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Many people hate the 40-hour per week grind. Perhaps they are the type of people who land a job, do it for a few months, and then are ready to do something else. Whatever the case may be, there is still the reality that we all have bills that we have to pay. Unless you want to live in your parent’s basement for the rest of your life.
No matter what, we need to find a way to be able to survive without the comfort of a full-time job and thankfully there is a strategy for that. In this day and age, information and ways to make money are abundant. So today we’ll be looking at how that’s possible by following seven specific rules that can lead you to this lifestyle. Keep these rules in mind and even you can live off of the odd job or doing no work at all.
The first rule is to control your expenses. If you want to avoid the 9-5, you’ll need to be frugal. This goes beyond buying from dollar menus, dumpster diving, or going to thrift stores for everything. If you want a richer lifestyle you’ll need to watch how you spend your money. That means spending less than you are earning. Furthermore, keep your fixed expenses – those you can’t reduce or drop quickly – as low as possible.
The second rule is to diversify your income. Much like a stock portfolio, our streams of income should be diverse as well. Why this is good is because if something happens to one source, it’s not going to collapse your finances as much than if that was your only source. So dedicate time to think of various ways of making money. Writing content for websites, sell used books or items you no longer need, rent out rooms in your house. You’ll need various sources to help keep money flowing in.
The third rule always has some money in the bank. If you’ve got money saved in the bank, life’s unexpected expenses aren’t going to hurt you as much. There’s a saying when it’s time to harvest you save up your crops and when times are tough, you hold back. Do that with your money. Save it when times are good and when times are tougher, be conservative with it.
The fourth rule is to always be looking for new ways to make money. If you enjoy renting out parts of your home, consider buying other houses and renting them out to other people. If you like writing content for people, take the time to learn other things and offer them to clients for a higher price. You don’t need to be constantly doing this, but finding things that aren’t too taxing and can earn you a little extra goes a long way.
The fifth rule is to consider employment projects. Those are temporary part-time positions that don’t cause a lot of stress on you. These are helpful in two ways: they generate income that isn’t going to be too taxing on you and they’ll help you get a better cushion for future income possibilities. In the end, these jobs can help to ease your mind financially speaking.
The sixth rule is to make an effort to only have good debt. What that means is debt that’s needed that’ll help you generate more money in the future. A lot of people think debt is bad, but “bad debt” is only bad if it does nothing to improve your financial situation. So avoid using credit cards or getting loans for expensive cars, or items you don’t need nor provide any way of generating an income from.
The final rule is to always plan for changes. Life gives us unexpected curve balls but sometimes we are the ones to pitch them. We know they’re going to happen so it’s important to put a plan in place. After all, that income isn’t going to magically appear. So if you are dropping an income opportunity, find a way to fill that gap.