Epic Real Estate Investing - 10 Things You MUST Do BEFORE You Quit Your Day Job | 264

Episode Date: May 8, 2017

Epic Real Estate Investing shares an uplifting countdown of ten things you must do before you quit your day job. Shift to a mindset of success and get your business plan in order for financial freedom. Discover how you can be proactive in creating opportunity. Learn what it takes to responsibly and strategically step into a position to be your own boss. The time to start your own business is now… if you have these 10 things in place. ______   The free course is new and improved!  To access to the two fastest and easiest strategies to a paycheck in real estate, go to FreeRealEstateInvestingCourse.com or text “FreeCourse” to 55678. What interests you most? • E.ducation • P.roperties • I.ncome • C.oaching Learn more about your ad choices. Visit megaphone.fm/adchoices

Hey, this is Matt, and this week, I am actually on vacation. I'm out of the country, but I didn't want to leave you hanging. So I found an old episode, actually from another, a different podcast from my do-over podcast, the podcast that started it all. And it was a subject that seems to be more and more relevant these days, the more and more that I coach and help people succeed in real estate. And one of the big questions is, how do I quit my day job or when is a good time to quit the day job? And so I did an episode a while back, a couple of a couple years ago on 10 things that you need to do before you make that transition. So I thought it was very applicable here, even although it's not real estate specific.

It is certainly relevant if you are looking to make that transition from that day job to being a full-time entrepreneur. So I pulled it up and I'm going to play that for you today. All right. And then I'll see you next week. And if you haven't signed up for the Epic Intensive, go ahead and do that. I think there's, I don't know, maybe a dozen seats left or so. Go to Epicintensive.com.

Don't wait. The more, the closer we get to capacity, the more the price goes up, and we're getting really, really close. We're just a few weeks away, so you're going to need to make some travel arrangements and do all that fun stuff. And, you know, we've been talking here for a while now, virtually online.

I'd love to meet you in person. So go to Epicintensive.com, and then in a few weeks we get to hang out in sunny Southern California in Manhattan Beach. All right, enjoy the show. This is Terrio Media. From the Tellio Studios in Glendale, California, it's time for your duels with Matt Terrio. It's time for your duels.

Uh-huh. Yeah. What's up, her? Welcome, welcome to another episode of the Your Do Over podcast. This is the podcast that I'll show you how to start over, how to learn from your past mistakes, to learn from other past mistakes so that you can build a life of abundance and enjoy that life during the most active years of your life. And to help you get a jumpstart on your do-over, you can download the three pillars of creating the ultimate do-over for free at freedover.com. Free do-over.com. There you're

going to download this 55-minute MP3 audio program that I created just for you to help you start your do-over. Okay? All right. So, We had a really good run of interviews last month from some really awesome people from Scott Duffy, the foremost authority in the entire country on how to launch a new product, how to launch a new service, how to launch an overall new business. He's got a new book coming out at the beginning of the next year, I think March 2014, called Launch, appropriately titled. And then Gary Vaynerchuk, who is one of our very, very favorite podcast interviewees. awesome personality, awesome business mind.

His books have contributed so much to me, specifically the book Crush It and the Thank You Economy. Those are two awesome books. He's got a new book coming out at the end of this year. And in November, Jab, Jab, Jab, Right Hook. And to this date, I still do not have 25 people from his interview that have requested a copy of his book. So I went ahead and I pre-ordered 25 of those books and I'll be shipping those out in November.

And I think only 14 or 15 of you have actually asked for one. So if you want one of Gary's books, go ahead and listen to that episode and share with me what you liked best about it. And send me that in an email to Matt at the doover guide.com. Matt at the doover guy.com. So there's still probably 10 more books. They're available. So the next 10 people, you are going to get that book. And I'll ship that to you in November.

