There aren’t many people who dream of staying in the rate race forever, and yet this is exactly what many people do. It can be tough to take a leap of faith and decide to leave once and for all, but when you have a plan and you know what you should be doing, you can quite literally create your own destiny.
In this guide we’re going to talk you through how you can escape the rate race and create your own destiny – read on if you want to stop running and start living!
- Start something even if you might fail. Taking your first step will guide you on to the right path, no matter where you start from. You have to be willing to start something, even if it’s totally possible you might fail. Taking the time to get an idea of what can make money as well as what you actually like to do is super important. You’ll learn a lot about yourself and how you prefer to spend your time. It’s no use doing something just because it makes you money; this is basically another kind of rat race, and won’t bring you any joy. Make it your goal to have plenty of failures under your belt; learn from them, and then use them to create something that you really love.
- Treat it like a part-time job. This isn’t a hobby or something you should be doing half heartedly, when you feel like it. This should be treated as a part time job, even if you’re working full time. Make time in the morning, in the evening, carve it out whenever you can. Get up earlier and go to bed later. Keeping yourself healthy and of sound mind is important, of course, but you will need to make sacrifices so that you can get this done.
- Invest in yourself. Investing in yourself is never a waste of time or money. Whether you are simply looking for something to be passionate about or you’re the CEO of a big company, you should always be looking for new ways to grow and improve. That’s what having a growth mindset is all about! You could look at taking an mba focusing on business if your dream is to start a business of your own but you’re not sure where to begin. You can also invest in yourself by buying books, other types of courses, going to workshops and seminars, and more.
- Lower your cost of living. By lowering your cost of living, you will have more money to put into your emergency fund, more money to put towards growing as a person, and you won’t need to earn as much to keep up your lifestyle if you do decide to leave your job when you have found something you want to stick with. Where can you cut back now that will help your overall monthly/weekly budget? Know your numbers and track your expenses so you can make changes, always aiming to keep your expenses as low as possible.
- Eliminate debts. Having debts when you’re trying to create a new future for yourself isn’t the best feeling, so attempting to eliminate them as effectively as possible will help you. You’ll feel like a weight has been lifted from your shoulders and you’ll free up more of your cash to leave that soul destroying job you’re currently working in. It’s up to you how you want to pay these off. You could do it smallest debts first, to feel as if you’re really making a dent in your debts. If possible, you could also pay off some of the biggest debts to eliminate interest payments, although it’ll take you much longer to build up momentum this way.
- Add money to your emergency fund. As well as paying off your debts, consistently putting money into an emergency fund will give you further peace of mind and protect you should you need it. Many people recommend that you save up at least 6-12 months of your living expenses, just to be safe. It’s about saving aggressively while you can so you don’t have to worry when you’re finally ready to take that leap of faith!
- Reinvest in your business idea. When you’ve found what it is you want to do, make sure you’re prepared to reinvest in your business idea. You also need to pay yourself, of course, but reinvesting in your business idea is crucial if you’re going to help it to grow.
Note: this post contains contributed content.