E19: The Quitters Manifesto with Pat Hiban & Tim Rhode

Are you a quitter?

Chances are, if you've ever set a goal and failed to achieve it, you answered “yes”. And that’s okay! Quitting often gets a bad rap, but in some cases, it’s the best thing you can do for yourself. So it’s important to know when to quit—to know when to cut your losses and move on to bigger, better things.

In this episode, J and Ashley talk with Tim Rhode and Pat Hiban, the founders of Gobundance and authors of The Quitter’s Manifesto, about knowing when and how to quit. Join them as they explore what you need to figure out and prepare before quitting.

Here are some power takeaways from today’s conversation:

• Know when to quit.
• Build your quit team.
• Prepare a financial safety net.
• Pursue your interests.
• Stay calm in uncertainty.

Episode Highlights:

[4:49] How The Quitter’s Manifesto Came to Be

Tim had taught Pat how to quit his job and begin passive investing, allowing him to retire at 46. Their goal was to create a tactical book to teach people when and how to quit their job and build a financial safety net.

[10:09] Making the Big Decision

Quitting is scary. Tim and Pat created the Soul Sucking Audit. Scoring 6 or less means that it’s time to quit. It has five categories:

1. Are you being well compensated?
2. Does your organization respect you?
3. How well do you fit in with the team and organization?
4. Are you able to grow within the organization?
5. How do you feel every day when you wake up?

[14:10] Building Your Quit Team

Your quit team needs four people. First, stakeholders are people who will support you. Second, partners are people who will do well if you do well, such as a business partner.

Third, a mentor is a figure in your industry that has experience and expertise. Lastly, a coach keeps you accountable for meeting your daily goals.

[20:19] Preparing a Safety Net

Getting your finances in order is essential, especially when you’re quitting. Some things you can do to prepare your finances:

• Know your numbers.
• Get credit and ensure you have funds.
• Have an emergency fund.

[22:34] Advice for Investors

Spend as much time as you can in interest over obligation. Pursue the things that interest you rather than the things you’re obligated to do. And that makes you more productive in doing what you have to do to get to what you want to do.

We are currently living in uncertain times. But accept that some things are out of your control and stay calm.

Notable Quotes from the Episode:

[10:14] “Quitting is scary. You need to come to a conclusion. It is scary. And it’s good that it’s scary because if you’re lackadaisical and not scared when you quit, you might not do as good of a job at whatever you do next.”

[17:13] “If you have a good solid quit team, chances are you’re going to make it.”

[34:39] “Just about everything we do, we don’t have as much control as we really think we do. So you just have to stay calm.”

Resources Mentioned:

Gobundance

1Life Fully Lived

The Quitter’s Manifesto

The Passive Investing Show