We hated our jobs – all of them. And we’ve had a lot of them over the years. The hours, boredom, the commute, the boss, the culture, the salary, the clothes, the coffee options…
We’ve tried and failed to find meaning in countless jobs over the years, and came to the conclusion in our late twenties that nothing else could be done, other than leaving behind the financial security of jobs, and choosing financial freedom instead. We could spend our days working on someone else’s dreams no longer.
We suspect we are in the minority, because unlike most, we’ve chosen to walk away from fairly decent careers in pursuit of a better life.
It strikes us that the vast majority of people must be happy working a day job, since they stick at it for 40+ years.
Maybe this is why so few people choose financial freedom – they like working for someone else.
But if you’ve come to the conclusion that you’re in the minority who want to live their lives on their terms, rather than an employer’s, then this article is for you. 5 steps for quitting all jobs forever… Let’s check it out!
Step 1 – Ask Yourself: “Do I Really Want Freedom?”
If you want to quit all jobs, the only way to do that – aside from turning into this – is by setting yourself financially free.
But freedom isn’t free, and it comes at the cost of a great amount of effort. Before you commit yourself to it, you should take time to consider the alternatives.
We despised all the jobs we’ve had, but maybe you just dislike your current job? Could changing jobs to a different employer solve your problem?
Or could you move roles within the company to scratch your itch? If your beef with your job is one of the following you might just need to switch jobs:
- Your boss is a pain in your ass
- Your commute makes you want to hit things
- You are paid a pittance
- The culture is from a bygone age
- Your job is like watching paint dry
The situation with Covid and widespread home working may have made some of these points more bearable, like escaping a bad office culture or a tedious commute. But there’s no guarantee of these privileges lasting long term.
Whereas, if you you’ve tried many jobs and find you are consistently saying the following, it might be time to sack off jobs completely, and engineer your financial freedom instead:
- You hate spending your time working on someone else’s dreams and priorities
- You want to manage your own time, and a regimented 9-5 workday just doesn’t work for you
- You don’t want or need a boss – you can make your own decisions
- You don’t want to trade time for money. You realise that rich people don’t do this.
If you identify with any of these last points, you’ll probably realise – as we did – that almost no jobs operate in such a way as to be compatible with these views.
But you can’t just up and leave the employment market entirely, unless you’ve prepared the ground beforehand. Steps 2, 3 and 4 are about preparation for the leap to freedom.
These steps should be undertaken alongside your job, and may take a couple of years to set up, so the sooner you start the better.
If you really hate your current job, a good interim step we’ve found in the past is to quit your current job and take on another, with the longer-term plan being to quit all jobs within a specific timeframe.
The first months in a new job you’ll be learning something new, so at the very least it’s a much needed change of scene.
Step 2 – Become An Investor
If you’re going to escape the workplace, you’re going to need other forms of income, and one of the easiest ways to do that is to put your money to work for you.
You can work for yourself as a self-employed business owner too, and we will get to this in Step 3, but even that might one day end up feeling like a job – something you have to do to pay the bills, and another form of routine.
Investing is passive income, which needs almost no input of time once it is established and is your 20-year plan to cement and secure your status as Financially Free.
It’s important to realise that investing is unlikely to be an immediate turnaround, but you should start now while you’re thinking about freedom, or it will never get going.
That said, some investing can be quick to get off the ground, and quickly establish a life changing income stream.
We’re thinking here of withdrawing equity from your home to invest into rental property. You know those tedious TV adverts telling pensioners they can withdraw equity from their homes? Well, young people are allowed to take equity from their homes too.
As we cover in our YouTube video Noob To Expert, MU’s Ben took £30,000 out of his home to buy a rental property on a mortgage, which continues to make £300 after tax rental profit each month.
Equity release aside, and if you don’t have significant savings, it may take several years to build up a sizable investment portfolio of stocks and shares.
The earlier you start, the more your money will snowball.
Whether you receive your passive income from rental income, dividends or even interest from bonds or peer-to-peer lending, it is important to get even a few hundred quid extra each month.
That same Noob To Expert video covers how to start investing, no matter your experience level, and still get brilliant returns on the stock market, so be sure to watch that next if you missed it.
For those about to quit their jobs forever, this extra cash flow will make all the difference.
