SUCCESS 360 SERIES [05]: Strategies to winning the Rat Race Setting goal is a wonderful tool for accomplishing financial success, however, it maybe difficult to start the journey if you have been has trap in a rat race. Hence, the first step toward financial freedom would be to deploy a strategy that would help you get out the rat race. Accordingly to Wikipedia, A rat race is a term used for an endless, self-defeating or pointless pursuit. It conjures up the image of the futile efforts of a lab rat trying to escape while running around a maze or in a wheel. In an analogy to the modern city, many rats in a single maze expend a lot of effort running around, but ultimately achieve nothing (meaningful) either collectively or individually. The rat race is a term often used to describe work, particularly excessive work; in general terms, if one works too much, one is in the rat race. This terminology contains implications that many people see work as a seemingly endless pursuit with little reward or purpose. Not all workers feel like that. The increased image of work as a rat race in modern times has led many to question their own attitudes to work and seek a better alternative; a more harmonious Work-life balance. Many believe that long work hours, unpaid overtime, stressful jobs, time spent commuting, less time for family life and/or friends life, has led to a generally unhappier workforce/population unable to enjoy the benefits of increased economic prosperity and a higher standard of living. However, for the purpose of this article, let simply describes rat race as a situation where one live from one pay cheque to another. You are sick and tired of working out of an office Mondays through Fridays. You are sick of the office politics, sick of buttering your boss and just the entire routine. Your dreams have been kicked aside as you work your butt out for your paycheck. Whats worse, your salary is hardly enough for a comfortable life. What you need is a plan to get out of this dreadful cycle. Step 1: Pay off short term debt Before you can have extras to spend, you need to pay off your short term debt (e.g. credit cards, payday loans, etc). Spend less on eating out and the movies. Set aside the extras for debt repayment. Step 2: Learn a skill With your debt cleared, you now have more money to learn something new. Is there something youve always wanted to do, but dont have the skills for? Enrol yourself in a part-time class, and acquire a skill at something you can utilize later. Read a variety of books and adopt some basic knowledge about the Internet. Step 3: Start something part time You need to build another source of income, which does not take up more of your time. The problem here is that, you may not have enough savings to invest into a business. In this case, look for low investment businesses to work on - e.g. selling real estate, selling insurance, multi-level marketing, or freelance writing, or programming, etc Step 4: Start an online business or put your business online Find out what sells online, and start an online business. You can even set up an online presence for your traditional part time business. If youd like internet marketing, you can even sell your stuff on EBay, or launch your own website. Step 5: Moonlight and build your business Before you can quit your job, you need to ensure that your online business generates an income that is comparable to your current paycheck. This means that you may need several months to several years of moonlighting before your business stabilizes. This is the time when you work hard, accumulate wealth, increase profits and plan for your freedom. Step 6: Can you actually set your business to automatic? While selling online is exciting, many people hope to set their online businesses into automatic. The truth is, you get a wider audience reach through an online presence. You CAN also leave your website to run on automatic - as long as you are NOT depending on your website for a full time income. With things changing consistently and quickly online, you need to constantly update your website (if you are running a blog), source or produce new products (if you are selling products and services online), and consistently work on your search engine rankings and page ranks. Step 7: Quit your job and concentrate full time Finally! With your online business or part time traditional business successfully able to pay your bills, you can finally quit your job. One of the good things of freedom is the flexibility to spend time on your dream. No doubt, youd still have to work on your business, but you now have more time doing fun and fulfilling stuff for your life.
Posted on: Mon, 18 Nov 2013 17:51:12 +0000
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