Quitting The 9 to 5: 6 Reasons Why Quitting Is Not That Risky. Elude jobbing with low expenses and by avoiding traditional commitments.
Not many people in their right minds would outright quit their day jobs to start trading and blogging, but most aren’t in a position to do so. By the time most are my age (29), they’ve gone to school, been married, signed up for a mortgage, bought a new car, and maybe even started having kids. All great accomplishments and important moments in ones life. But I’ve purposely avoided as many of the traditional commitments as possible to do something different.
This got me thinking about the sacrifices I’ve made to be able to consider quitting. Usually, when you explain that you’re trying to do something different, the reaction is met with fear or contempt. Really, you get a bunch of different questions all prodding for the same explanation,
“How the hell are you quitting and how much money are you making?”
I’m sure you’ve heard people discuss the reasons they can’t reach their goals.
But before closing the door, you might want to consider what are you willing to give up to make your goals happen? Does it make you happier to drive into work in a brand new car, to do unfulfilling work all day? Or instead of being short on time, would you be happier if you sold the car, found alternative income streams, lived on less, and had more time? The bottom line is how much do you want it?
Here’s a few sacrifices I’ve made to afford quitting:
Quitting The 9 to 5: 6 Reasons Why Quitting Is Not Risky
No Kids
I don’t want to step on anyone’s toes here. I’m sure there are many parents striving for financial independence too. It makes a lot of sense, as staying at home means spending more time with family.
Perhaps you adore kids and have always wanted to raise children of their own. Great. But it’s just not for me. It’s a lot of responsibility and a parent must sacrifice 18 years of life just to raise one of them, which is an incredible feat to be proud of. But, to be frank, I’ve never really liked kids. We just don’t understand each other, they’re noisy, and I’m probably too selfish. Not to mention, the average cost to raise a child in Canada is $243,660 (according to Moneysense as reported on Canadianliving.com).
So maybe instead of wondering how I can afford to quit, consider how much money I save by not having kids.
No Car
The last time I drove my car was November, 2014. I used to own a 2006 Chevrolet Impala. I paid roughly $4,000 for it in 2012 and got 3 years out of it. Near the end of last year it was becoming a constant money pit and I don’t like driving in Toronto anyways. At roughly $190 a month for insurance, I’ve saved approximately $3,042 over the last sixteen months.
That’s also not accounting for regular maintenance, repairs, and the costs of gas.
No Cable
I’ have not paid for cable once since moving out of my parents house at 21.
I even used to work for Rogers, whereas I received 50% off any Rogers services, yet I still refrained from adding cable to my monthly bills.
It makes absolutely no sense to pay for cable in 2020.
It’s one of the easiest expenses to cut-out to save money.
No Mortgage
Yes, home ownership is great and you’re not throwing away money on rent. But mortgages are how the banks get rich. And I’m still spending less cashflow than a homeowner by avoiding property taxes, interest costs, and general housing maintenance. Plus, I have more flexibility in my month to month situation. I can give 2 months notice and be anywhere I want, whereas a homeowner might find themselves paying a fee to break out of their mortgage. Mostly though, the amount of interest people pay over a 25 year period is mind boggling. I’ve often wondered if the system is backwards. Maybe we should be saving and compounding our money for 25 years before buying a house.
No Marriage
I’m going to tread lightly on this one. I’m not making any statement regarding the concept (whether I want to or not), I’m merely stating that I haven’t spent any money on marriage. Through conversation, I’ve learned that people spend any where from $5,000 to upwards of 6 figures on weddings. I’ve always thought the trip and time spent together is the most important part, not the paper document that gets signed.
No Commute
For the past 6 months now, I’ve avoided paying any type of transit or gas costs because I’ve been working from home.
Transit was $61 per week, so I’ve reduced what I need to earn by $244 per month.
“I knew that if I failed I wouldn’t regret that, but I knew the one thing I might regret is not trying.” – Jeff Bezos
Concluding Thoughts on Quitting
You may look at this list and think, why would I want to forgo these things? And that’s ok because everyone is different.
Some people would rather sacrifice 5 years at a job they hate to afford a new boat or BMW.
But if you are like me and you require more in life, perhaps looking at alternative options makes sense.
If you are interested in starting a business, traveling more, financial independence, or just a unique lifestyle, just know that you can make it happen with low expenses and by avoiding traditional commitments.
Related post: Save Money & Avoid Fixed Expenses to have Options
Ultimately, if you keep expenses low and avoid traditional costs, quitting your day job to pursue a more meaningful way of life is not that risky. Life is full of trade-offs.
So, what sacrifices are you willing to make to live a more purposeful life?
I am not a licensed investment or tax adviser. All opinions are my own. This post may contain advertisements by Monumetric and Google Adsense. This post may also contains internal links, affiliate links to BizBudding, Amazon, Bluehost, and Questrade, links to trusted external sites, and links to RTC social media accounts.
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Expense Report: March 2016
