How to escape the rat race and work from home even if you are over 60! Daily cash online from home 2018
First, what is the rat race?
A rat race is an endless, self-defeating, or pointless pursuit. The phrase equates humans to rats attempting to earn a reward such as cheese, to no avail. It may also refer to a competitive struggle to get ahead financially or routinely.
The term is commonly associated with an exhausting, repetitive lifestyle that leaves no time for relaxation or enjoyment.
Now that you know what a rat race is, you probably, like the most of the people who live on this beautiful planet, are part of this endless loop. BUT, how can a normal human being can actually get out of it?
Well, this worked for me and it’s generating me thousands of dollars daily. It’s an amazing opportunity that I totally recommend. I actually encourage this if you are looking to earn online or basically any person who’s having a stable internet connection and 30 minutes a day.
However, there are other ways too:
- Building and selling a small business
- Extreme saving — and acquiring income generating assets (cash, property, stock, bonds)
- A passive income product/business
- Founding and selling successful startup (or being a very early employee at one)
1. Building and Selling a Small Business
I distinguish between “small business” and “startup” in the following way: we assume that a small business follows a clearly established and easily copied business model, doesn’t require much financing, and is profitable relatively quickly. Furthermore, it does not grow beyond a certain size. In short, a less risky endeavour than a startup.
There are a lot of sub-types within the umbrella term “small business”, let’s consider the following:
A. Cannot operate without you (and hence cannot be sold) e.g. One-person consultancy business, one-person dental practice, a restaurant where you are the star chef
B. Requires your input, but can be sold and/or handed over to a replacement after it grows to a certain attractiveness e.g. A business with assets and intellectual property, a services business with processes in place and an existing customer base, a successful restaurant/fast food franchise, a large blog with multiple writers, a laundrette.
Option A doesn’t get you out of the rat race anymore than being a regular employee, except it might be easier to work from home and/or work remotely. On the other hand, option B allows you to sell the business or hand over day-to-day management to someone else whilst continuing to receive a share of the profits. Option B is what you are looking for.
What this boils down to is not trading your time for money. Financial independence is about creating alternative income streams. There are many books written about how to start a business, so I won’t try and cover that here. The main thing is that as you pick the type of business you intend to start, you consider whether it falls into category A or B above.
2. Extreme saving
This is the route whereby you work as a regular employee, but save a much higher percentage of your monthly paycheck than average (usually > 60%). You invest said saved money in income generating assets, typically index funds, bonds, buy-to-let property etc. Once your asset “stash” generates enough income to cover your cost of living, you are retired.
A favorite reference for this topic is the Mr. Money Mustache article on the simple math behind early retirement. Basically, it’s the point at which passive income (typically the ~7% annual return you can get on investments) is enough to cover your living expenses. For instance, if you have $500,000 of investments, and you can cover your living expenses with $25,000 per year, then you are financially independent. It will be less than that if you relocate somewhere with a lower cost of living, where you can live well on $1k per month — I’ve built a tool to allow you to play with the numbers in different places.
A big part of this method is identifying what you really value. If you examine the trappings of a consumer-driven lifestyle, you will discover a lot of waste. Adopting a more skeptical view of consumerism and embracing a DIY mentality has allowed “extreme savers” with regular jobs to retire in their early thirties.
3. Creating passive income products or businesses
This refers to businesses or products which require an upfront time investment to setup, but once complete run automatically, i.e. generating passive income. Examples include:
- Software as a service
- smartphone apps
- e-learning courses
In contrast to other options, this option is relatively easy to pursue part-time (see the section below on chaining methods for why this is important).
4. Building and Selling a Startup (or being a very early employee with significant stock options)
This doesn’t necessarily mean Zuckerberg-level success, but we are talking about the sort of business that gets acquired for many millions of dollars.
This option is the classic “high risk, high reward” choice. Most startups fail. Those that succeed become can generate enormous profits. There are two types of end-games for this approach:
1) Build something and sell it
2) Build something that you love so much you don’t want to do anything else (an amazing result)
How to start a startup is also a colossal topic. The best place to start for that is Paul Graham’s blog.
There are smart ways to go about managing the risks inherent to the rat race escapes strategies, whilst balancing your quality of life.
“Chaining” escape strategies, is combining them in different permutations. It is quite possible to spend years working on a business, then spend years pursuing extreme saving, then to join a startup. However, certain combinations perform better than others. Here’s an example to consider:
Thinking through these scenarios shows that you that certain sequences have far more favorable outcomes. You can mitigate the risks of starting a business (or a startup) by engaging in extreme saving before making the leap. Alternatively, if you do want to start a business early, cutting your losses fast if it is not working leads to a better outcome (if the business would go on to fail, which of course you would never know). These are obviously huge simplifications and generalizations — the point is to stimulate thought about how you time your escape strategies. In reality it is incredibly hard to know when to shutdown a business, and people toil away for years on projects that appear promising but ultimately do not bear fruit. Also, opportunities do not come at the most convenient times. The point is to at least have the broader picture in mind, to understand the game as you think about how best to play the cards you have been dealt.
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