Start investing on a free trading platform like Freetrade or Stake and get given a free stock worth up to £200. Check out these offers and more on the Money Unshackled Offers page.
Step 3 – Start Your Business
Very few people can successfully start a business immediately after a job and start making income off the bat.
If you can, it will probably be by trading time for money – essentially continuing your job but on a contractual basis. Here we’re thinking of maybe an employed electrician who decides to go it alone, or a hairdresser who goes off to start their own studio.
You might be happy with this setup, and it might resolve your personal problems with employment, like any one of the first three issues that can come with all jobs.
But if you want lots of money as well, you’re going to need to address the 4th point, which means not trading time directly for money.
If you’re happy just to work for yourself, skip ahead to Step 4. For those who want to be rich as well, you’re going to want to set up a specific type of business – a scalable one.
Creating scalable income is one of our favourite topics – it should be taught in schools; the government should run public service adverts about it; it should be on the tip of every child’s tongue when asked what they want to do when they grow up.
A business which scales is one which may still take up a lot of your time, but each month makes you more money than the one before it.
You do this by reaching more people with your same product, and the most common way to achieve this is to run your business online, with a product which is digital and hence can be sold 100 times, or 100,000 times, for the same cost and effort.
Whatever your business, start it now while you are still ploughing the field and toiling the mine for someone else – you’ll need that period of overlap.
Scalable businesses tend to scale up from zero – as in you may get nothing for months while you develop your product and customer base – so it’s wise to have an income from a job while you do this.
Step 4 – Get Your Ducks In A Row (as best you can)
When you leave wage slavery, the banks will initially snub you. You will struggle to get a mortgage or credit card, or restructure any debt.
The tax that you pay on your profits will be the banks’ only real way to check how much money you make now, and it might be a couple of years before you submit your first self-assessment tax return to HMRC.
In fact, as an unemployed entrepreneur, a bank might be inclined to let you slip onto a high-interest variable rate which it knows you might struggle to afford, rather than let you restructure onto a lower fixed rate.
The same goes for credit card debt – frustratingly, they want you to prove you can afford the repayments before they give you a lower rate.
If you’re about to break your chains of servitude, you’re leaving behind a privileged status which the banks hold in high regard.
For whatever reason, they regard a person with one income stream from a job – who could be fired at any moment – as safer than an entrepreneur who has built their own income stream or even multiple income streams from businesses and investments.
As many are sadly finding out with the Covid crisis, a job is not at all safe, when the decision about whether or not it should exist is not in your hands, but your employers. Or even, the government.
The moral of the story is, get your mortgage and other debts under control, and the terms locked down, before you hand in your notice to HR.
Step 5 – Commit
As you approach your leave date, you’re going to want to set a date, and stick to it, come hell or high water.
There is never a perfect time to leave a job. There’s always something happening in the economy, some virus trying to kill you, some poorly timed car or house expense…
If you keep pushing back your exit by a few months, you may never leave.
You might even be bribed into staying. Often when people quit jobs, they’ll be extended an improved offer of money or some other benefit in an attempt to keep them.
If this happens you should remind yourself why it is that you’re trying to leave in the first place. Was it for more money? Or because you hate being trapped and want a better life?
When setting your end date, you should consider the timings of bonus payments, and whether you are likely or not to have the opportunity to take voluntary redundancy.
There’s a lot of that going round at the moment.
And now that you’ve set your sights on freedom, don’t lock yourself into any silly workplace schemes.
One of our last wage-slave masters tried to keep employees locked in for 3 years by pushing their share option scheme.
The scheme was good value for money, but you had to stay an employee for at least 3 years or lose your benefit. How many would attempt to leave a job they hated after 2 years, a year before a potential 10 grand payout?
Other employers will trap you with qualification schemes, where you must agree to stay with them for X number of years after you pass an exam that they’ve paid for.
Failure to comply will result in huge fees. We both started our careers under similar such schemes.
When you’ve made up your mind to leave, leave. Your mental health and happiness might demand that you leave a job immediately and get another one in the interim.
But if you can, take these steps to leave employment in a planned and unrushed manner, and your finances will thank you for it!
Do you crave financial freedom or to be working for yourself? What are you doing about it? Let us know in the comments below!
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