Stay employee or go on his own???

amother

Fri, Aug 04 2023, 1:28 pm

DH has a great job and makes $300k+ per year. We get to save up and invest some money and live comfortably within our means. We have 5 kids kah.
Recently, some amazing opportunities have come up for DH to do the same business type he is currently involved in, and does amazing, on his own, with a possibility of making $800k+ per year. Obviously, there are some great risks involved, and things could go awry, but from what it seems like, there is great potential there.
DH is terrified of taking the leap. He says that nobody should throw a good job away for better opportunities with so many risks involved.
He does need to travel far to his office, works very full days, and carries a huge load. He gets only 2 weeks total off, so if I give birth or he is sick, the days use up very fast.
I am happy and satisfied, but thinking about the future and having more kids makes me want him to go on his own.
What would you do?

amother

Jasmine

Fri, Aug 04 2023, 1:32 pm

This is a personality thing above all else. Some people aren’t risk takers or don’t want to shoulder the burden of their own business.
Also don’t think he’ll get more time off on his own. Usually it’s less since time off equals no pay

amother

Fri, Aug 04 2023, 2:16 pm

amother Amber wrote:

I say go for it! Is it possible for him to start slowly on the side after work hours or on Sundays? If he travels by bus to and from work, can he work on the way?

No, not possible. He currently works on sunday, works on bus on the way to work and back. As mentioned, he is carrying a huge load with his current job, and all his waking hours are already filled with work for his employer.

amother

Hosta

Fri, Aug 04 2023, 2:19 pm

There’s no growth without risk. But it needs to come from your dh, not you. If he’s resentful if it doesn’t work out, or if he is resentful that he has to work 10x harder than he is now in the beginning stages of his own business, that will not be good.

Also, if you’re saving and investing now that’s great. When you have more kids you can use the would-be-investment money to raise your kids because your current investments will be growing on their own

amother

Pewter

Fri, Aug 04 2023, 2:53 pm

amother OP wrote:

This type of risk taking really has to come from dh.

Also, while it will not necessarily increase dhs income, it may be time fro him to speak to his employer to enhance his work life balance so hrs not as tempted to go off on his own.

Things like PTO - 2 weeks is entry level amount of PTO. at that level of responsibility he should be getting much more.

Also, if he's working round the clock, it's time for his boss to give him budget to hire more people underneath him to share the workload.