I escaped the rat race in early 2017. My wife was already free by that point.
In the end, it was a combination of ideas that worked.
There’s no ‘one way’ to escape the rat race. We all have our own starting point, situation and responsibilities.
Hopefully you can benefit from some of the positive things I’ve learned.
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Here are some key facts:
How long did it take? About 6 years
How old were you? 36 years old
How much money did you earn? On average, £30k pa
Do you have dependants? 1 dog
Do you live in a house? Yes
Do you have a car? Yes
Disclosure: Based on personal opinion, not to be taken as advice. Seek a professional if required.
Escape The Rat Race: Step By Step
My initial research unearthed a community of people, all trying to escape the rat race. I hadn’t realised how universal the problem was.
At work, there were only a few people who were comfortable discussing it. Others thought escaping the rat race was a pipe dream, and said as much.
I started reading everything I could find on early retirement and escaping the rat race. Finally, I started to formulate a plan.
The first plan was to save as much money as possible. To pay off the mortgage then, later down the road, earn an income from investments. To do any of that, we needed to save -lots.
After discussing it with my wife, we started saving, as much as we could. Our budget was cut for so long, it became our lifestyle.
Extreme Saving, is all about understanding the budget, and controlling it. I learned that I didn’t need all of the things I was paying for.
If not for a frugal lifestyle, I would still be working today. A frugal lifestyle means cutting the premium television, reducing your utility bills, questioning if you need that item or service. 99% of the time, if the answer was ‘no’, we didn’t spend the money.
We continued with a frugal lifestyle for about 4 years. Scrimping and saving all the way. We managed to save over 50% of our income. We had emergency savings, and with the rest, we aggressively overpaid the mortgage.
Time and again, we had to push back our target date. We never seemed to have enough money to make a meaningful difference to our financial situation.
It was frustrating, as progress was slow. Then there was a recession.
I began to think that, either we had to downsize in an extreme way, or just give up.
Escaping The Rat Race In The UK
There were a number of factors which lead to the solution. None-the-less, it became clear that we had another option; to create a business.
An online business could solve our problem.
In the most simple terms, this is what we did.
It was this action which changed my life.
I financially supported my wife, freeing her to focus on starting a business. I would pay the bills and work on the business in my spare time.
On this side of the tunnel, having escaped the rat race, it seems like a straight forward, sensible thing to do. It always made sense to us.
Although at the time, people were quite judgemental about our decision.
We put aside a nominal amount of about £500, solely to fund any business venture. That was the limit and no more.
The idea was to pursue activities that interested us, to ‘earn’ from doing what we enjoyed doing.
We wanted to work away from the ‘workforce’ and ‘system’. To no longer have to answer to somebody, or deal with so called ‘office politics’.
The business slowly grew into something we would measure as a success: It could just about cover our monthly expenses.
In addition, years of frugal living had created a good backup fund.
In January 2017, at the age of 36, I resigned my position.
I had a lot more time on my hands and wanted to help others on a similar journey.
That inspired Freedom2Try.com – A blog about escaping the rat race!
What I Learned About Escaping The Rat Race
1. Focus on your goal
2. Reduce your expenses and save money
3. Use your wages to fund business creation
4. Create businesses until something works
5. Don’t listen to indoctrinated people, they can’t see it
I’m now fortunate to be living out what used to be daydreams of freedom.
For more, check out the Escape The Rat Race Section.
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