If you've already read our guide, on how to escape the 9 to 5 (you can find it here), then you should be ready to embark on your journey to freedom.
But wait... If you're reading this, then you are most likely already in the so called rat race, in one form or another.
Many of you may already be working full-time and feel like you just don't have the sufficient time and resources to use the proven methods to escape it. This article is for anyone who feels stuck in their own life, trapped in a job they hate or want to stay informed on how to avoid getting trapped in the rat race.
First things first, we need to clear up and explain a term that you may not be familiar with.
A pretty grim title for a topic? Agreed. A valid name for what wage Slavery actually consists of? Yes!
To illustrate what Wage Slavery is, let's go through an example...
You've just finished university and landed your first graduate job. £30k a year, nice! You decide to move into a nice house, just outside of London, it's a little cheaper than being in the center and you can commute to work. This knocks you back £15k a year, including rent and taxes. So your take-home pay is now down to £15k a year.
Now, in order to commute into work you're going to need some form of transportation and with the tubes being out of your catchment area you decide to buy a car. Including petrol and insurance, let's say that knocks you back another £3K a year.
Taking into account food, direct debits and entertainment, including the extra price tag of being near the capital, you could easily be looking at another £6K in other living expenses.
Now we're down to £8K a year in left-over income (this is being generous). That's great! we can sink that into a holiday every year and some new gadgets. We'll have no money left but hey, it's okay we have that regular paycheck coming in,
Maybe a pay rise will come once every few years and we can buy a nicer car or a nicer house. Whenever our income increases we will just increase our quality of living.
From an outside perspective, this person would look like they're doing pretty well for themselves.
However, do you not see how dangerous this is? The fact of the matter, is that once the person starts piling up their spending, in accordance with their take-home pay, the more reliant they become on the specific amount of money that their job provides, just to get by.
It means that the more financial responsibilities you accumulate, the more reliant you become on that paycheck. With many people, it will hit a point were they are 100% dependent on their jobs to pay for their own existence.
This in turn means that you are forced to spend the time set out in your employment contract at your
place of work, every day, five days a week. As not putting in those hours means you would be fired and not be able to afford your financial commitments.
You have now became a wage slave. You have no other options other than spending 40+ hours of your week in a specific job, as doing anything else would mean you would not be able to afford to live. Say for example you're place of work is in a capital city, where the cost of living is higher. You are now also bound to that one location, as it is the only city where you can find that sort of work, which is the only sort of work that would pay you well enough to live such a central location.
This matters because your time is very precious. We have such a limited amount of hours in this short existence and they are ticking away day by day. When you tie yourself down to a job, you are literally selling the majority of your life to somebody else.
Do you really want to work until you die and waste the best hours of your day sitting in an office and commuting to a place you don't like being in? Being FORCED to do something you don't like for 8 hours a day because you've became the economies bitch. What if you lose your job? What if your boss asks you to do something you don't want to do? You have no choice but to do it, as you need the money. You're a slave.
It's a very sad state of affairs, seeing so many people who have dug themselves, so deeply into this over the years, that the amount of liabilities they have, makes it seemingly impossible to now get out. So they just waste away their lives in misery, enjoying the occasional perk, pay rise or shiny new title that comes with their slavery.
It's not as simple as just not working. The fact is, we live in a society where you need money to live, so you have to figure out a way around this first. So firstly, it is important to understand the concept of consumption VS. production.
We live in a society, where we are relentlessly bombarded by marketing messages, telling us what we want and need. Want to have a happy family? Buy this TV. Want to be attractive to the opposite sex? Buy this deodorant.
You need to understand that you don't need these things to be happy. We actually only need very basic things to be happy, like warmth, food, shelter and socialisation.
However, these advertising agencies, prey on our vulnerabilities, so that we buy their product and put money in THEIR pockets. This is where the relationship between consumer and producer begins.
The producer is the company that has created the product. The consumer is, you, the person buying the product. Debt happens when you are consuming, more than you are producing and in turn starts a descent into wage slavery.
As mentioned repeatedly in this series. You need to live as much below your means as you possibly can, whilst you work on generating multiple income streams (more on this in the next article). Produce more than you consume and you will never find yourself tied down into modern day slavery.
In honesty, the best way to produce, is to create your own product or service, rather than wasting your time building someone else's dream. That's a story for another article though.
Just kidding, It's entirely possible to get yourself out of this, it just becomes harder, the higher your living expenses are and the more your earning. If possible, lower your standards of living (severely) and take up less time-consuming work, so you have to to work on building income generating assets.
This of cause is no easy task, especially if you've already committed years of your life to a career and lifestyle. Just understand, it's going to take you quite a bit of time to generate enough residual income to escape wage slavery. Also, remember to continually save like crazy and never buy things you don't need. I cannot stress the importance of living below you means enough.
For more on how to generate these income streams and escape wage slavery. You'll have to wait for our next article, that will go more in more depth on the practicalities of achieving this.
