Save More
An extra dollar saved is worth far more than an extra dollar earned. Extra earnings are taxed so, you do not get the full amount. For most people, expenses always rise to match income. The more you make, the more you spend. Consider this, if you take home $3000 per month in salary and spend $2500, you save $500 per month. If you were to cut your expenses by 20 percent to $2000 per month, you could double the amount you save. With $2000 per month of expenses your savings per month are $1000 on the same income. At the end of the year, this 20% reduction in expenses will amount to an extra $6000 in savings. That is enough to live for six months or more in many countries around the world.
Earn More
In the year before you are leaving, work extra hours or find another part-time job. You will probably be taxed higher for this additional income, but it will still make a large difference to your total savings. There is an added benefit, the more you work the less time you have to spend money. This can have quadruple the effect on your savings. You will make more and spend less.
Before your quit your job, make sure you have least a small base income to support you until you are successful. Many people think they need to quit their jobs and dedicate themselves full-time to their dream work. That is just an excuse. If you really are an artist, author, musician or entrepreneur, you will always be progressing toward your dreams regardless of whether you have to work other jobs or not. You don’t want to be in a situation where all your creativity is focused on how your are going to pay the rent and eat. That does not advance your goals. Even with full-time employment, a dedicated artist can still find an extra 20 or 30 hours per week to work towards their dreams.
Keep in mind that your dreams may not be a career at all. Not everything you love doing will pay the bills and support the lifestyle you want. You may very well have to separate your income earning activities from your hobbies. I personally like to work out, I love to play guitar, I enjoy eating great food and I gain great satisfaction from writing. These are all hobbies, I don’t expect to earn a sufficient income from them. I make income from work that I enjoy less but still brings me some fulfillment. Learn to separate your hobbies from your profession and you will have a much clearer path to a quality lifestyle.
Making money is important but you don’t have to work in a lousy job you hate. There are ways to make money without a job, and most will eventually pay more. Here are some ideas:
1. Start a business
Despite the failure rate of small businesses start ups, entrepreneurship is still the surest way to riches and self-security. Your success is completely dependent on how hard and how well you work. Give great service at a fair price and you will not have much difficulty earning more than you would working for someone else in a comparable job. The biggest reason for most start up failures is that people try businesses they know very little about and/or have little interest in. All over the world, it is easy to pick out the great businesses from the ones likely to close their doors and pull down their signs. Good businesses truly care about customers, they pay attention to every detail and they constantly strive to improve. Before you put your life savings into a business you know very little about, get a job in the industry and learn everything you can. Visit many competitors and study who is doing well and why.
2. Freelance
If you have an in-demand skill such as web development, graphic design, video production, or public relations, sell your services online. This kind of work can often be done anywhere in the world with an Internet connection. Of course, there are phenomenal amounts of competition so money won’t be gushing in immediately. However, great people who constantly over-deliver will always be in demand and can fetch premium rates once they have a track record.
3. Work Overseas
Starting your own company is often key to providing future financial security however you don’t have to start it immediately. Sometimes just getting away from your normal routine in your home country is enough to provide a jump start on your path to future success. Find a job teaching English or working in a bar in a foreign country. The salary may be less than what you are used to but at least you will not be using your savings to live. It is also highly likely that you will gain new perspectives on what you would like to do with the rest of your life.
4. Start your own Blog.
I put this in here just because so many people are flocking to those overpriced get rich quick schemes on the internet. Yes, it is possible to make money blogging. Many people are doing it so I certainly don’t want to say it is impossible. Just don’t fall victim to all the scams. Things that sound too good to be true, ALWAYS are. There are extremely low barriers to entry for blogging and most internet business. That is why everyone is doing it. Many people who start to research blogging get the idea to launch a “Make Money Online” blog. I did. The trouble is so did everyone else. The people who are succeeding online either started long ago when competition wasn’t so fierce and/or they put in a lot of hard work to develop lots of quality content and market themselves well. Again, I am the last person to say anything is impossible. The point I want to make is that success is never easy. If you are willing to do the research, learn the skills and do the work, you can accomplish anything you set your mind to. Just don’t waste your money on expensive programs that will do little for your future success. Click here a previous article on “Make Money Blogging”
5. Internet Start Up
If you have the skills and insight this is still the greatest opportunity. A couple of people with the right skills, work ethic and a good idea can still change the world. Companies like Google, Yahoo, Facebook, Linkedin, and StumbleUpon were started with little money and a small team. We live in an age of ideas. A great idea, executed well is still the fastest way to fame and fortune.