Is it difficult to leave the rat race behind?

[NGC1300]

If I have no family and no kids and no debt, shouldn't it be easy to stop getting up for work at 6:00AM every day?

 

I figure once I'm totally debt free I can put some money down on a 2-family unit. I'll live in one unit and rent the other, and live virtually mortgage free.

 

With no kids and no other debt I can live a hum drum life eating food, driving a car, and watching TV with only a couple hundred bucks a week coming in. Of course, I'll have more than that coming in from my job, but once I can survive on so little, I'll be able to quit my job and start a business or even just take a lower paying albeit less stressful job.

 

Most people couldn't imagine surviving on $200 a week, but it's possible if you have no kids and no debt.

 

Isn't that the key to financial freedom? Reduce living expenses as much as possible, and then build savings from there on out?

[mrnova66]

If I have no family and no kids and no debt, shouldn't it be easy to stop getting up for work at 6:00AM every day?

 

I figure once I'm totally debt free I can put some money down on a 2-family unit. I'll live in one unit and rent the other, and live virtually mortgage free.

 

With no kids and no other debt I can live a hum drum life eating food, driving a car, and watching TV with only a couple hundred bucks a week coming in. Of course, I'll have more than that coming in from my job, but once I can survive on so little, I'll be able to quit my job and start a business or even just take a lower paying albeit less stressful job.

 

Most people couldn't imagine surviving on $200 a week, but it's possible if you have no kids and no debt.

 

Isn't that the key to financial freedom? Reduce living expenses as much as possible, and then build savings from there on out?

Are you serious? Good luck with that. Now if you were talking 30 years ago I would agree. You mean to tell me that you can pay Home insurance,food,gas,clothing,car insurance,car repair,electricity,water and real estate tax on 200 bucks a week. Sorry to tell you in the real world you can never do that. I could eat chesse and crackers with water and could not make it off of 200 bucks a week. You are living in a dream world. Notice in my list I never even listed health emergencys or cable. Only nessities(SP) God forbid if you pay health insurance. Now if you stated that you live with Mommy and daddy or uncle Sammy(welfare) then I would agree. But even with living with parents it would be hard.

[NGC1300]

Are you serious? Good luck with that. Now if you were talking 30 years ago I would agree. You mean to tell me that you can pay Home insurance,food,gas,clothing,car insurance,car repair,electricity,water and real estate tax on 200 bucks a week. Sorry to tell you in the real world you can never do that. I could eat chesse and crackers with water and could not make it off of 200 bucks a week. You are living in a dream world. Notice in my list I never even listed health emergencys or cable. Only nessities(SP) God forbid if you pay health insurance. Now if you stated that you live with Mommy and daddy or uncle Sammy(welfare) then I would agree. But even with living with parents it would be hard.

 

 

 

$224.30 a week to survive. It will cover food, gas, utilities, insurance, and cable. Mortgage doesn't count if I pay it renting the second unit out.

 

Granted, this assumes no savings, no health insurance, and no emergency funds. But, as a mechanic I can at least fix my own car.

 

The point is not to want to live on $200 a week, but to know it can sustain you while starting a business or changing career paths.

 

Below is a spreadsheet image with my current debts zeroed out. Note the "income" bracket is zero, because it just represents a supplemental income and would be expressed as a negative quantity.

 

[mrnova66]

$224.30 a week to survive. It will cover food, gas, utilities, insurance, and cable. Mortgage doesn't count if I pay it renting the second unit out.

 

Granted, this assumes no savings, no health insurance, and no emergency funds. But, as a mechanic I can at least fix my own car.

 

The point is not to want to live on $200 a week, but to know it can sustain you while starting a business or changing career paths.

 

Below is a spreadsheet image with my current debts zeroed out. Note the "income" bracket is zero, because it just represents a supplemental income and would be expressed as a negative quantity.