But wait... If you're reading this, then you are most likely already in the so called rat race, in one form or another.
Many of you may already be working full-time and feel like you just don't have the sufficient time and resources to use the proven methods to escape it. This article is for anyone who feels stuck in their own life, trapped in a job they hate or want to stay informed on how to avoid getting trapped in the rat race.
First things first, we need to clear up and explain a term that you may not be familiar with.
What is Wage Slavery?
A pretty grim title for a topic? Agreed. A valid name for what wage Slavery actually consists of? Yes!
To illustrate what Wage Slavery is, let's go through an example...
You've just finished university and landed your first graduate job. £30k a year, nice! You decide to move into a nice house, just outside of London, it's a little cheaper than being in the center and you can commute to work. This knocks you back £15k a year, including rent and taxes. So your take-home pay is now down to £15k a year.
Now, in order to commute into work you're going to need some form of transportation and with the tubes being out of your catchment area you decide to buy a car. Including petrol and insurance, let's say that knocks you back another £3K a year.Taking into account food, direct debits and entertainment, including the extra price tag of being near the capital, you could easily be looking at another £6K in other living expenses.
Now we're down to £8K a year in left-over income (this is being generous). That's great! we can sink that into a holiday every year and some new gadgets. We'll have no money left but hey, it's okay we have that regular paycheck coming in,
Maybe a pay rise will come once every few years and we can buy a nicer car or a nicer house. Whenever our income increases we will just increase our quality of living.
From an outside perspective, this person would look like they're doing pretty well for themselves.
However, do you not see how dangerous this is? The fact of the matter, is that once the person starts piling up their spending, in accordance with their take-home pay, the more reliant they become on the specific amount of money that their job provides, just to get by.
What does this mean?
It means that the more financial responsibilities you accumulate, the more reliant you become on that paycheck. With many people, it will hit a point were they are 100% dependent on their jobs to pay for their own existence.
This in turn means that you are forced to spend the time set out in your employment contract at your place of work, every day, five days a week. As not putting in those hours means you would be fired and not be able to afford your financial commitments.
You have now became a wage slave. You have no other options other than spending 40+ hours of your week in a specific job, as doing anything else would mean you would not be able to afford to live. Say for example you're place of work is in a capital city, where the cost of living is higher. You are now also bound to that one location, as it is the only city where you can find that sort of work, which is the only sort of work that would pay you well enough to live such a central location.
Why Does this matter?
This matters because your time is very precious. We have such a limited amount of hours in this short existence and they are ticking away day by day. When you tie yourself down to a job, you are literally selling the majority of your life to somebody else.
Do you really want to work until you die and waste the best hours of your day sitting in an office and commuting to a place you don't like being in? Being FORCED to do something you don't like for 8 hours a day because you've became the economies bitch. What if you lose your job? What if your boss asks you to do something you don't want to do? You have no choice but to do it, as you need the money. You're a slave.How Do I Prevent This From Happening to Me?
It's not as simple as just not working. The fact is, we live in a society where you need money to live, so you have to figure out a way around this first. So firstly, it is important to understand the concept of consumption VS. production.
We live in a society, where we are relentlessly bombarded by marketing messages, telling us what we want and need. Want to have a happy family? Buy this TV. Want to be attractive to the opposite sex? Buy this deodorant.You need to understand that you don't need these things to be happy. We actually only need very basic things to be happy, like warmth, food, shelter and socialisation.
However, these advertising agencies, prey on our vulnerabilities, so that we buy their product and put money in THEIR pockets. This is where the relationship between consumer and producer begins.
The producer is the company that has created the product. The consumer is, you, the person buying the product. Debt happens when you are consuming, more than you are producing and in turn starts a descent into wage slavery.
So, What do I need to Do?
As mentioned repeatedly in this series. You need to live as much below your means as you possibly can, whilst you work on generating multiple income streams (more on this in the next article). Produce more than you consume and you will never find yourself tied down into modern day slavery.
In honesty, the best way to produce, is to create your own product or service, rather than wasting your time building someone else's dream. That's a story for another article though.
I'm already a Wage Slave What Can I do?
Already stuck in a full-time job? Living expenses higher, or the same as your paycheck? Well, looks like you've fucked it. You're trapped there forever...
Just kidding, It's entirely possible to get yourself out of this, it just becomes harder, the higher your living expenses are and the more your earning. If possible, lower your standards of living (severely) and take up less time-consuming work, so you have to to work on building income generating assets.This of cause is no easy task, especially if you've already committed years of your life to a career and lifestyle. Just understand, it's going to take you quite a bit of time to generate enough residual income to escape wage slavery. Also, remember to continually save like crazy and never buy things you don't need. I cannot stress the importance of living below you means enough.
For more on how to generate these income streams and escape wage slavery. You'll have to wait for our next article, that will go more in more depth on the practicalities of achieving this.
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