Are you stuck in a job you hate but can’t leave it due to your finances? Let me share some moves you can make that will help you have more options for changing to a career you love. Here are four things you can do that will put you in a position to obtain freedom from a job you aren’t crazy about...
The following post is by MPFJ staff writer, Laurie Blank. Laurie is a wife, mother to 4 and homesteader who blogs about personal finance, self-sufficiency and life in general over at The Frugal Farmer. Part witty, part introspective and part silly, her goal in blogging is to help others find their way to financial freedom and to a simpler, more peaceful life.
One of the worst things about not having a solid financial picture is that it can literally ball and chain you to your job.
When we had tens of thousands of dollars in consumer debt and a bloated mortgage, Rick was literally stuck in his job.
There was no way we could make it without his income. He couldn’t afford to take a pay cut, or to look into working for a less secure company, or take a chance on self-employment.
With the situation as it was, we were stuck in the mud. Well, more like stuck in quicksand.
It was only after we started educating ourselves and learning about life, money, and business that we were able to put ourselves in a situation that gave us more freedom.
Today, we are well on our way to debt freedom, working on one business and in the process of starting two more. And Rick no longer works at his job because he has to.
Are you stuck in a job you hate but can’t leave it due to your finances? Let me share some moves you can make that will help you have more options for changing to a career you love. Or at least a career that you don’t hate quite as much as the one you’re doing now.
Here are four things you can do that will put you in a position to break free from a job you aren’t crazy about.
Freedom Step 1 - Start Earning Multiple Streams of Income
One of the reasons people are so stuck in their jobs is because without them, they’d have no source of income and no way to pay the bills.
However, if you work at developing two, three, or even more streams of income, you can put yourself in a situation where your job isn’t the end-all, be-all of your financial existence.
You can start choosing your alternative streams of income by making a list of what you would like to do for your work and what you’re good at.
As an example, a graphic designer could start their own web design business or sell t-shirt designs on Redbubble or Café Press.
Someone who is good at basic handyman work could start a side business as a handyman. Someone who is good at helping others could start a side hustle as a virtual assistant.
Your streams of income could include other part-time jobs or self-employed gigs.
In my case, a freelancing writing side hustle was what helped us break free from being tied to a job. I had no experience in the business other than I loved to write to share information with people.
After starting my own blog, it wasn’t long before I had people coming to me asking if I’d want to be paid to write for them.
I’ve been freelancing for over four years now, and this “extra” stream of income will result in a $30,000 boost in our income for 2017 alone.
Those “extra” streams of income could get you just enough money that going without the job you’re tied to will be less painful.
Or, those side hustle incomes could eventually put you in a situation where you can say “adios” forever to your regular job.
Freedom Step 2 - Work at Reducing or Eliminating Your Debt
Debt is a dream killer, my friends. Every debt payment you have keeps you tied to your job. If you have a dream to quit your job and do something you love, start buckling down on spending big time and kick that debt to the curb.
The less you owe, the more freedom you have.
Freedom Step 3 - Develop a Plush Savings Backup
A hefty savings balance will mean that you can transition to a job you love – or to self-employment – with a firm backup in place for any lean months.
I recommend six to twelve months’ worth of expenses in savings (aside from the money you’ll need to actually start a business if you thinking of doing so) for those wishing to be unchained to their jobs so they can transition to a happier career or business ownership choice.
Freedom Step 4 - Create an Achievable Career Change Plan
Leaving a career you don’t like for one you do is going to take some calculated planning. You’ve got to have your finances in order, have a clear picture of what your career change or business start-up will cost you and have a roadmap of how you’ll get from Job A to Career B.
If you’re leaving one employer for another, you’ll need to create a budget to survive on a potentially lower income.
Same for if you are starting your own business. Be prepared to spend some money and to go without income for a time as you work on marketing your business.
Conclusions
These four steps will help you to prepare to be financially suited to make a serious career change.
You don’t have to be stuck in a job you hate forever. Instead, make a solid plan that will help you transition to doing what you truly love to do.
***Photo courtesy of https://www.flickr.com/photos/electronicfrontierfoundation/14391621794/in/