Oh, and don't forget in the email to include your mailing address. And then also we had Greg Reed, who's got a new product he's launching for the Napoleon Hill Foundation here in November also, maybe late October, a new version of Think and Grow Rich called Stickability. And then we had Kelly Perdue, season two winner of The Apprentice. And we had Jason Van Orden, who's just getting ready to launch version three of his Internet Business Mastery Academy. And if you want some information on that, you can go to Internet Business from A toZ.com, Internet Business from A-2S.com, Internet Business from A-E. to Z.com and get in early on that before they raise the price. And that is my affiliate link and that will help support this show. So much appreciated if you use that internet business from A2Z.com.

So if you missed any of those episodes, you certainly want to go back and listen. They're filled with lots of pearls of wisdom. And if you're new to this show, if this is your first time here, welcome. And at the very least, I want you to go back to episode 66. If you don't want to go back and list of all episodes 1 through 65 to get the overall in-depth view of this show and what it's all about, at least go back to 66 and bring yourself up to speed with this Freedom Possible series. Specifically, we're speaking of financial freedom. You know, financial freedom, it's essentially impossible for 99% of the population. And within this series, it's my goal to first share with you what is possible, but also share with you on.

a way that financial freedom is essentially probable for you. Okay, so we're going to go from possibility to probability. That's the whole intention of this series. And thus far, you know, we've discussed why the old road to financial freedom no longer works. And we've discussed the new road that our population's wealthy 1% is taking to create their financial freedom. And the mindset that is required. And I put an emphasis on the word required because you've got to have the right mindset. And that's a lot of, that's a big part. that a lot of people will overlook. In any endeavor that they venture into

is the actual mindset that's required to succeed there. You know, you can learn all the tactics, you can learn all the strategies, you can learn the whole step-by-step process. But if you don't have the right mindset, you know, a lot of those tactics and strategies, they're just not going to work. And when you come up against challenges

and obstacles and places of uncertainty, if you've got the right mindset, those decisions, the right decisions become so much more, they come to you much more easily because you got the right mindset. So you're going to be thinking like the right type of person to make those types of right decisions. And then we discuss the two vehicles that are most commonly used to reach that destination of financial freedom.

And those two vehicles, I mean, they're the most common because they present the greatest possibility of you actually experiencing and achieving financial freedom. And one of those vehicles being business ownership. And that's why we've spent the last several episodes, discussing business ownership specifically, and that's why we had all of our business experts join us and share their words of wisdom on starting and running a business. And before we move on to the next vehicle, I wanted to take this episode and go over some very important to-dos, some very important to dos, especially if you're planning

to quit your job to start your business. I mean, if step one is quitting your job and step two is starting your business, there's some very important to-dos. However, this will almost equally apply should you be quitting a business, an old business, to start a new one. And if you're currently unemployed, you don't have a business to quit, and you have no business, and you're just going to start a business. There are certainly some solid gold nuggets in here for you as well. So this applies really to everybody if you're getting ready to start a business. So if you are setting out to start your business and you're currently employed, there are some must-dos. Absolutely some must-dos. I mean, I'm all about

going for it. I mean, you've probably got that from me by now. I'm all about taking risks. I firmly believe if you avoid taking risks, that's really the biggest risk of all. I mean, to risk nothing is to risk everything. I really believe that. I mean, I believe that to the core in today's world. But when I say risk, this is where I get misunderstood every once in a while. I don't mean wanton, irresponsible and reckless action, not that type of risk. I mean, calculated risks. I mean, many people hear the word risk and they actually are thinking it's equivalent to just rolling the dice, like it's something dangerous. No, that's not what I'm talking about when I refer to risk. I mean, get educated about the risk first. Get educated on how to manage that risk especially. And that's

why I like business ownership and that's why I like real estate so much, because there's an ample amount. There's an abundance of a material available on how to start a business. There's plenty of education. There's plenty of ways to educate yourself on doing that. On how to start a business and how to invest in real estate. But there's an ample amount of education out there really just for about any risk that you want to take. I mean, just go to the bookstore. There's shelves and shelves and shelves of books on,

provide you with information on how to do something. But in my opinion, I don't think any of the risks out there of this significance, I mean, the type of significance, the risks that you can take that will grow, grant you your financial freedom that will literally change your life. I don't think there's any risks out there of that significance that are as manageable as business and real estate. I mean, you can make mistakes and you can recover. In fact, you're not going to go anywhere unless you start making some mistakes.

