6 Ways To Quit Being A Slave To Your Paycheck01. September 2017
It’s Monday morning, and the alarm is going off. Millions of Americans are waking up to start their workday. The excitement of the weekend has worn off and the drudgery of beginning a new work week kicks in. Yet, this routine continues month after month and year after year.
Why would someone go through the misery of a job they hate? Is it because they are conditioned to hate their job? That’s part of it. Millions of people do intolerable work to get a paycheck, a means of survival. They want a way out but can’t figure out how to get there. It’s not that hard if you go back to the basics.
Save 10% of Your Paycheck
The majority of people live paycheck to paycheck. If something goes wrong in their life, they will be screwed. We each know the future is unpredictable. They’d rather spend their entire paycheck right now instead of looking towards the future.
Most financial books will tell you to save 10% of your paycheck, yet you don’t want to listen to them. You’d rather give into the short-term gratification instead of the long-term satisfaction. You’re a slave to your paycheck because you know the moment you stop working, you will have no money coming in, this fear keeps you going.
Sometimes you might stop working whether you like it or not. Wouldn’t it be nice to have the sound financial peace you will be alright if anything happens? You put the 10% away for emergencies.
Over time, your money will add up. The more emergency money you save up, the less you must depend on your job if something goes wrong. Not even if something goes wrong, if you want to start your own business and break free from the job you desperately hate, you will have money saved. Only an idiot would quit their job and chase their dreams if they didn’t have any money saved. Saving money over time allows you to take strategic risks.
Put Your Money To Work For You
If you want to quit being a slave to your paycheck, you will need your money to work for you. This means that even though you’re working your job, your money should work as hard as you.
While it’s great to possess the emergency fund of 10% of your paycheck, you will need to money to invest. There are thousands of investments you can do. The most common investments are going to be in the stock market or real estate.
For me, it’s investing in the stock market. Just like for investments, there are many strategies to be used. I don’t have all the time to dedicate to my portfolio; I prefer to keep things simple.
I prefer to invest in ETF’s and Index Funds. I also invest in a few individual stocks. You can see a snapshot of what I own:
With Index Funds, you own the entire sector or market. I find it to be too challenging to invest in many individual stocks. Why eat one piece when you can eat the entire pie?
The trick with investing in the stock market is that you don’t want to be always checking your account. The market has ups and downs. If you’re like me, I look to invest in stocks I can hold onto forever.
From the stocks I own, I get paid a dividend quarterly. I also make money as they rise in value.
You can open an account for as little as $500. I use Vanguard to manage my portfolio.
If you’re looking to gain a lot of knowledge about what to invest in, read the book: Money: Master The Game.
Start A Business
If you’re not happy with your current job. You have two options, get another job or start a business. If you really want to achieve your desired freedom, you will need to start a business.
When you’re looking to start a business, it doesn’t need to be expensive. We’ve written an article: Four Ways To Start A Business For Under $100.
Starting your first business doesn’t have to be intimidating. You can start your side hustle while still working a job. No one is saying you need to quit your job cold turkey and go into business. It should be the opposite. Your business should be sustainable enough so you can quit your job. If your business makes drastically different amounts each month that’s not a sustainable business.
If you’re looking to start an online business, we recommend: Kindle Money Mastery.
Your end goal is to create a business that is making as much as your current job. Only then should you quit your job. Remember, this will not happen overnight. It takes a while to get your business to the point of sustainability. The reason you’re doing this is that you’re taking calculated risks.
What are you passionate about? How can that passion solve people’s problems? How can you get paid for that passion? These are questions you need to be asking yourself.
From your passion, you can write a book or create an online course. You can create a membership site with a monthly recurring revenue. This way you know you have a consistent amount of money coming in each month. You can be an entrepreneur and still play it safe.
Live Below Your Means
You may wonder where you will get the money to save 10%, invest in stocks or real estate and start a business. That’s a viable question. It starts with figuring out where you are spending your money. I can guarantee you’re wasting money each month on unnecessary items.
When you’re trying to quit your job and figure out other ways to create an income, the last thing you should be doing is spending money on things that will not help you get to where you want to go.
If the Government passed a law right now taxing more of your paycheck, you’d bitch and moan about it. But of course, you’d pay it because you wouldn’t want to deal with the penalties.
Downsize your house and your car. Sell anything you no longer use. There’s this fantastic website: eBay.
You are sacrificing today for the long term gain. When you live below your means today, you will be able to live above your means tomorrow.
Besides the basic necessities we need, food, shelter, and water, we need little of anything else. Anything extra is a bonus. People tend to over complicate their life with materialistic goods. You don’t need that new car or gadget. You want that new car or gadget. And for what? To impress people you don’t like? The quicker you take away your emotions from spending money to thinking logically, living below your means becomes easier.
If you want to quit being a slave to your paycheck, you live below your means.
View Your Paycheck As A Means To An End
Most people do work they hate to get a paycheck without changing how they view their paycheck. Do you not realize how amazing it is to get a paycheck? That paycheck is allowing you to live. You’re getting money you can put to use for a business.
Don’t view your paycheck as something you need to get, view it as a vehicle for what will be better in your life. If you manage your money, you’ll be able to use the money from your paycheck to create financial freedom.
The paycheck you possess today doesn’t have to last forever. The choice will be up to you. It doesn’t matter if you’re making minimum wage or six figures, how you view your paycheck will determine how well your life ends up being. Look at your paycheck as a way out of your current situation.
Quit letting your paycheck define your worth. Only you should be able to define your worth. At the end of the day, you can have all the money in the world and still to be a shitty person or you can have nothing and be an amazing person.
The quickest way to stop being a slave to your paycheck is to stop looking at your paycheck in a negative light and see all the positive it brings. And this brings me to my last point.
Change Your Mindset
You read this article because you believe you’re a slave to your paycheck. That right there tells me about your mindset. Because when you say that, you’re telling me you’re not actively looking for other ways to make money or viewing your paycheck in a positive light.
You’re a slave to no one, not even your paycheck. It’s how you view your paycheck that defines yourself. You chose the job you’re currently working. Only you can determine how the rest of your life turns out. Until you start taking 100% responsibility for your current situation, you’re never going to get ahead.
Each of us has a different perspective on money, relationships, religion, etc. When it comes to money why are some people poor and others extremely wealthy? It’s because their mindset about money differs.
As you grow up, you can have these preconceived notions that are programmed into your mind about money that can hold you back. Start to view money in everything it can do not for yourself but for how it can change the world. Once you do that, you’ll quit being a slave to your paycheck.
What was your favorite piece of the article? Let us know in the comments!