I see all over about the 6 month or 12 month (savings) rule, but then a ton of different articles saying those metrics are garbage.
Can you all share your experiences of when you got up and left? What metric did you use personally?
SAVE SAVE SAVE. Did I say that enough ? To your question about 6-12 months rule, it is the standard advice based on assumption that it could take you that much time to get back on your feet if you fail etc. For example, I will probably feel comfortable if I had 100K stashed away safe. I dont care if thats 6 or 12 months.
This is very subjective and could really vary. Are you married or single ? Do you support a wife/kids or single ? Obviously, if you are single, the risk appetite could be higher but if you have a family to support, you might want to get things in order. For example, do you have health insurance thourhg employer and have kids ? Can you switch to your wife's if possible ? etc. etc.
A consideration that was one of the last things to solidify the decision in my mind was people telling me I could get another job easily if things didn't work out. A couple of them were actively trying to recruit/refer me, so I knew I would be in good shape.
A fellow entrepreneur told me, you better be hell bent on what you're doing, because doing a startup is hard. For me I'm obsessed about trying this startup, so I knew it was only a matter of time before I had to leave and give it a shot.
So no precise metrics. Just a gut feeling of: I can't take another day/week/month/year going by without giving this a shot.
I didn't create a startup but I was able to work in my spare time on a project that proved I could ship a product, which enabled me to leave my soul sucking corporate consulting gig.
So, it was planned but I was still pushed in the end - and it was great.
Me, I'm thinking of getting some freelance jobs first (without quitting) or other source or side income and then quit. I'm thinking of my car as emergency money, and I know I can get a job in a very short time if I need to come back.