6 months ago, we quit our jobs for the final time. No more staring at the clock waiting for 5pm. No more Sunday night dread. We’d had enough. Haven’t you?
Since then, we’ve been turning the stories from all the financial freedom books into real life, making our own money on our own terms.
But this isn’t about us – it’s about you. With this article, we hope to get you thinking too about whether you’ve chosen the right path as a wage-slave, or if you wouldn’t rather join the scary but infinitely more rewarding and profitable path of working for yourself.
We’re never going back! Once you make the leap, we’re betting you wouldn’t want to either.
Alternatively Watch The YouTube Video > > >
We would never have had the confidence to make the jump if we didn’t have some investment assets to fall back on. Start building your Freedom Fund by checking out the offers and freebies on the Offers page, which includes a free stock giveaway from investment platform Stake, amongst others.
How The Money Situation Improved
As wage slaves, we could expect to get a 2% inflationary pay rise once a year, if we were lucky. As freedom fighters, we engineer a pay rise for ourselves every month.
We laid out how much we’re making now from our YouTube business in this recent article and video. Current income is actually a pay cut for us, compared to what we were getting from a job.
But our income trend over the last year is on average a 7% pay rise every month – at that rate, pay doubles every 10 months.
Anakin: “Is it possible to learn this power?” Palpatine: “Not from a job.”
A job trains you to think small, to be satisfied with a few crumbs from the boss’s table.
Do you think the founder of the company you work for was happy with a 2% annual pay rise? No – they decided to reach for the millions, by not having a job.
Does Quitting Your Job Free Up Your Time?
Not really! At least, not if you want to improve your lot in life. We actually spend more time working on our own thing now than we ever spent sitting at a desk in a job.
Some notable entrepreneurs like Grant Cardone believe you should work 95 hours per week, or 14 hours per day, to become a millionaire.
Gary Vaynerchuk, another successful entrepreneur, recommends spending about 18 hours a day working on your start-up for the first year of your business’s existence.
We don’t spend anything like the time that these winners spend making money.
But whereas in our jobs we would have spent 40 unproductive hours a week staring into space, now we might spend 50-60 hours building a business that helps people and provides for our future.
Playing The Time Game At Work
The absolute worst thing you can do as an employee is show up late, or leave early – it’s the #1 crime, far more likely to raise eyebrows than whether you’re doing the job right or not.
The #2 crime of course is not “appearing” engaged while you’re doing it.
We work in the information age, but the regimented daily grind for employees hasn’t changed much since the industrial age. You continue to play the game of 9-5, even though it feels wrong.
In the 21st century you should be able to work whenever you want, and leave when you’re finished, without having to ask anyone’s permission or tell anyone you’re doing it.
We went from managing our own work hours at Uni, to regressing back to a school-style setup where your time-in and time-out is recorded by a watchful overseer.
Isn’t being able to manage your own time part of what makes you an adult?
Employers and middle-management think it is their role is be the adult in the room, assuming you’ll slack off if unsupervised – which makes you a child to be monitored.
MU co-founder Ben once got told off like a child for taking a call about his rental properties during slave hours. But everyone should have some leeway to take the odd personal call. The problem was “appearances” he was told.
It rarely ever occurs to a boss to focus on the work output. No, they’ll judge you by the hours it took, and the more the better. Do you do a better job if it takes you 8 hours rather than 5?
Here’s a controversial thought: it doesn’t matter when you did the work, or where you were sat when you did it, as long as it got done!
The Con Of Flexi-Time
The biggest con trick introduced by the corporate world to keep modern staff in line is flexi-time.
Designed to make you think you’re getting a work-life-balance, it makes the focus be on logging your hours (again, not your output), and reinforces that you owe your boss a full 40 of them each week.
Sure, you could leave 2 hours early, having finished your task. But you’ll owe your employer 2 hours of bum-on-seat clockwatching to pay for it.
How Working For Yourself Beats Having A Job
#1 – No More Hanging Around With Undriven Wage-Slaves
Are you tired of being told what to do by people who aren’t very good at their jobs, and got promoted seemingly just by arriving early and staying late?
Their route to promotion was to act like a nodding dog to whatever nonsense their boss came out with.
They say you should spend the majority of your time with people who think like you do, and that you are the product of the 5 people you spend most of your time with.
The gap between our view of employment compared with those of the people we worked with in every job was so wide, it often felt like we were talking to an alien species. Why didn’t these people want to escape too? Where was their ambition?
