8 Strategies to prepare you to Retire your 9-5 and live a nomadic lifestyle
Do you wake up in the morning thinking about how much you dislike your job and how you cannot wait for the weekend? Instead, would you like to spend your time doing the things you love? If your answer is “Yes” continue reading. I will share with you the strategies we used to retire from our 9-5 jobs and live a nomadic lifestyle.
Many people nowadays are not happy with what we once considered the norm/American Dream. People no longer want a good 9-5 job, a large house, and an expensive car. Many are now dreaming of a life filled with experiences, not things. You might also want to live your life to the fullest by seeing new places and learning about other cultures. And all of this is possible if you have the correct strategies to prepare you to retire your 9-5.
Use the methods below to create your dream life.
1. Set a Goal
Foremost, you need to start with the why’s. Why do you want a nomadic life and what is it in your current life that does not make you happy? It is important to start here. A simple answer of “I don’t like my 9-5 job” is not enough. Start by analyzing what is it you do not enjoy and what would you prefer instead. Even if you cannot change the situation in your current job at the moment, know what you want to change. While some might want to have more free time and be in control of their work schedule, others may dream of traveling the world. Be specific and clear about your dream and use that as a basis to set your goal.
2. Make a Plan
After setting a goal, the next step is designing a plan. Designing a detailed plan with time frames might be time-consuming, but try to be consistent and diligent. Yes, it is going to require time and effort, but having a detailed plan and referencing it frequently is essential. The most important part is not to get discouraged and not to give up. Be realistic about your current situation and take into consideration your debts, and any other financial obligations and responsibilities you may have. Retiring from your 9-5 job does not happen in a day. However, it is important to set a date and avoid deviating from it. If needed, give yourself additional time, but make sure you stick to the plan and the time frames.
3. Stop Spending and Start Saving
To retire your 9-5, you need to have a good amount of savings and no debt. Now is the time to change and redesign the way you live. It is important to stop spending and start saving. Start by getting a free Money Manager app and record all of your expenses. Just after a few weeks, you will notice some recurring purchases that you can eliminate. For example, cut back on the number of coffees from Starbucks and start preparing all of your meals at home instead of eating out. Check all of your paid subscriptions and ditch the ones you barely use.
If it is an option and you are able to eliminate or extremely reduce mortgage or rent payments, your timeline can be reduced drastically. For example, in our case, we downsized as we were striving to become minimalists. We rented out our house and moved to a small attached studio apartment. We cut a lot of expenses, saved thousands of dollars, and paid over $75,000 of debt over the last few years. Please keep in mind all of this takes time and effort, but definitely worth it.
4. Get an Online Job
A good idea to increase your income and save money is to get an online job, while you are still working on your 9-5. Yes, it will require dual diligence on your behalf but remember your end goal here, to live a nomadic lifestyle and experience all this world has to offer. Beginning to work online is a great way to set the basis for your life once you retire from your full-time job. It is important to get an online job before you completely transition from your full-time job, as it might take a while before you can make a full month’s salary. Be patient and put the effort into everything you are doing, as this is one of the most important strategies for quitting your full-time job.
5. Have Multiple Streams of Income
We can’t stress enough how cutting expenses and paying off all your debts can make this journey a reality. We knew that having multiple streams of income was important. We thought not only of our current financial being but our future and being able to sustain this nomadic lifestyle forever. After becoming obsessed with traveling full time, we started reading books like “Rich Dad Poor Dad” and “4 Hour Work Week”. We became obsessed with learning how to make a passive income. These are some ways to earn a passive income: Invest in real estate, rent out unused space, get cash-back rewards on credit cards, purchase high dividend stocks, affiliate marketing, and making YouTube videos.
Some of these examples may take some work to get it up and running, but eventually, it won’t require much daily effort to maintain. The glorious thing about passive income is money you could earn while you are asleep. Don’t forget to think about what would make you happy and how would you like to spend your time after you retire your 9-5.
6. Change Your Lifestyle
An important strategy before you quit your full-time job is to think about how you can change your lifestyle. One way is to become a minimalist. We knew that we had to change our current way of life to make traveling a reality. The house we owned no longer fit our dream. To prepare for the next step, we converted a school bus into an RV. This was time-consuming, lots of effort but rewarding. We were loving the fresh change. We moved to the RV while we were still working our full-time jobs. During this time, we used the RV to travel as we were still downsizing and paying off debts. This was important as we did not change our lifestyle overnight. The change was gradual and realistic. We easily got used to tiny living and minimalism. We are so grateful to have been open-minded and share the same goals.
7. Face the Fear and Celebrate
The time has come; It’s time to quit your job. You might feel scared and not ready. A little fear is normal. Face the fear and think about the last few months or years, all that you have accomplished. If you have adhered to the process, for example, saved money, undertook an online -job, paid off all debts, and created a passive income, then be confident you are ready for the next chapter in your life. Maybe it’s not fear, maybe it’s excitement. So spread your wings and fly!! You have done it, congratulations on making your dreams a reality.
“Each of us must confront our own fears, must come face to face with them. How we handle our fears will determine where we go with the rest of our lives. To experience adventure or to be limited by the fear of it.”
—Judy Blume
8. Create a Routine and Enjoy the Nomadic Lifestyle
Waking up the next day and realizing that you no longer have to work the job you hated will give you a sense of freedom and happiness. However, now is the time to create a routine. You might wonder why–Isn’t that why I retired from my 9-5? Not really. Being told when to go to work and when to leave is easy, however, now is the time to create your own work schedule. Instead of sleeping in until late and being lazing, you need to have a good routine that will work for you and your new way of life. Create a good balance of work and play while enjoying the nomadic lifestyle. Are you ready?
If we have been able to successfully retire from our 9-5 job, become minimalists, and payout our debt using the strategies listed above, then you can do it too! We cut our expenses and started saving so we can make traveling a reality, not just a dream. Think about your own dream and how to set a goal to achieve it. If you follow our list of 8 strategies to prepare you to retire your 9-5, you will be able to live the nomadic lifestyle you have always dreamed of.