Escape Wage Slavery

Are you ready to escape wage slavery? A job gives us the illusion of security by having a regular working week and a regular wage. Once we have a regular income we establish our life based on what we regularly earn. However, there’s a couple of points which are worth acknowledging here. Firstly our job can be taken away at any time by our employer, so ultimately there’s no security there, particularly in today’s financial climate.

Secondly it is in people’s nature to spend more than they earn, particularly if they trust their income source and establish it as the “norm”. They will establish some kind of credit whereby they can purchase things they otherwise couldn’t afford. They buy a house, based on their wage and tie themselves to a long term repayment scheme (a mortgage). These extra spendings accrue interest and entrench you in your employment.

escape wage slavery

So the best thing you can do to escape wage slavery is to avoid debt like the plague. If you have debt already, get out as soon as possible by paying off more than your minimum payment every month. A credit card charges interest on your debt, which means the further you fall into debt, the larger your interest payments are. Before long, if you only pay the minimum, you’re paying a heap of money each month just in interest, and never paying off the lump sum.

Without this millstone around your neck, you are far more free to make better decisions. You can be more flexible in your employment choices, for example. You can take a pay cut to take on another career avenue, for instance. Or use some income to build an online business, or start a new project. When you’re facing huge monthly payments you can’t afford, you only entrench yourself into doing more of the same.

Escape Wage Slavery – The Latte Factor

Besides getting rid of debt there’s other things you can do to escape wage slavery. Since most people are likely to spend beyond their means, you can also take an inventory of your weekly spending habits. David Bach, in his book The Automatic Millionaire, calls this your “Latte Factor”. The Latte Factor refers to those Latte coffees you might purchase every other day at Starbucks or Costa. You might also treat yourself to a flapjack, or donut! While this seems like a small, innocent purchase, and will only set you back around $5 or so, if this habit becomes a regular one it will cost you $912.50 over the year just doing it every other day!

build an online business

While you may justify small spendings like this, it’s an example of where money goes which you may become completely unaware of. If you have a regular income, you justify the spending. Slowly but surely your little daily habits become weekly and monthly habits which become engrained into your habitual lifestyle.

When this happens you become all the more dependant on your job for the income, entrenched in your habits and lifestyle which you now need to survive. Without these habits, you have more choice and freedom, especially if you put money aside for a rainy day!

The Rainy Day Fund

Once you have made an inventory of your weekly spendings, you’ll be more aware of where your money is going. This is a task worth doing, if only to open your eyes to your unconscious spending. Once you see the money going out, you’re better empowered to change things, knowing that the small spendings ultimately drain your funds and tie you to your job.

You could even give up your “latte habit” which would save you $912.50 in the above example! So instead of spending $17.55 a week on coffees and a donut, you could instead start a weekly payment into a savings account, for example. This should be automated so as to eliminate the possibility for changing your mind or forgetting. By automating the payment, you just become accustomed to the spendings, as you would with your other spending habits or bills. Only with a savings account, the money accrues in your savings. Ideally start up an automated payment which you can afford and you won’t miss much. Over time slowly increase the amount, if possible.

escape wage slavery

This fund can be used for other options and possibilities to earn more income, or start a new venture, rather than to splash out on a new car! In his book Rich Dad Poor Dad, Robert Kiyosaki explains the difference between liabilities and assets. While you may think of a car as an asset, it’s actually a liability because it doesn’t bring money in. Rather, it depreciates in value and costs money to run! Robert Kiyosaki advocates to build your assets and reduce your liabilities, especially if you wish to escape wage slavery!

Escape Wage Slavery – Big Hat No Cattle

Have you heard the phrase “Big hat no cattle”? It’s an American expression which comes from ranchers meaning someone who is all talk and no substance. A similar British phrase is “all mouth no trousers”! The ten gallon hat is often worn by ranchers who own a large herd of cattle. However, some will wear a big ten gallon hat, but only to look the part. They don’t have any cattle (or substance), so hence “big hat no cattle”.

escape wage slavery

In today’s modern world it’s difficult not to fall for the appearance of wealth in all of its forms. A big car, or a fancy watch, for example is often the accessory of someone who has had large financial success. To look wealthy, you only need the accessories, rather than the means. This feeds back into creating debt by living beyond your means. So if you have the outward appearance of wealth, but struggle to maintain or support it financially, you may be “big hat no cattle”!

“Don’t be a great pretender, pretending you’re doing well when you only look the part” – Thomas J. Stanley’s book Stop Acting Rich. The money habits of the wealthy are to maintain a low profile, (living well below their means), while building assets and reducing liabilities.

Sell Things, Not Your Time

Most people will tell you to get a job and work your way up. But those who have actually escaped the need to trade their time for money in a job have escaped by doing things differently. They have created some financial leverage in their lives somehow and no longer have to trade their time for money.

One of the best ways to do this is by selling something. Today, almost anyone can learn how to do this with a clever business model known as affiliate marketing. With affiliate marketing, you don’t need any products or services of your own to profit from selling on the internet.

escape wage slavery

Affiliates promote and sell other people’s products for a share of the profit. Because this process can be automated, using systems and technology, you can automate the selling process and step away from the “time for money” trap of earning a living.

The slow way of escaping the trap of having to earn a wage is to save and invest, and limit your spendings. Pay off your mortgage early, if you have one, and reduce outgoings. The fast way to escape 9 to 5 is to use a system to sell products and services online. If you’re ready to learn more access a free video series on this website. Start here.

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