Wouldn’t it be nice if you could quit your job and not have to worry about paying your bills?
Even if you enjoy what you do, I think it’s fair to say that having the option to quit whenever you want while maintaining the same standard of living would be awesome.
I have come up with a list of nine ways.
- Earn more
There are multiple ways you can earn more money. For instance:
- Work more hours. If people usually work 40 hours a week, you could try working 60 instead. However, there are only 24 hours in a day. There will be a limit on how much you can trade your time for money.
- Have a high income skill. To be worth more in the workforce, you need to become a person that is harder to replace. It would be in your best interest to develop skills that make you more valuable. Ex. If you’re the only person that can fix X, then you will be compensated more. But if you were selling popcorn, they can easily hire someone else to do your job. (No offense to those selling popcorn)
- Side hustle. This could be a business, being a social media influencer, your own personal project, and etc. Basically, it’s something that earns you additional income from your current job.
- Lower your costs
You can lower your costs by:
- Finding a roommate/significant other to split the cost. Having two incomes to pay for expenses make it easier.
- Moving to somewhere cheaper. If you are able to work online, perhaps you can move to another country where the cost of living is lower and your currency is worth more.
- Spend less. Buy fewer things, eat less, and go out less.
- Use patreon/onlyfans and sell your own merchandise
This is tough. There are A LOT of content creators. Even if people watch you or consume your content, it doesn’t mean they will give you money or buy your merch. In fact, based on my own personal experience, only one in a hundred would donate/give monetary support.
However, this is a very good way to scale. You’re no longer trading time for money. For example, perhaps you spend 2 hours creating content for a tier, but you can have unlimited subscribers for that tier. This means, there is no cap on how much you can earn. Regardless if 100 or 1000 people subscribe to it, you only spent 2 hours.
Note: It is EXTREMELY difficult to get loyal followers who would pay for content. There’s also no guarantee how long they will support you for.
- Residual income from views
This is very good if you get a lot of traffic. If you have a lot of content uploaded, you are basically getting money for doing nothing (aside from keeping the site running). But it’s not easy to have traffic coming in consistently, year after year.
- Earn royalties from book sales
Same as 4. If your book is popular, this is basically extra income once you have finished it. You only have to do it once and it’ll keep paying you (if your work is popular).
I highly recommend investing your money. If you only leave your money in your bank’s savings account, your money will be losing value due to inflation. Putting it in an index fund is a pretty good way to help your money grow. Your money may fluctuate, but it’ll go up in the long run.
Everyone should invest a portion of their earnings so that they can earn some money without working. Ex. If you were to gain 10% from $10000, that’s $1000 you didn’t have to work for.
- Get a sugar daddy/mama or marry rich
This isn’t something I would recommend, but if you have the ability and that’s what you want, then good luck!
Appearances don’t last that long though. Unless you have other things to offer, you may need a plan b.
- Was born rich
This has nothing to do with your accomplishments. You were just lucky. Keep in mind that it’s possible you’d run out of money if you spend recklessly.
It would also be hard to tell whether people are your friends because of your money, or because they truly like you.
- Win the lottery
This is probably not going to happen, but you can dream.
In conclusion, I think people typically go with 1 and 2.
3, 4, and 5 takes a lot of work and there is no guarantee, but it can be highly rewarding.
I would recommend 6.
7 and 8 is basically relying on someone rich to take care of you. Personally, I’d rather be self sufficient.
9 is unrealistic.
I would say the more sources of income you have, the better.
What are your thoughts? Do you agree or disagree? What else am I missing? Hope you enjoyed my post!