Hate your boss and dream of ditching your corporate job to freelance, consult or start your own business? You’re not alone. One in five millennials plans to quit their day job and take the plunge, according to a survey of Gen Yers. But it’s not as glamorous it sounds. If you think you’ll be spending your days drinking lattes in coffee bars hanging out with the cool freelance crowd, you might be in for a shock. Tossing aside the financial safety net of Corporate America can be truly rewarding, but it can also be seriously scary, like a first time aerialist perched on a pedestal hoping to catch the fly bar.
In your next act, you need to be prepared to deal with an unsteady paycheck even though you have mammoth monthly student loans to cover and ever-rising rent. Oh, and you will be losing tech support and use of the company’s color printer so you may have to spend some big bucks getting set up. More and more of us are becoming professional stuntmen, however, and surviving the high wire act of earning a solo income you can actually survive on in the circus that is Brooklyn can be done if you organize your finances so you don’t get hurt. Here are 5 things you need to know before you quit your 9-5. (more…)