 

How old are you? I am 47 and I can tell you you are missing a lot of bills that not if, But will pay. Lets start will real estate insurance. If you pay it monthly or yearly it will come out of that 232 bucks.zThen you have real estate tax. You will pay that too out of that 232 bucks. You stated you rent the other side of duplex. YOU WILL PAY INCOME TAX ON IT!!!That will come out of that 232 bucks. As far as electric. You will be using a candle and as far as food you are talking the bare essential. beans and crackers. And I am being serious. If your car is more than say 8 to 10 years old you will have to do car repair. Even if you do your own work. Divided by 12 months you will pay a certain amount in parts. Your car will need gas to run. You will have to pay car insurance.. Bottom line you can not live off of 232 a week. Sorry it can not happen. I KNOW WHAT IT TAKES TO LIVE.. I cut corners every where I can. I have no kids or no ex. I have been living on my own since 17 years of age..

Edited February 10, 2014 by mrnova66

[NGC1300]

How old are you? I am 47 and I can tell you you are missing a lot of bills that not if, But will pay. Lets start will real estate insurance. If you pay it monthly or yearly it will come out of that 232 bucks.zThen you have real estate tax. You will pay that too out of that 232 bucks. You stated you rent the other side of duplex. YOU WILL PAY INCOME TAX ON IT!!!That will come out of that 232 bucks. As far as electric. You will be using a candle and as far as food you are talking the bare essential. beans and crackers. And I am being serious. If your car is more than say 8 to 10 years old you will have to do car repair. Even if you do your own work. Divided by 12 months you will pay a certain amount in parts. Your car will need gas to run. You will have to pay car insurance.. Bottom line you can not live off of 232 a week. Sorry it can not happen. I KNOW WHAT IT TAKES TO LIVE.. I cut corners every where I can. I have no kids or no ex. I have been living on my own since 17 years of age..

 

 

You're right it might be closer to 300 a week.

[HokeyReligions]

Come back to loveshack and tell us how that works out for you. Oh wait.....

 

Just wave at cars from under that bridge when you move there. If someone waves back and tosses you a happy meal its someone who remembers you from LS! Give us a heads up when you leave though I dont want to be tossing happy meals to strangers.

[Emilia]

Isn't that the key to financial freedom? Reduce living expenses as much as possible, and then build savings from there on out?

And do what? Stay at home, wait to die? It's best to find what you really want to do with your life OP, you won't find work such a chore then.

[Els]

I don't know about where you live, but I survived on $150 a week excluding rent for 6 months. So if you already have a place to live then it is feasible. However if you still owe housing payments then what are you going to do if you have problems finding a suitable tenant? Also it is worth bearing in mind that I had no car (small place, I walked most of the time or took the bus on rare occasion), no housing payments and there is no need for medical insurance here.

 

I don't think it's unrealistic at all to try and leave the daily grind to do something you are passionate about, and if that is starting your own business, then by all means try. Just be careful and think things through.

[Shepp]

I could never of worked in the rat race, sat at an office all day, it would of killed me. Even a shop job I don't think I could of done, I need to be able to go outside and see the sky if I want.

I didn't chuck in the working I just got a job that suited, worked doing all sorts, lifeguard, semi-pro football, selling xmas trees, farm hand, on a go kart track, etc, till I was 18. Then I joined the fire service. I love my job. I've never dreaded getting up in the morning and going to work.

 

I think that's the key, learning to live on whatever money you make doing what you love. Just because you love a job doesn't make it easy, a lot of jobs i've done have taken a physical toll on the body but I choose that over mental pain on the mind that I would suffer being cooped up or bored.

Getting out of the rat race is easy providing your realistic about what your jumping too. No one will pay you to do something they could just as easily do themselves - work will always involve working!

 

And do what? Stay at home, wait to die? It's best to find what you really want to do with your life OP

Do what you love and you'll never work a day in your life!

