1) Don't quit your job, start consulting on the side
2) Don't quit your job, start a product on the side
Both options won't cut paycheck. Take calculated risk. OP is no longer a 24 years old super smart developer.
1) Don't quit your job, start consulting on the side
2) Don't quit your job, start a product on the side
Both options won't cut paycheck. Take calculated risk. OP is no longer a 24 years old super smart developer.
My advice would be:
1) Make sure you have at least 6 months worth of savings. 2) While you're still in your day job try to land a freelance or contract job. 3) Once you have a gig, THEN quit your job. 4) When the freelance/contract job comes to an end, look for a new one.
Now point 4 will take some time. Maybe a few weeks sometimes more than a month. In that time-frame you can work on your project/product full-time. You might have to go back to contracting, but at least you can put in some decent time to work for project.
I noticed that some people weren't born to become Jason Calacanis, Zuck, Gates, Hsieh. For these type of people, they have to play a bit safe or else they will regret their choices by cutting the oxygen lifeline and hoping by 1 year things will pick up.
Let me rephrase that: following your 1,2,3,4 steps, 10 years from now he'll probably end up either jobless, have less money in the bank, or even in less favorable situation (working for less money, worse jobs, etc).
We're using the same assumption correct? that either consulting or the product were not successful.
One gig is definitely not enough. Consultant needs to build portfolio in order to get more gigs so that they can rely less from their networks. That is to assume the OP have a pretty good connections that could help him land few gigs.
People always said that "make sure you have X-months worth of saving".
People say the following phrase quite often as well: "money is not a problem". I'll add one word to that phrase... "...yet". Money is not a problem yet (so far).
Once you started to realize that money becomes an issue, your mind will have hard time to focus and concentrate. From that point onward, whatever you'll do won't be optimal.
To sum up my advise: make sure you have a fixed stable income. Once that's taken care of, your mind will have more capacity and effort to focus on something else.
"Leap and the net will appear" - John Burroughs
Consulting requires networks and connections. If the person stick too long as a "Senior Software Developer" and rarely meet non-geek human being (potential customers), it'll be a while before the person can get a well-paying less-stressful consulting offers.
Second, if you work in the technology field, meeting geeks is a great way to find potential clients. People in the technology field tend to move around a lot from company to company and from position to position. So the developer you meet at one company today may well be a manager or even a CTO at another company tomorrow. They will probably be the very people who'll need to hire consultants at some point in the future. Make a good impression on them and keep in touch, and you'll have a nice network of contacts for consulting work down the road.
As a senior developer, I bet he's already made plenty of such contacts. Now it's just a matter of getting in touch and letting them know he's looking for consulting work.