As ever when thinking about goals, dreams and ambitions, listen to your gut instinct. If you think about it if you cannot envisage an alternative future, how can you take steps towards it? Many people die a little more on the inside every day whilst stuck in traffic commuting to a job which at best they tolerate. Like a pair of binoculars that have gone out of focus, rather than viewing your current situation through a lens of fear or scarcity, how could you view your current circumstances through the lens of gratitude and appreciation? It is worth connecting with them more consciously, to resource and even inspires ourselves.
Think back over the last few months, when were you happiest, when did you feel most alive? Here are some of the ways I fuel my soul. The rat race is exhausting. If you have to stay in it for at least the short-term, then you need to know how to resource yourself. We all know the phrase if nothing changes everything stays the same. Whilst some clients I work within this area make radical changes in their lives, most people take small, regular steps which over time lead to the changes they seek.
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Sometimes this involves consciously spending more time pursuing a hobby at the weekend. Sometimes it means getting a new business off the ground by working on it at night. It might mean doing some research, having new conversations with people or volunteering to gain experience, but the point is you are leaning into something new and different. They feel like the rat, enslaved by financial commitments, routine and the burdens of everyday life. As adult humans we have one advantage over the rat, we have a choice and free will.
We can choose how we view our current situation. We can choose to stay on the wheel or we can choose to put effort into something different. We start by getting curious, by dreaming, by ceasing to bury our hearts desires and by balancing our need for security and approval with just a modicum of courage. Get Findable May 10, Mid-Year Review June 27, Escaping the Rat Race.
Where Do I Get Started?
How do you escape the rat race? Not only that, but these automated emails ensure a consistently high-quality on-boarding experience for customers as well. Again, these digital purchases are fulfilled automatically, this time digitally as emails with download links.
Royalty income: Consider the stream of passive income generated through creative works. Books, comics, apps, music, graphics, and so on are all great examples of passive income. Obviously, Stephen King is an outlier example, but there are countless lesser-known creators earning meaningful amounts of passive income from their works as well. Little to No Up-Front Investment of Capital: There are countless passive income sources you can begin building with little or no money. You can set up a website for next to nothing and begin publishing globally in a couple hours.
Just think about that for a second and let it soak in. Consider that reaching a truly global audience was unimaginable throughout all of human history until a few short decades ago, even for the largest of companies. Any Plans to Launch a New Website? If you ever decide to launch a new website, using the links below will support this site at no additional cost to you:. Low Barrier to Entry: The ease of reaching a global audience also lowers the playing field globally in an unprecedented way.
Do you remember that Gallup study we discussed above? In this interview , we meet a down-to-earth guy leading a rather simple existence. His modest lifestyle had long since enabled him to take a shortcut out of the rat race, skipping immediately to doing work he loves doing — rock climbing all day every day. As his singular focus allowed him to string together one impressive feat after another, his income from sponsorships began covering and exceeding his modest expenses. Rather than dramatically inflate his lifestyle, he instead established a charitable foundation and began donating a third of his income.
For a variety of reasons retirement, disability, declining interest , there are a lot of entrepreneurs looking to exit their reasonably successful businesses. But they have no succession plan in place and struggle to figure out how they might transition out of their companies. The only other option that had occurred to the previous owner was to shut the company down. So even the potential of five years of continued income was an attractive enough alternative.
Another friend of mine has built a successful business as a general contractor, but he feels most drawn to the Portfolio Income Strategy.
How I Escaped the Rat-Race and Became a Digital Nomad
He similarly struggles to imagine how his business might continue in his absence. Currently, his business is throwing off a few hundred thousand dollars per year in free cash flow. But he is growing weary of the work and feeling more and more like his business is the rat race he needs to escape from. Hosts Dan and Ian interview Tino Sage, the woman who bought their manufacturing and import business.
Joining the Engaged Minority: How much better could your life be if your work life contributed to your happiness? Passions evolve: While you may love your work now, the only constant is change. Circumstances change: Even if you remain devoted to your work, external circumstances are just as likely to change. Economic conditions might devolve. Valued co-workers may move on. Apple Music , Google Play , Spotify. While we often think first of the unexpected windfalls, there are actually a number of ways that people can actively pursue the Windfall Strategy beyond just seeking a wealthy partner or the quixotic pursuit of a lottery win.
A growth-oriented entrepreneur might defer taking earnings in the short-term and instead reinvest all earnings in pursuit of the potentially more valuable sale of their company down the road. Further reading: Now, J. Roth never could have foreseen selling his blog Get Rich Slowly 3 short years after he started it, let alone for enough money to fund his early retirement. I believe his success was largely the result of consistently doing one thing well — relentlessly focusing on what was best for his readers. Side note: And for yet another twist in J.
What It Takes To Escape The Rat Race - Michael Bonnell
Working for a Promising Startup: To recruit better talent than they can initially afford, many startups incentivize early employees by offering small percentages of equity or ownership of the company. Of course, most startups fail. But even a small percentage of ownership of a company that makes it to an initial public offering can result in a substantial windfall.
Many fortunes have been made this way for early startup employees.
One popular student loan forgiveness program was originally designed to incentivize young Americans to go into hard-to-fill public sector jobs. However, that student loan forgiveness program notoriously ended up casting a wider net than intended. Particularly for people with large student loan balances, these programs create a great opportunity to practice the Windfall Strategy.
According to the Wall Street Journal article linked above sorry for their paywall , the U. And many dentists have to borrow even more than that during residency. Through this application of the Windfall Strategy, one might live at or below the poverty level throughout medical school and residency, running up large student loan balances in the process.
Then by carefully adhering to the requirements of these programs, one can see hundreds of thousands of dollars of student loan debt erased early in their careers. Travis founded Student Loan Planner back in to help people with large student loan balances, navigating them through the evolving debt forgiveness landscape as well as sharing a variety of other related tactics. When executed successfully, the Windfall Strategy has the potential to radically improve your net worth all at once. High Risk: Businesses fail. Even if you successfully exit a business through a transaction or IPO, valuations might fall far short of your expectations despite all of your efforts.
Whether you call it a sabbatical, a mini-retirement, or a leave of absence, the basic premise is the same. Our sixth strategy is about structuring a temporary escape from the rat race. For many, the idea of sustaining their demanding work lives for decades on end with little more than a week or two of vacation per year is unbearable.
Sometimes, the best way to escape the rat race is to simply call a timeout, as Stefan Stagmeister shared in one of my all-time favorite TED talks. During a period of creative stagnation, Stefan found himself questioning the standard script of a 40 year working period followed by a 15 year retirement period.
He wondered if he could cut out 5 of those retirement years and weave them into his working years as follows:. But rather than just dismiss this dream as far-fetched as so many before him, Stefan acted on it. He closed his design studio for a full year so he and his employees could all take a yearlong sabbatical to refresh their creativity and perspective. During that year, he and his employees were completely unreachable.
How to Get Out of the Rat Race (Super Practical)
Any current or would-be clients instead received this message:. The yearlong sabbatical had such a profoundly positive effect on the quality of his next 6 years of work, that he and his team now repeat the sabbatical experiment every 7th year. Watch the video below to get a sense of the impact their second year-long sabbatical in Bali had on Stefan and his team.
Refresh your perspective: Perhaps the most important advantage of a sabbatical is the chance to get outside of the daily grind and see your life in a new light. Bandwidth for creative exploration: Many take sabbaticals to pursue passions and interests they struggle to otherwise explore.
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Occasionally, these experiments lead to sources of passive or passion income.