[NGC1300]

And do what? Stay at home, wait to die? It's best to find what you really want to do with your life OP, you won't find work such a chore then.

 

Wouldn't mind staying home waiting to die one bit. That's all anyone does anyway; wait to die. "Passions" are really just distractions from what everyone knows; this can't go on forever.

 

But no, I'd purse income through my own endeavors, which just isn't feasible getting up to work a full time job.

[Shepp]

Wouldn't mind staying home waiting to die one bit. That's all anyone does anyway; wait to die. "Passions" are really just distractions from what everyone knows; this can't go on forever.

 

Passions are what make this worthwhile.

 

There are folk who died yesterday, who died way too young, who had so much more to see and do.

You didn't you woke up this morning and got another day guaranteed - and you choose to fill it with nothing??

 

Surely lifes worth more to you than that?

[Emilia]

Wouldn't mind staying home waiting to die one bit. That's all anyone does anyway; wait to die. "Passions" are really just distractions from what everyone knows; this can't go on forever.

Speak for yourself.

[Haydn]

I am not waiting to die, if death comes anywhere near me i`ll rip his nipples off`

 

Well i couldn`t live on that income. (I don`t need to tell Shepp or any others with kids)

 

 

Passions are what make this worthwhile.

 

There are folk who died yesterday, who died way too young, who had so much more to see and do.

You didn't you woke up this morning and got another day guaranteed - and you choose to fill it with nothing??

 

Surely lifes worth more to you than that?

[Shepp]

I am not waiting to die, if death comes anywhere near me i`ll rip his nipples off`

Hahaha I love that!

 

Well i couldn`t live on that income. (I don`t need to tell Shepp or any others with kids)

You sure don't!! I make 3x that and I still feel like half the moneys out of my wallet before I've even seen it!! Man, nappies are expensive - the sooner those boys can use a toilet the better!!

[Woggle]

Make friends with somebody that knows a lot about stocks and start investing and selling. My uncle is a stockbroker and I made a ton of money buying and selling. I still have a job but I like it and I don't have the daily grind.

[BOREDouttaMymind]

Negatron my financial friend.

 

financial freedom isn't being able to live an easy, carefree life.

 

financial freedom is building a wall of financial security around you that's so tall and so strong, that no matter what comes your way, youll be able to keep it out.

 

your wall is not strong right now. yes, you can live well and you have no debt, but fall down the stairs, break an arm or two. if you need your hands to work, how will you work? what if prices go up? what if theres a gas shortage? unless you have $60,000 in savings (which most people do not now-a-days), youre not financially secure. good luck.

[Andyy]

Then your tenant moves out of the rental, and boom - no income!

 

I think you need more than one unit if you want to be completely self-sufficient. But yes, by and large it's doable.

 

I think I'd get bloody lonely/feel useless without a job to give me some purpose though.

[campfire]

I just posted something similar in another thread, but I'm 28 and work full time in an office. I rent my apartment (its very cheap) and bought another apartment on the side. I'm having a tenant there and hope to be free of debts before I'm 40. My plan is to have that apartment as my main income source, in other words income without having to work.

 

I'm living cheap now and if I can maintain some financial discipline the next 12 years I will get the feeling of complete freedom I think - not having to worry about how to survive. I think having a 9-5 job is way easier if you know you could quit it any time you want. So many of us have these mental limitations on what we could do with our life and I admit to being one of them. I can't just quit my job and make paintings full time - I'd be too worried about the bills for next month. I can't just travel the world and come back broke and unemployed.

 

On my side I will quit my job at 40 and move to a cheaper country and just find something fun to do there while "waiting to die". If I just found something fun to do right now instead of my boring but wellpaid dayjob I wouldn't stand a chance on getting free of debt in 12 years.

 

I like your idea OP, but I would advice that you have some savings on the side and also a source of extra income if needed.

[mukkrakker]

while "waiting to die"

 

Hmmm...did I already answer this?