captain_krunk
Dryer sheet wannabe
- Joined
- Dec 1, 2005
- Messages
- 12
I'm married with no kids at 27 and I'm planning on quitting my job in a few months to start a business in graphic design and web development. I'm not totally happy at work and I've been dreaming of my own business for 7 years.
I'd love some reaction and advice.
Here's my current situation:
50,000 in aggressive 401k
15,000 in wife's aggressive 403b
3,000 in Roth
3,000 in wife's Roth
18,000 in personal savings (emergency)
18,000 in business savings
232,000 Mortgage on a house valued at about 400,000+ (before the bubble bursts ;-)
No CC debt.
Wife's Master's degree debt at 36,000
My current salary before freelance business is 60k and my wife's is 34k
We're putting away about 2,800 into 401k and 403b every month
I plan to quit my job in June and attempt to get some contract work with the same company and I'm trying to work myself into even more of an integral role before then. (I have some other smaller clients too)
I want to get some outside reactions. I've stayed in a position because of decent pay for a long time and I have been very eager to create a successful business. I recognize the opportunity for great success or great failure, but my wife and I are willing to give it a go.
I only pulled in 13,000 in side business last year after expenses, but I'm hoping that my attitude, desire, and the fact that it'll be succeed or die will motivate me to do well.
On top of all of this, we're trying to have kids and we want to retire early.
What's the reaction dreamers and more experienced entrepreneurs? Are we crazy?
I figure that in 6 months I'll know if I should keep going forward, or return to employment.
I'd love some reaction and advice.
Here's my current situation:
50,000 in aggressive 401k
15,000 in wife's aggressive 403b
3,000 in Roth
3,000 in wife's Roth
18,000 in personal savings (emergency)
18,000 in business savings
232,000 Mortgage on a house valued at about 400,000+ (before the bubble bursts ;-)
No CC debt.
Wife's Master's degree debt at 36,000
My current salary before freelance business is 60k and my wife's is 34k
We're putting away about 2,800 into 401k and 403b every month
I plan to quit my job in June and attempt to get some contract work with the same company and I'm trying to work myself into even more of an integral role before then. (I have some other smaller clients too)
I want to get some outside reactions. I've stayed in a position because of decent pay for a long time and I have been very eager to create a successful business. I recognize the opportunity for great success or great failure, but my wife and I are willing to give it a go.
I only pulled in 13,000 in side business last year after expenses, but I'm hoping that my attitude, desire, and the fact that it'll be succeed or die will motivate me to do well.
On top of all of this, we're trying to have kids and we want to retire early.
What's the reaction dreamers and more experienced entrepreneurs? Are we crazy?
I figure that in 6 months I'll know if I should keep going forward, or return to employment.