I mean, it behooves you to make mistakes. That's how you're going to travel. You know, that's how you and your business is going to grow, you know, from making mistakes and learning from those mistakes, and then taking action on what you just learned. And that's managing your risk. That's what I mean when I say, I'm all about taking risks,

and you've got to take risks. Because if you don't, that right there is the riskiest move that you could possibly take. So getting educated about those risks and taking calculated risk, that's managing your risk. And to help you manage the immediate risks

that will first present themselves and starting a new business, the ones that are likely to come up, I mean, especially if your intention is to quit your job to start your business. I've created 10 things that you must do. These are 10 risk management action steps that you must do before you quit your job

and run your business full time. Okay? So we're going to manage your risks right now. You're going to take this leap, but we're going to make sure that you land and you leap and you land upright. Okay? So number one, you have to know why you are actually quitting.

You got to know why. I mean, are you doing this because you simply don't like your job. Are you doing this because you got passed up for a promotion? You got a little bit of resentment. Or maybe you don't get along with your coworkers. I mean, or is it because everyone else seems to be doing the same thing? They're quitting their job for greener pasture somewhere else.

Or do you now have actually realized that life's too short to build someone else's dream? You need to spend some time on your dream. Or do you know, you know, do you realize that you've been selling your, short and that you can actually do better? Are you sick and tired of being sick and tired and you want more for your family? I mean, whatever it is, just be crystal clear about it. Because it's this clarity as to why you're quitting that will fuel you day in and day out. You know, just because you'll be running a business that you love doesn't mean that you won't experience bad days and bad times. It doesn't mean that you won't be treated unfairly in

certain situations. It doesn't mean you won't be forced to get along with people that you don't like, I mean, you're not going to, it's not like you won't be going through periods of being sick and tired and being sick and tired again. Understand that, that you might not do better for your family in the beginning. Understand that it'll be easy to doubt yourself. It's easy to second guess yourself about whether you're doing the right thing or not. You know, in many cases, you could be jumping out of the frying pan and into the fire. And that could be permanently or it could be temporarily.

It will feel like that sometimes. And I'm not sharing any of this with you to scare you out of your decision. I just want you to set your expectations appropriately. I want you to know what's coming. And this decision is going to cost you, it's certainly going to cost you more money. It's going to cost you more time. And it's going to take more work than you probably want to do. And you'll have to be firmly connected with your why.

You've got to be connected to that why to get through this. And staying connected to your why is exactly why you will get through it. if that makes sense. Just know it's going to be tough at first. And then the going gets tough. And when the going gets tough, it's your connection to your why that will get you going. You get that?

Just know it's going to be tough at first. And when that going does get tough, it's your connection to your why that will get you going. That's why it's so important. So that's number one. Know why you are actually quitting. Number two, make a list of who else this decision will affect? Who else that might you want to involve in this decision? Specifically, is there anyone else

that should be involved in this decision, like your spouse? Okay, that's a biggie. Who else should you take into consideration? Do you have parents or relatives that depend on you for support? If you have children, how will they be affected? Are you okay with how others will be affected? You know, if not, how can you minimize the impact this decision will have on them? How can you prepare? Or how can you prepare them? It's something certainly to consider. You know, if you've been walking this earth as an adult for any length of time,

your decisions, whether big or small, direct or indirect, will likely impact others. So take stock of that before you take that leap. Prepare yourself and prepare others for what's to come. I mean, even if it's time for you to be, say, a little selfish for yourself right now, to be selfish because everything you've been doing up to this point in your life has been to the detriment of your own well-being, at the very least, give those around you some advance notice. It's just the right thing to do.