Our circle has vastly improved since we stopped having to spend our daylight hours with committed employees 5 days out of every 7.
Now the people we talk to the most are all like-minded, with ambition, pursuing wealth and financial freedom, rather than just pursuing a pay check.
And thank god we no longer have those regular hour-long team meetings much loved by office managers. You know the ones. The ones where you want to kill yourself. The ones that could last 5 minutes, but don’t.
People’s views on meetings tend to fall into 2 camps:
Either you love meetings because they give you an excuse to avoid work, or you hate them because they are a total waste of time. Either way, time is probably being wasted.
#2 – Days Of The Week Become Meaningless
Now that we’re free from office drudgery, it’s not unusual to go off on a 2-hour afternoon walk and think, “oh right, it’s Monday”. Saturday and Sunday are no longer about cramming a weeks’ worth of chores into 2 days.
If you’re invited along to Go-Karting on a Wednesday morning, you just go. Your time is your own.
#3 – The Focus Is Changed From Hours To Outcomes
Now, we might work long hours on one project, while another might just involve firing off an email. Either one could make us a few hundred quid.
When you work for yourself, work starts when you want it to, and it’s finished when your task is done.
When we were wage slaves, if we finished our day’s work at 2pm, 3 hours of clock watching would follow.
While if the boss wanted us in until 7pm, there would be no extra reward, no paid overtime – just an evening ruined.
Freedom fighters stop doing any activity that wastes time.
We reckon our jobs were at least 30% pointless activities. Sure, we added some value. But did we need to be there for 40 hours a week to achieve the same goals? Absolutely not.
When you’re working on your own dreams, a meeting with a client or supplier is always in some way about making money for each other. There’s no reason to have the meeting otherwise.
It lasts as long as it needs to, and when the call ends, your business has moved forwards.
How Successful Are People After Leaving Wage Slavery?
According to the Telegraph, 660,000 new start-ups are registered in the UK every year.
These are mostly people like us and probably you, eager to escape the drudgery of the 9-5 and try to do something different with their lives.
Unfortunately, the same research says that 60% of them fail in their first 3 years. The reasons most quoted as to why the failure rate is so high are as follows:
#1 – No Business Plan
They have a dream without a plan. Of course, you dream of wanting to exit the work force, but you need to know what you’d be doing for the first year or so if you did.
#2 – Cash Flow Problems
Your biggest worry keeping you in a job is probably that you would run out of cash. We prevented this by saving up a disaster fund of cash, enough to support us for our first year if we completely failed.
If you want to know more about this subject, our video “Why You Need An F-Off Fund” should give you some inspiration!
#3 – Their Skillset Is Too Narrow
To run your own money-making operation, money legend Robert Kiyosaki tells us you need a basic understanding of the 4 basic skills of financial intelligence: accounting, investing, marketing and law (or the rules of business).
In this context, Accounting is a basic grasp of business numberwork like revenue and profits. Investing is knowing when to back yourself by reinvesting into your business. Marketing is how to present yourself to potential business partners and to your customers. A good knowledge of the rules will keep you from falling foul of the taxman, or saying something that could get you into legal trouble.
#4 – They Leapt Into The Dark
The main way that we avoided failure was by starting our business over 2 years before we quit our jobs.
The protection of a steady wage more than anything takes the risk out of a new venture.
It doesn’t matter so much if you fail if you’ve not yet left your job. We’d advise anyone wanting to escape the rat race to do it gradually where possible.
Give yourself multiple chances to succeed, rather than placing all hopes (and your emergency fund) into a single attempt.
Don’t Let The News Change Your Plans
We quit our jobs during the early phases of the Covid pandemic in 2020. Switch on the news, and the world was falling apart around us.
“You’re lucky to have a job” was the message from the media and from those around us, “especially in this economy”.
But we had our plan, which was to quit in Summer 2020, and that was that. There’s always some crisis going on – some reason not to take the leap.
Before Covid the news was telling us that Brexit was going to ruin the jobs market. And that Trump was going to start World War 3.
Looking back further, this graphic covers 78 years, with 1 big reason every year not to take any risks:
We’ve found it’s best to just turn off the TV and do what you want to do. Waiting patiently for years for something good to happen is an employee mindset.
For you freedom-fighters out there, it’s about what you can do today to change your life.
Do you dream of leaving the rat race behind you? Are you already walking your path to financial freedom? Let us know in the comments below.
Featured image credit: Koldunova Anna/Shutterstock.com