TMI, Debt, leaving the 9-5, etc.

[JerseyGirl]

Tim addressed a multitude of things in his book, but the one thing many of us have that he ostensibly does not- is debt.

I have no consumer debt, and the only debt either I or my spouse carry is the truck I'm about to sell (who needs a truck in a city?) and one, very large, doctoral student loan. We're talking 130k worth. Right now I estimate that we can pay this off in 3.5 years with no muses income at all. But, after a heavy dose of inspiration vis a vi the 4HWW, I am setting up multiple muses at once, along a timeline- one being very cumbersome with upfront writing and research, one an eBook (writing, but not a lot of research), and the third is an online store.

Things are looking very good, and very likely that we can take in 3k/mo. or more through the web ventures. That would take the 'debt free' limit to 1.7 years, 5k would make it 1.2, 7k would make it 1 and so on.

Like the rest of the readers, I HATE my job, with a passion. I've been doing Intellectual Property work for the five years since graduation and while a lucrative niche, it puts the "b" in boring.

Should I wait to pay off all of my accumulated household debts before I pull the plug on the job?

or Should I cut my losses once it starts generating some income and turn the time I might otherwise be spending there into web and content development?

thanks, in advance, for your responses.

PS: If anyone needs to know a thing or two about patent, copyright, or trademark prosecution- ping me.

[ErikCox]

Hey JerseyGirl,
I am always a fan of paying off debts with your J.O.B. before pulling the plug, and I have a very simple reason for this. I was trying to start a technology training company back in the summer of 2001... we were plugging along ok until the tragic events of that September happened. I eventually had to leave that persuit and got get a job that didnt pay anywhere near what I was making before just to survive.

just my two cents!

;) E

[shoe]

I'm not sure if this is an option for you, but can you try cutting your hours and working part time? Then you will have more time to work on your muses and still work on paying off the debt.

In the end it's your decision. Good luck!

[JerseyGirl]

Thanks for the feedback.

It seems logical to continue on in the job (though it pains me to do so). Once 75% gets paid off, if the job gets too unbearable, I will leave and start something part-time or that I enjoy, at least, until the eCommerce revenue streams are free and clear from debt payments.

The fallacy of the American education system:

Indebt yourself to make a good living, but end up owing so much you're trapped in that high-earning, high-hours, high-burnout job for life.

OR

You can be an entrepreneur.

Unless you are one of the lucky few who doesn't have to pay for their education, these are really your only options.

[kkwi5741]

it's the same pretty much here in the UK - 50% of people go to university to ensure a higher-paying career, leave £25k in debt, work 9-5 in a job they hate to pay it off by the age of 30, by which time they've got kids and a mortgage (and probably an expensive divorce...)

tragic. but, every day i thank these people for existing. if everybody wanted to be an entrepreneur, we'd be fu**ed!