Okay? So make a list of who else this decision will affect. That's number two. And then have that discussion with them and see how you can prepare them, how you can prepare yourself and how you can minimize this impact on their lives. Number three, make a list of what you'll be giving up. Make a list of what you'll be giving up besides money specifically. You know, in most cases, you're going to be giving up a lot more than just money.

You know, the obvious would be, you know, company benefits maybe and company perks. But what about your weekends, right? You're going to have to probably give up a lot of those or your nights out on the town. or dinners out with that significant other or vacations? Or what will your spouse, if you're married, what will your spouse or significant other have to give up to support you in this decision? What do they have to give up? I mean, will they have to give up their weekends also?

Or those nights out on the town with you? Will your kids have to give up baseball for a season? Or give up their dance or martial arts lessons for the next six months or a year? How can you prepare for that? How can you prepare them for that? Okay, so make a list of what you'll be giving up besides money. Number four. And with that last one in mind, what would be given up besides money,

you know, the fourth thing that you're going to want to do is to redesign your lifestyle to make room for your business. This is something new that hasn't been there before. You've got to make room for it. What will your new weekly schedule look like? How will your eating habits change? Have you gone from fine dining to Taco Bell? Or maybe from Taco Bell to beans and Franks or top raw.

I don't know. You got to take that into consideration. How will your recreation time change? What will you no longer to be due for fun or what are you going to have to do less of for fun? How will your time with friends and family change? You know, running a business, especially in the beginning, especially in the beginning, takes time. It takes a lot of time. And you're going to have to make some sacrifices, you know, as I shared previously. And this was really one of Gary Vaynerchuk's big moments. It really hit home with a lot of you, you know, in his interview. you know, he said to make note of what will you have to give up or what are you willing to give up for your financial freedom?

Because you will have to make room inside your current life for your business. And with that being the case, it's prudent, it's wise to design your lifestyle with intent and be certain that you're okay with it. Meaning design your life in a way that you know you'll be able to persist and run it by those that will be impacted by those that will be impacted the most to see if they'll be okay with it and how you can modify your new lifestyle

designed to minimize the impact on those that you love and preserve your own sanity at the same time. Design your lifestyle in advance. Don't be reactive about this particular aspect. Number five, establish how much money you will need for basic expenses, specifically for the next

nine to 12 months. A lot of people advise, you know, you need enough money to survive the next six months. Now, I think it's more than that. You're going to need enough money to survive or at least pay for your basic expenses for the next nine to 12 months. And so add up your monthly expenses and multiply it by nine, at least. And start saving, start saving right now, or start selling some stuff off that you don't need, or get an extra job, or ask a friend or a family member for a long-term loan. apply for some extra credit cards or refinance your house while you still have a job. You know, the world of credit these days is much more strict and it's much more difficult to get. I mean, it'll be, you know, infinitely easier to get credit while you have a job than it will be when you don't.

And you don't need to use this credit, but it's not a bad thing to do while you still have a job. You never know. Because, you know, as you enter the life of an entrepreneur, you'll have to start jumping through a lot more hoops for seemingly simple. things like accessing credit. Maybe you can start doing some odd jobs. Like, I don't know, maybe you start mowing some lawns or washing cars. Maybe putting your handyman skills to work. Maybe you've got some bookkeeping skills or some graphic design skills that you can hire out.

Maybe you can tutor neighborhood kids in a specific subject that you have a lot of knowledge in. Whatever you have to do to sock away at least nine months of living expenses. What? You don't want to do this? I mean, you can't imagine yourself mowing lawns or tutoring kids. Does this sound beneath you? Is that like taking some steps backwards?

Sounds like it might take too long? Sounds like it'll be too difficult. Sound too risky? You see, that's why number one is so important on this list. You've got to be clear as to why you're doing this in the first place. You know, because when you're clear on why you're doing this in the first place, all these other decisions become so much easier that you don't question yourself as much. you're very clear about it.

