Getting out of the rat race is something that we hear people talk about day and night, from sun up to sun down. But the truth is that while many people do make transitions for self-employment, most people will never leave the their jobs-everyone’s simply not meant to be “the boss”-which is isn’t necessarily a bad thing because it’s all about doing what makes each of us happy, right? Can you even picture a world where there’s more owners than workers?
But for those who really want out of the rat race there must be a sheer force of will and commitment to your goals. Once you’ve confirmed your commitment and have made up your mind to venture out on your own (Scene: Patti Labelle and Michael McDonald playing in background), then take the brakes off and make a plan! Let’s look at some steps to get things going:
- Decide how you’ll support yourself (and your family if applicable)
- Set a financial goal and have a detailed plan illustrating how you’re planning to reach it
- Get committed TODAY
- Writing a solid business plan
- Don’t spend money on things that are non-essential living items (i.e. decorations, new clothes, gadgets, etc.)
- Take a business course or buy books pertaining to opening your business type
- Get a mentor from your industry of interest
- Consider finding a partner who may be interested in going to business with you, and who’s aspirations are similar to yours
- Explore various ways to invest your savings
- Consider starting a blog or online site to make passive income while you wait to earn profits
- Consider how you’ll pay for life and health insurance (and if you have enough money in case of emergencies)
- Be a master of discipline and set goals to accomplish the daily activities for your plan
- Pay down your debts as much as possible while still working your 9 to 5
- Don’t cash out your entire 401(k) plan, but instead borrow from it, or move it into an IRA and take out money as needed to lessen tax obligations
Whether you’re working a 9 to 5 or on your own the key to happiness in life is doing what really makes you want to get out of the bed in the morning. We’ve all heard this before, but for some it’s easier said than done. There’s nothing wrong with being in the “rat race”, unless you loathe being in the rat race, that is.
And if you do, take the first step to change your life and find out where your passions lie. You CAN do this!