It's personal finance to investing and I get right into it so you want to quit your job I understand that but we have to be responsible. There are some people who just get upset they quit then they figure it out then there's you do your research and you ended up here.
You're doing the right thing let's make sure that we are prepared so that in general we can set ourselves up to live a life that we really want to live and if you want to quit our jobs we have a system in place that allows us to do so responsibly economically.
What is Wrong with Your Job
So first not to get all the therapeutical on you but really assess what is wrong with your job do you really want to quit or is working part-time and option. Is it just the industry or is it the company?
Make that assessment and don't sit around them just in a job that you hate okay allegedly the unemployment rate is extremely low so if you did want to move jobs and stay in your industry you could probably do so with ease but make sure you are applying for jobs before you quit to your job.
I would never advise somebody to just quit a job and then look for a job that's a bad idea.
If your main concern it's about the money we are going to talk about some strategies that will help pad your income but ultimately if you can work part-time maybe you can consider cutting some expenses and really budgeting tight so that you can get some of your life back and then get that mental cleansing that you need.
Back up Income
The most important thing is to have backup income whether or not you love your job when you want to quit or not it's really important to have multiple streams of income because you really don't know what's gonna happen and you got a diversified sidenote.
A lot of people always get like woo when you're talking to people you're a business owner well if this happens what if that happens you know but your day job is not guaranteed either the company could be going down the drain and you don't even know it.
There could be companies who are having billions of dollars of losses and people just work there then I in accounting so they don't really care but then the next thing you know you're laid off. Nothing in this life is guaranteed so if you kind of shift your efforts around you can at least hedge some of those risks.
Job= Money
We know the most important thing about your job is the money and maybe the free coffee because let's be real I who wants to spend 5 hours at Starbucks. If you want to quit let me ask you this.
How much money do you mean absolutely need every single month for you to be able to live with no problems?
If you cannot answer that question immediately. You have some homework to do you need to go and get all your bills together all your miscellaneous but necessary expenses and see what that number is.
Then you'll get an idea of, okay well I need this much of maybe passive income so that I have the leisure of working or not once you see what that number is right now see how you can refine the budget and see how you can really knock that number down so that it's less money that you absolutely need and you have that much closer to not working.
Get income and still not work a traditional job
How are we gonna still get the income and still not work a traditional job I'm glad you asked one of the best investments you can do that I think makes so much sense is what we call house hacking and that is the idea of buying a multi-family property.
Let's say you buy a duplex you live on one side and you went the other side out that tenant will be paying your mortgage for you so you're basically getting a free house if you do this the right way and.
For most people mortgages are and rent is the most expensive part of their budget. If you can get that paid for you can probably just work part-time right but the ghost work not at all so let's keep on going.
If you are curious I do have videos on what house hacking is so click this link above and you will get that information.
In America, we have it pretty good because you have super-low mortgage rates now and they have the FHA program which pretty much allows anybody even if you have a 580 credit score to get into a house but you have to do this the right way you can't just be buying a house at the top of the market everything all brand-new and I mean it like I said watch that video that I have put in the cards.
Billboard Renting
Another idea is billboard renting so I know you while you're on the way to the job that you hate you see different advertisements just all throwing up in your face.
You have an option to either buy that land and then rent out the billboard yourself or some companies also allow you to rent the billboard and then you rent to other people once you have that set up that's literally I mean that's as passive as it comes right the person wants to put their advertisement up.
There you collect the money depending on which method you choose either you pay off the person who actually owns property or you own the property so you're making those payments off and you're good to go and the best thing in billboards is something that I don't think is talked about a lot so if you're interested in me going in-depth and trying to figure out exactly what your options are and how kind of money you can see from it then drop it in the comments below.
Dividend Stocks
Another option is dividend stocks not to be confused with growth stocks remember what I consider an investment is things that make you money and if it doesn't make you money it is not an investment period.
Dividend stocks will pay you a certain amount of money monthly quarterly annually. The points is you are getting money the reason why I'm hesitant about suggesting this is because it takes a while normally companies aren't paying a huge amount of dividend.
You would really need to have a lot of money in your bank account before you actually see enough money to live off of but it's still a way to pad your income if you combine that with house hacking and with billboard renting.
Maybe you can do Airbnb so it's not only a long-term rental but also short-term rentals all those things coupled together do not take a lot of your time maybe ten hours a month and then you can do what you really want.
Growth stops our speculation it's not an investment because it doesn't really make you money until you sell it and there's no guarantee that when you sell it it's going to be higher than what you paid for so it's speculation. I don't care what anybody tells you.
Once you have these income sources built up then you need to try to live off that income for at least six months remember this, hello this article is not how to quit your job of facts it's how to feed your dog responsibly and you need to understand that if you want to be responsible you gotta take the time slow and steady wins the race.
We've all read that before so you have to be strategic you have to plan this out and really write everything down and get an understanding of what your financial picture looks like and what moves you need to make.
Live off of that income for at least six months do not spend your day job income the manager made for your day job put it in savings to go invest in another property or to go invest in some more stocks or to go invest in billboards are largely back to me.
There's a lot of weird businesses that you wouldn't think about that make people passive income because I have talked about in this website before it's not enough to save maybe when your parents were saving it made sense because of interest rates for like at seven-eight even in the double digits.
At this juncture of life we're getting points one percent maybe one percent I mean that's laughable and you cannot make a living off of a one percent return on your money.
Saving is so you can invest and you need to do this investment if you want to live a life that you don't have to worry about clocking in and answering to anybody so at any rate, the goal is to just keep that money stocked up for six months and if you've been able to do it successfully without touching your day job.