And that brings me to number six. I love this one. You got to check your attitude. You got to check your judgment. You got to check your sense of entitlement, your overall attitude. You see, going from employee to entrepreneur will take a significant attitude adjustment.

And here's what I mean. You know, depending on how long you've been an employee, it's inevitable that a certain sense of entitlement has developed. And you may disagree, and that's okay. I'm not here to argue with you, but just, you know, maybe logically consider on the surface, you know, you feel you have no sense of entitlement, but your subconscious almost certainly does. And here's what I mean by that. Employees become so accustomed to receiving a full day's pay for a full day's work. That's just how it works as an employee.

And that right there, whether you think so or not, that becomes a sense of entitlement. hey, I worked, where's my money? And it's that attitude, that expectation that will destroy your entrepreneurial dreams so fast that will make your headspin. You've got to get used to and accustomed to. Now, I'd actually say you have to develop a love for getting what I like to call the short end of the stick. You have to love that.

I mean, that's how an employee is going to view it. That's why I put it in those words. but I view it now as just good business. Getting the short end of the stick, it's just good business. You've got to love getting the short end of the stick. And here's what I mean by that specifically. You know, in Wallace D. Waddle's book, I haven't read it in any other way better,

but in his book, Wallace D. Waddle's book, The Science of Getting Rich, he writes, You must give 10 times in use value that you receive in monetary value. That's the science of getting rich. rich. That's how somebody gets rich. That's how someone builds a long-term business. You know, totally unrelated. Gary Vaynerchuk in the interview brought it up how he gives, gives, gives before he asks once. That's kind of his formula. He gives once, gives twice,

gives three times, and then he asks. You've got to get used to giving 10 times that of what you expect to receive and money. I mean, it's why I do. It's why I do. do what I do. It's why I give so much. I give so much because it works. I give so much without expecting anything in return. I don't know where it's going to come from, but I know it's going to come. I don't hold it over anyone's head. I don't ask for it. I just give so much because I know it works. It is a science. Giving is the heart of the science. It works. I mean, you may have to work for free for a while before you ever receive anything monetarily. I do this podcast right here for free.

I mean, this month marks my third year anniversary. This month, my third year anniversary of this podcast, and I just give, give, give. And I've genuinely fallen in love with it. I love doing what I do. And I'm compensated monetarily in so many indirect ways because of it. But I'm also compensated with experience. I'm compensated with relationships.

I'm compensated through the development of my skills and staying sharp and keeping my head right in the heart and the pulse of my industry. I constantly get, I remind myself of what I know, so I get repetition in that way. And I remind myself to practice what I preach, because it's easy to start preaching and not practicing it. I mean, sometimes you forget what got you here in the first place. So it keeps me well grounded into the basics and the foundation of what makes business or what makes a successful business. and through all of that, yes, money comes too. It comes.

And many employees just don't understand this particular part, this working for free part. And it's not really working for free, actually. I mean, as I just mentioned, you are receiving so many invaluable things, things that are intangible. It's just that the money will usually be the last thing that you receive,

but you got to trust the process. Trust the process, and you will get paid. You will get the money. It's going to come. I mean, and you get paid more and more and more the more that you give. And it'll seem to come more easily as you persist. And this is just such a difficult thing for people making that transition from employee to entrepreneur to understand, for them to trust.

They expect to get paid for everything that they do. And this is why I believe so many new entrepreneurs fail. They continue to think like employees as their entrepreneurs. They look at their customers as a source of their steady paycheck. And when they don't get that steady paycheck, it shows up in their service. It shows up in their performance. And it shows up in their overall attitude. And that overall attitude is typically a bad attitude.

So that's number six. Check your attitude. And that leads me to number seven. Number seven, get a mentor. Get a mentor and create a supportive environment. That's number seven. They say that you are the average of the five people that you hang around the most. And I've got to tell you, if you're an employee, most likely the five people you hang around

most are also employees. You need a new environment. You need an entrepreneurial environment. And you should begin with a mentor or a coach. And I've said this before, and I'll say it again. I'll keep saying, because I believe in it so wholeheartedly. Hire a coach if you must. I did.

