Escaping the 9-5 Early (5 signs you're on track)
Feb 15, 2025Read time - 3 minutes / Disclaimer
Escaping the 9-5 early means:
- More family time.
- More personal time.
- More time to travel.
Unfortunately, working full-time into your 60s is the "norm".
Your Ideal Life
Waiting until your 60s to have more control over your time never made sense to me.
Yet society promotes:
- Having a stable paycheck.
- Having job security.
- Having benefits.
Those things are important at the beginning of a career.
But a few best practices can give you the option to leave full-time work early.
In 2020 I left my 9-5 as a banker.
Why?
- To see family more.
- To have control of my time.
- To work on projects I enjoy.
(like this little financial education biz)
I went from $0 to $1M net worth in my 30s by doing a few uncommon things.
Things I learned in books.
Things I learned in banking.
Things I watched wealthy bank clients do.
Most of these things are simple money habits anyone can work towards.
Anyone that wants to leave 40 hour work weeks early.
Here's 5 signs you're on the right path:
Sign 1: No Car Payment
Keeping a car long term has many perks.
When you don't have a loan:
- Car insurance is cheaper.
- Buying a home is easier.
- Saving more is possible.
Investing saved money helps grow your net worth much quicker.
Sign 2: No Credit Card Debt
Most credit card interest rates are over 20%.
Get a guaranteed 20% return on your money by paying credit cards off each month.
A best practice:
- Treat a credit card like a debit card.
- Pay the balance off before the bill comes.
A $0 credit card balance can save you thousands of dollars each year.
Sign 3: A Healthy Emergency Fund
Build up a cushion of money for the unexpected.
Most employers deposit a paycheck into your checking account.
Instead:
- Deposit 90% of your paycheck into checking.
- Deposit 10% of your paycheck into savings.
This helps build up your savings automatically.
Saving 3 months of your monthly expenses help you navigate the unexpected.
Sign 4: Increasing Your Pay Each Year
Prices increase every year due to inflation.
It's important to increase your income as well.
Common ways:
- Job hopping.
- Asking for a raise.
- Getting a promotion.
Making more money each year helps keep you ahead of rising prices.
Sign 5: Investing 15%+ Of Your Monthly Income
Investing is a great way to find freedom sooner.
Saving and investing 15%+ of each paycheck is the goal.
Start off slow (if needed) and increase it as you make more:
- 5% of each check.
- Then 10% of each check.
- Then 15%+ of each check.
Stocks and real estate have minted more millionaires than any other investment.
Conclusion
Figuring out your finances takes time.
And mistakes happen along the way (I've made my fair share).
But with a strong desire and persistence...
Escaping the 9-5 decades early to live your ideal life is possible.
Keep building đź’°
See you next week.
P.S.
Need to boost your income or cut back debt?
Try this:
