Even though I have not taken the leap yet, but working on it with a solid plan. Overall, this is a combibation of subjective and objective items. Listing some o

Even though I have not taken the leap yet, but working on it with a solid plan. Overall, this is a combibation of subjective and objective items. Listing some of mine below which could give you an idea even though YMMV: Finances ---------- 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. Personal/Family ---------------- 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.