And I paid a pretty penny for him. You got to meet him, Scott Duffy. And I've got, I don't know, I haven't put a dollar value on, I haven't really thought of it in this sense, but I've received tenfold in the high price tag that I paid, tenfold in return. It's that important. And that relationship right there will certainly help shape your attitude. But also, coming from recently being an employee, you have a boss to hold you accountable,

right? As an entrepreneur, you only have yourself. That's another reason to get a coach. one that will not only hold you accountable, but also guide you through the right actions to take the right steps for your specific endeavor. Further, increase your network. A coach is great access to your network, right?

How do you think we got the season two winner of The Apprentice on the air through my network with my coach? Okay, that's how we got Greg Reed on the air, through the network with my coach. It's how I've gotten so many other valuable relationships inside of my business has come through that. That's a great way to create your network. And outside of your coach, also you've got to be proactive on creating your environment, and you should do so by joining entrepreneurial associations.

And if you can find one that's specifically associated with the business that you're in or the industry that you're going into, all the better. You've got to create an environment of like-minded and supportive people. This is crucial. And if you've been listening to this podcast for any, any length of time, you know how I feel about a mentor and environment. I mean, I've dedicated several episodes on just these two subjects. You know, and if you remember in Greg Reed's interview with us, just a couple episodes

ago, you know, without even being led down this path, this wasn't even where I was going with my question, without him even knowing what I was going to talk about or what I was going to ask. I think he said, it's all about the right mentor, isn't it? I think those are his exact words. It's all about surrounding yourself with the right people. That's what Greg said. And I couldn't agree more.

And not because he said it. That's not why I agree because he said it. And I wasn't as being a polite host. And I'm not saying it because I've heard countless others say it. That's not why I agree. I agree because it's my personal experience. So when I hear someone else say it, I was like, uh-huh, they get it. That's why I agree.

I can personally attest to the impact mentors, coaches, and the right environment will have on your success. But you have to create it first. That environment's not going to come seek you out. You have to seek out the environment. You have to create that. You have to be proactive in that. I mean, it's work.

And it's work. It's time and work that's well spent. So get a mentor or a coach and create a positive environment of like-minded people. That's number seven. Number eight. Once you've got all that, once you've completed steps one through seven,

You are now ready to set a deadline for quitting your job, but not until then, not until now. You've got to get all that other stuff in place first. Now you're ready to set a deadline for quitting your job. I want you to set a goal for yourself. And with your coach or your mentor, create a business plan that will enable you to meet that deadline. Share with your mentor, share with your coach the roadmap that you've been creating here during this Freedom Possible series. Take what you've created so far. Take it to your coach and mentor or mentor.

and or you can have both, and fine tune it. Make some tweaks, refine it, and establish quitting your job as one of your milestones. Whether it's a minor one or a major one, doesn't matter, but put that date into your plan. Make that one of your milestones. And while you set this deadline, I want you to be optimistic,

but I also want you to be realistic. And your coach or your mentor, a good coach or mentor, is going to encourage you, but they're also going to keep you grounded. So I want you to set a deadline. I want you to be optimistic about it. I want you to be realistic about it.

And once that's in place, I want you to start your business as a part-time endeavor. Start your business part-time. ASAP. Once you're to this point, it's time to start. It's time to get into action. And continue to work your business in your spare time. You know, we haven't said that we've quit your job yet, right?

I want you to work your business in your spare time and start building your business right now. before you quit your job. And that brings us to step nine. The nine must do things that you got to do before you quit your job to start your business. You got to run your business at a profit part time at first.

