It seems as though we are all fed a script from the time we are young. Go to school, do well, go to college, graduate, get a good job, get married, have kids, work for 40 years. Retire. For most Americans, this is the “normal” route, and one that defines the perfect life. The reality, however, is that many people live lives of quiet desperation, wishing they could find a way out of the rat race and off the treadmill of working their lives away.
How people get stuck
Getting stuck in the rat race is actually pretty easy. Getting out, not so much. Most people can remember a time when they were just out of their parent’s home, young and free. Their needs were simple. A cheap apartment, some simple food, a car that got from point A to point B. They spent their days doing what they loved after work, or maybe even just hanging out with friends. Then things changed.
Marriage and family becomes an expectation at some point, and getting a good job is crucial for providing for your new family. With marriage comes buying a home and all of the “extras” that come along with it. Weed whackers, lawn movers, vacuum cleaners, smart refrigerators. New cars, kids, bikes, preschool, sports leagues—and now you’re working around the clock to pay for it all. Spending the days enjoying yourself is a thing of the past. No longer can you hop on a bus, end up in a new town and spend a week exploring, meeting people and just soaking up life.
How to escape the rat race
At some point, everyone fantasizes about their escape from this self-imposed prison. Few do escape, but not without meticulous planning and strategy. The first step is to decrease your expenses. Getting rid of expenses will get you closer to freedom. Mortgage payments, car loans and credit cards will keep you stuck. Get rid of these things or reduce them as much as possible. Consider renting out part of your house for additional income, trading in or selling your car and getting a cheaper one and consolidating your debt to lower your monthly payments.
The next step is to increase your income and to find a source of income that you can use to fund your life without full-time work. There are many side hustles and second streams of income available to help you to pay down debt and make more money faster. Consider boosting your investments and creating a solid financial plan with a firm deadline in mind. Define what your new life looks like and work toward that. Do you want to start a new career as a woodworker? Spend your life traveling the globe? Become a chef? It’s up to you. All you have to do now is get your family onboard and work together as a team to make your escape possible.
By being conscious of your spending, cutting your expenses and increasing your income, you can enjoy the freedom of being able to wake up each day and craft your ideal life.
