Escaping the Paycheck Life
One my goals is to escape the 9 – 5 hours work or the cubicle life. I’m always worried of losing my job, not able to pay for my student loans, running out of cash, foreclosure of properties etc. etc.
Before month end, the income is already allotted to expenses and it will only passby in my account.
Starting this month, I’m monitoring it properly 10% - Tithes, 20% - Savings and 70% to living expenses. I also decided to use credit cards for necessities to gain points and credits only not for luxurious spending. I wanted to reclaim my life and start clean with debts and commitments.
Today is 12/07/17 , I want to escape the cubicle life by 12/07/19 meaning 2 years from now. I will do the things I love rather than sitting on my desk for 8 hours preparing reports. I want to teach, give lectures, write, blog and manage my own coffee shop or small restaurant.
I have these 3 steps to share with you;
First; Zero Out my Debts . I have bad debts which is my credit card loans. I’m eliminating it for the next 6 months. It will be a tough 6 months before I start building my investments.
Second; Emergency Funds. I used up my emergency funds for the last 5 months because of my shift to a new company. I exited for 3 months without any active income coming, a very tough situation. This is one good reasons to save for at least 6 months of salary on a savings account.
Third; Side Hustle. I keep looking for side hustle and small business ventures that I will turn into full time gig. The money that I will earn from this side hustle will be invested to my investment portfolios.
What about you? Are you planning to escape from the cubicle life? What are the steps you are taking?
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Jonathan I. Ruiz, CPA, MIB