking all the right questions. I'm glad we are beginning though because it's giving us a vision for keeping expenses down and seeing that it's not all about earning more.