How I Quit My Job To Work For Myself (Learn From My Mistakes)

Are you thinking of quitting your day job to pursue your own business path? Are you scared or confused about what to do? I quit my job to pursue my music full time 25 years ago. You can do it as well but you should first learn from my mistakes.
In this video I will share my experience having gone through the transition from working a day job to working for myself as a musician. I hope my experience can help you through this tough decision.
0:00 Intro
1:16 My Story (Facing The Fear)
6:38 Hindsight Is 20/20
6:59 First Thing To Consider
8:49 Mistake 1
10:20 Mistake 2
12:07 Mistake 3
13:09 Mistake 4
14:31 Another Thing To Consider
15:24 Exit Smoothly - Don’t Burn Your Bridges
16:05 Conclusion

[@fordmi79]

Hey man, thanks for making this. My switch from working a 9-5 to full time musician happened involuntarily in December. I’m older (turned 45 a week after being laid off), so thankfully I had become pretty financially stable, but I’m still facing a lot of uncertainty as I try to get this thing off the ground. I watch as many videos like these to make sure I’m as informed as I can be. I’m trying to pick up some short term contract work to help make ends meet, but I hope to get to the point where music alone does it for me.

[@FrankPersico]

I’m sorry to hear that this happened in the manner it did. But everything happens for a reason. My mother used to always tell me when God closes a door he opens a window. Wish you the best.

[@coolramone]

I wish you well fordmi79. We have a local Mexican restaurant where I’ve seen duets play (two guitars, acoustic and electric) and sing in the evening.

[@nickworley1000]

I played regular gigs and found it a big commitment. My diary would get booked throughout the year hotels pubs festivals ect. I have a small farm on the west coast of Ireland and now mostly busk atm which suits me.

[@FrankPersico]

That’s awesome. It’s all about fitting it in to your life and your terms

[@deadbeatgus4155]

Great video. Thank you for this. I’m about to make the jump

[@FrankPersico]

You got this!

[@robertgrimsted877]

Definitely the leap of faith

[@FrankPersico]

For sure.. .i may make more vids soon on this topic

[@johnny79309]

Great story, clearly you had enough natural talent and, musical knowledge, to pull this off. Please talk about the musical skill knowledge you previoudly had. True you only have one life but I’m guessing that your music knowledge skil level was strong, and your artistic ability equaly strong. It’s somewhat important in this equation of making this work. It might be helpful to us viewers contemplating what it takes to do this . Thanks for a fascinating disclosure , and best of luck!

[@FrankPersico]

I did have some knowledge. I was trained at HS of performing arts here in NYC and went to a music conservatory briefly after that but that in and of itself didn’t get it done. It was sort of a combination of grit and stupidity lol: I will really think on this and try to see if I can come up with a worthy presentation

[@CapoTripps]

This is a fantastic video man.

[@FrankPersico]

Thanks so much. All the best to you

[@wfqsfg]

You should have mentioned that there is a 10% penalty on early withdrawal of an IRA and 401K. Plus whatever current tax in the year withdrawn. It will be combined with whatever other income from that year and could bump you up a tax bracket. The financial institution is required to withhold the 10% penalty from the distribution. So have enough tax taken out to cover the current year taxes. The combination of the two hurts when you see it. You can withdraw from a company sponsored retirement plan (includes 401K) if you are 55 y/o and above if you leave their employment. It is 59 1/2 for IRA. I had a friend who withdrew her IRA before 59 1/2 because she needed the money. The fund withheld the penalty, so that was covered, but she owed all the current taxes on the withdrawal and that created a hardship for her. I lived for a long time in SE Georgia in a resort area. In the 80s when live music was huge, we had local bands made up of lawyers, insurance salesmen, bankers, and other professions. They played Friday and Saturday nights and were at work Monday morning. I never got the opportunity.

[@FrankPersico]

Thanks for this information .. I’m sure many will find it useful as this subject confuses many.

[@bcmusic71]

Nice video.. Thanks...i made the jump in 2006 to teach and gig full time... I'm comfortable now but had lean times for a while ... Best decision i ever made though 🎵

[@FrankPersico]

I can totally relate. Congrats for doing things in your own terms. Leap and the net will appear;)

[@bcmusic71]

@@FrankPersico good way to put that🙂🎸🎵

[@phillipdumond600]

Glad you addressed the health insurance.

[@FrankPersico]

Yeah that one can bite u in the arse if you don’t lol