Photo: Letcombe via flickr
When 27-year-old Aaron Harris left his hedge fund job last year, he didn’t have a plan.He knew he wanted to start a company but he didn’t have many technical skills. He had no cofounder, no funding, and no business idea in mind.
Harris spent four months unemployed before finally starting TutorSpree, a website that matches students with high-quality teachers. He spent his days scouring blogs and meeting with people in the New York tech scene, but that’s about it.
Most people can’t afford to spend four months unemployed and soul searching.
If you work on Wall Street, it’s an option.
“Wall Street is like the new seed funding for startups,” Harris told us this morning over coffee. “I knew I wanted to start a company so I had been saving up for a while. When I quit, I had enough money to support myself for one year.”
He’s not the only ex-banker who’s taken advantage of a cushy salary. According to Entrepreneur, roughly 550,000 people have left their finance jobs since 2007. About half of those people work in New York City, and many of them start companies.
“On Wall Street I was making a prodigious amount of money and I was miserable,” one franchise owner tells Entrepreneur.
“I think a lot of people stay in their finance jobs because the salary is too good to leave,” Harris adds.
But it’s the high salary that enables them to quit and become entrepreneurs with significantly less risk.
Still nervous about quitting? Check out 13 people who left their boring finance jobs to start a dream job >>
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