This guide will teach you how to quit the rat race in 8 useful steps that will be actually helpful to change your routine for good
How to quit the rat race? This is a question most people are interesting to find the answer, especially if its in a sustainable and fast way.
I personally haven’t met anyone who has a 9 to 5 job that hasn’t dreamed about quitting it for good.
A frustrating career and a constant wanderlust are among the main reasons that might lead you to quit the rat race. While finding reasons to explain why you want to quit your 9 to 5 job might be easy, there is another much more complex question.
How to quit the rat race?
Is it even possible to quit your full time job and start a completely new lifestyle?
The answer is yes, and the path towards freedom might be easier than you imagine.
1 – Introduction
2 – Planning/Saving
3 – Quitting Your Job
4 – Downshifting
5 – Buiding Skills
6 – Starting a Business
7 – Reaching Stability (Diversifying)
8 – Automating your Business
There are many motivational blogs telling you have to change your diet and meditate to improve your lifestyle. They are right, but that’s not objective, and it doesn’t bring income.
In this post we will go through a clear, step to step guide to quit the rat race. The method I recommend involves building an online business.
If you want to build an offline business, the strategy is quite similar, so you can adapt much of it to any business plan.
There are many online “coaches” selling “how to make money products”, and making a living through this. There are also many “gurus” who will teach you to be a leader, without having EVER ran a company.
This post has nothing to do with all this sort of foolishness. It’s straight-forward and objective. There are no abstract and idealistic metaphors here.
It is just ONE WAY to quit the rat race, there are certainly many others out there.
Planning / Saving
You may quit everything today without a plan, and this may actually work. However, some planning might help your chances of success drastically.
The very first step to quit the rat race is paying off your debts, and save money for at least one year of subsistence.
If you have a mortgage and a car lease to pay off, you are as far as you can from your personal freedom.
Organize a plan to live frugally or work more, until you have enough money to provide one year of all your living costs.
But how much does one year of your life cost?
If you live in Manhattan or Switzerland, it costs a lot. However, in many destinations that you can move to make your project happen, the cost of living is low.
You will need around 9 thousand dollars to live and work in one of these dream destinations. Even if your income is zero.
There is also a minimum capital you will have to invest in your business. It can range from 50$ to 1000$. To make things easier you will need 10.000 USD to quit the rat race SAFELY.
In fact, you can do it with much less. It really depends on your lifestyle and how fast you want to quit the rat race.
Quitting your Job
This is probably the biggest motivation any one can have to start a successful business. The peaceful feeling of freedom and to control your own schedule often leads to euphoria.
Bear in mind that between the moment you quit your job and your business start to profit, things will be unstable.
The motivation for having just left your aimless routing will be the drive to build a successful business fast. Use it, as it peaks when you leave your job and decreases over time.
The secret here is to make your business profitable before your motivation ends. If this doesn’t work, you might find yourself without a job, without motivation and without money. That would send you straight back to the rat race.
And no one wants that, right?
4 – Downshifting
As you are left with no income now, it is time to downshift. You will have to keep on this regime until your business becomes sustainable, and there is no time frame for it to end.
If after 12 months you can go back to the lifestyle you had in financial terms, consider it mission accomplished. If you can already have a frugal life from your business income, it is also a win.
Sometimes, you might be earning even more than you did before. And even, from an activity you consider exciting.
Here are some locations you can live nicely with 800$ per month, with high speed internet and decent standards:
Lake Atitlan, Guatemala
Rzeszow Poland, Photo by jmv
You can start your online business from any of these locations. Renting is cheap, the internet is fast and the food is great.
You can actually build skills before you quit your job. You can start it even today. Even if you have money to outsource most of the work, understand what is being done will improve the quality of your product while saving money.
When you outsource any kind of work there are many people who will try to rip you off. If they know you have no idea about the task you are asking, they will drain your funds fast.
Build the skills that will guarantee your freedom, no one can take them from you. In the online business environment, normally they involve coding and marketing. Trading, accounting, video and image edition are also valid.
Make sure you become a good writer. It is really easier than you expect. There are many online tools to verify the quality your texts.
Personally, I really respect the guys from Yoast SEO.
Start a Business
The chronology of your success has to be fast paced, especially at this stage. From the moment you leave your job to the day you start your business, there is no time to be wasted.
Ideally, you can start a business even BEFORE you quit your job.
This might be complicated however, as any business require a lot of time invested. Your job consumes most of your useful time, but if you can juggle both things for a while, it can be a good approach.
Regardless of the type of online business you want. You will need a website. Even if you sell on ebay or develop apps, having a website enhances your brand credibility.
Ideally, I recommend selling products and services directly in your site. This will give you much more flexibility for you and your business model.
All you need is a domain name, a hosting plan and nice WordPress theme.
You will need a domain name. Get one from Namecheap.
You can get your hosting plan from Bluehost.
A nice WordPress theme will improve your credibility. Get one from MyThemeShop.
You can have this all for around 100$, however i can be more expensive depending on the type of domain and your hosting plan.
When it comes to what type of online business you want, here are some options:
It really depends on your focus and skills. Choose the one you are more passionate about, because you will have to do it constantly.
7 – Reaching Stability (Diversifying)
Things online change at a very fast pace. I strongly recommend you to focus on more than one income stream.
Ex: if you want to travel around the world by bike, you can use these income streams:
Ebook for Bike Travelers
Dropshipping of Cycling Related Part
Affiliate Marketing of Cycling Related Products
Ex 2: if you like to cook Asian food, you can use these income streams:
Adsense from Recipe Videos.
Affiliate Marketing of Pots and Spices
Create your Sauce Brand
Sell Ebook with Healthy Diets based on Asian Cuisine
You can monetize virtually ANYTHING, really.
But it is important to diversify, as online market trends change really quickly. Having just one income stream can be quite problematic and dangerous.
8 – Automating your Business
Once you have your business up and running, it is time to automate it. I don’t recommend automate it entirely, as the quality of your products and services might decrease quickly.
But there are many tasks which can be automated, until you find the perfect work-life balance. Some of the tasks that can be easily automated.
Here is part of the work which can be easily automated
1. Blog Posts: not the super useful ones, but to expand your content and keep it fresh with a good quality
2. Social Media: making your social media to grow, talking to your customers on facebook, twitter, youtube, etc.
3. Processing orders: if you are on retail, processing orders can be really excruciating, try to automate that as soon as possible.
If you have reached this stage, your whole life will be so different than it used to be when you were stuck in the rat race. I truly wish so to all my readers who are brave enough to live a relaxed life, without working for someone else.