I was making just over $250,000 at JP Morgan and quit. I had panic attacks and couldn't sleep at first, but I don't regret leaving.

This as-told-to essay is based on a conversation with Hugh Morris, the president and senior wealth advisor at The Morris Group at LPL Financial. Morris's prior employment and financials have been verified with documents. It has been edited for length and clarity.

At 30 years old, I had been working as a financial advisor at JP Morgan Wealth Management for nearly three years, making just above $250,000.

I loved the company, the people I worked with, and my job, but after getting divorced in January 2024, I had a reset.

Since entering the workforce, I've always wanted my own business. As a young person with no partner, kids, or obligations, this was my opportunity to see if I could make it in the business world as a financial advisor.

Additionally, I wanted the freedom to set my own schedule so I could volunteer and get involved in my community.

I liked the idea of taking on the number and types of clients I wanted. With my own business, I could take on fewer clients than I managed at JP Morgan and make the same amount of money because I would take home all my fees.

I also thought in 30 years' time, if I were making $1 or $2 million in revenue I could sell the business at three to four times that amount to fund my retirement.

Preparing to quit my job

To prepare for my resignation, I created a monthly budget of my essential costs. I used this as a guide for my savings, so I could cover myself if the business failed.

My divorce was finalized in March 2024. We sold our house, ridding me of a $6,000 monthly house payment. I started renting, which cost less than $2,000 a month. I wanted to reduce my expenses, knowing that I would need to invest a lot of my own money into the business.

Each month, I tried to save between $5,000 and $6,000. I wouldn't have any income initially, and I knew I needed a fund to supplement my income and pay for my living expenses.

I also started networking with friends and family, thinking about where I would get my clients once I launched.

My goal was to get to $10 million in assets at a 1% fee, which is about $100,000 in revenue, in the first year.

I had panic attacks after I quit

After months of planning, saving, and networking, I resigned in August 2024. A higher up said to me, "This will be the biggest mistake of your life."

That comment stuck with me. For three months after resigning, I had panic attacks and woke in the middle of the night, sweating, my heart racing. I couldn't sleep or eat.

I thought about my old salary and the salary I could've been making had I stayed. Fears about bankruptcy crept in, and I thought about how I'd have to find a new career if this failed.

Until December 2024, I regretted leaving JP Morgan, thinking I had done what my higher-up had predicted — made a big mistake.

During the first two months of my business, I had zero income, living off the money I had saved in preparation. My first clients were family and friends, excited about my new venture, but it was difficult to grow my client list.

My grandfather's encouragement got me through those first months. Every day, he told me: "You can do this," and, "It's going to work."

I also didn't want to let down my new clients. They trusted me.

It hasn't been easy starting a business, but I have more freedom

Despite my fears, I stayed consistent. I didn't take a salary for the first two months, but by December, I was making an average of $1,500 a month from my assets under management fee.

I got referrals from existing clients and learned how to market myself to get new clients. In January, I started paying a company to do my marketing.

In March, I hired a business coach because I wanted to cut down my learning curve and grow my business faster. She helped me see that I had the skills to make my business successful.

I expect to generate $100,000 in revenue in 2025 with around 40 clients.

I still work between 40 and 60 hours a week, but set my own schedule and can volunteer in the middle of the day or leave early on a Friday.

I've also had the freedom to spend more time with my clients at dinners or golfing. I like getting to know my clients and building trust with them. I want to personalise their experience.

I occasionally feel lonely, working for myself, but I've built up a network of financial advisors in the same position as me. We talk or text often.

My income is tied to the stock market

My income is directly related to the stock market. I try to live as lean as possible and have a safety net to manage the current market volatility.

I have future clients in the pipeline, which could boost my income, but they don't want to move over right now because of the economy.

If the stock market is down 20%, my revenue will be down 20%. But it also works in reverse, when the market is up, I will get a bump in revenue.

Despite the current economy, I no longer regret my decision to start my business. I've had enough initial wins to feel like I'm going to make it work.

I have the practice I've dreamed about. There is no turning back.

Editor's note: JP Morgan declined to comment when approached by Business Insider.