What's the biggest misconception about leaving your 9-to-5 to pursue a side hustle full-time? Many people think that moving from a side hustle to a main hustle will make them free, but it doesn't. It just makes you responsible. There are no more paid time off days or HR to talk to on payday. You are HR, and you are the one writing your own paycheck.

Should you set a target date to leave your 9-to-5? It's not about a target date. It's about a financial trajectory and setting a goal based on numbers. It’s not an emotional decision. You have to know your numbers, including what you need to survive and what the business needs to survive, to be comfortable enough to leave.

Why is it important to have a plan before leaving your job? You don't have to solve all the problems before you leave, but you do need enough of a financial runway to give yourself some safety. The runway is how much cash you have before your business shuts down. Once you have a year's worth of operating cash, you know you have one year to make it work before you have to go back to your 9-to-5.

What should you do if your side hustle isn't growing enough to become a main hustle? If you have a side hustle and it isn't generating the income you need to leave your 9-to-5, you shouldn't leave your job. Instead, consider changing your business model or your entire business. A business that isn't growing may just be a good side hustle and can stay that way.

Watch the full episode at https://youtu.be/zNkTL20tMS0 and read more in THE ASCENT | 023.