You're going to be operating your business part time and you can't quit your job until that business is generating a profit at least. I'd like to see it not only generating a profit, but also covering your existing pay as an employee. but at the very bare minimum, it has to produce a profit at first. You must hit profitability before your deadline to quit your job, which means, in the words of our recent guest, Gary Vaynerchuk,

you've got to work your face off. It's time right now to start working your face off. You've got to take account of all those things that you're willing to give up, that you've decided to give up, and you've got to replace that time with work, hard work, nose to the grindstone, working your face. face off. Make one of your milestones to show a profit in your, in your freedom possible roadmap. One of your milestones, whether major or minor, doesn't matter, it should be to show a profit

inside your business. That should be the milestone just prior to quitting your job. And put these two milestones in your plan. Show a profit and quit your job. Put both of those in your plan. Show a profit, quit your job. They should be prominent milestones on your roadmap. Okay. Then, number 10, when it's time to leave your job, when it's time to quit, I want you to leave your job on good terms. I want you to leave your job with dignity, with honor. Take the moral high ground, complete all of your commitments, make it easy on your boss. And you should do this for a few reasons. First, it's just honoring yourself.

It's honoring yourself and honoring your word. And it makes great practice. It makes for great practice to becoming a successful entrepreneur because that's something that you want to keep that you want to do. As a successful business owner, you want to be honoring yourself and you want to honor your word. That's good business. And that's what you're getting into is running a business. So it's good practice to leave on good terms. Second, it's a small world out there.

It's a very small world. There's no need to burn bridges anyway. There's no reason to leave people high and dry. There's no reason to gossip or badmouth bosses or coworkers on your own. way out. All that stuff, the gossip is toxic. And those types of things, they have a funny way of doling out damaging blows at the most inopportune times. Trust me on that. I've made those mistakes. Third, your former relationships, they may turn out to be customers. They may turn out to be advisors or they might even turn out to be investors in your new endeavor. You never know. So you've got to

leave your job on good terms. And the fourth reason to leave your job on good terms is it's just the right thing to do. It's how people should treat each other. Okay. So that's number 10. So there you go. The 10 things you must do before you quit your job to start your business. Let's go over them real quickly. Number one, you got to know why you are actually quitting. You got to be totally crystal clear about it. Number two, you got to make a list of who this decision is going to affect. Who else in your life that's important to you, is this going to affect? And should you involve them in the decision? Your spouse specifically is who I'm referring to. That's your life partner. Number three, make a list of what you'll be giving up besides money. Make a list of what you're going to be given up besides money

and make sure that you're okay with that. And how can you prepare? Number four, redesign your lifestyle with intent. Redesign your lifestyle to make room for your business. Number five, establish how much money you're going to need for your basic expenses for the next nine to 12 months. Add all of that, I add up your monthly expenses, multiply it by nine at least. And then just start saving and working and raising money to hit that amount before you quit. Number six, got to check your attitude. The attitude of an entrepreneur and the attitude of an employee, very different worlds apart. Okay? Check your attitude.

You might have to work for free for a little while. and if you do, no room for resentment, no room for it, okay? Number seven, get a mentor and create a positive environment, a supportive environment for what you're up to. I'm not saying you have to get rid of your employee friends. I'm just saying that they're probably not going to be the best source of positive reinforcement for you. And your environment and your coach and your mentor are going to have more impact on your

success than I think anything else that you got out there. That's really important. Number eight, once you've got all that, you're now ready to set a deadline for quitting your job. Now, number eight, now you can set the deadline. Set a goal for yourself. And number nine, you got to run your business at a profit before you quit, before you hit that goal. Before you hit, maybe I should reverse those. You got to run your business at a profit part time at first before you quit.

Okay? Number 10, you got to leave your job on good terms. Leave your job on good terms. All righty. So there you go. The 10 things you must do before you quit your job to start your business. You've been listening to Epic Real Estate Investing, the world's foremost authority on separating the facts from the BS in real estate investing education. If you enjoyed this show, please take a minute to visit iTunes and share your thoughts.

Thanks for listening. We'll see you next time here at Epic Real Estate Investing with Matt Terrio. This podcast is a part of the C-suite radio network. Visit c-sweetradio.com.