Recently I was asked what was “the alternative to a monthly salary?” Besides being able to choose WHAT we spend our time and resources on, it is also extremely fulfilling and includes some of the benefits I mention in my answer below……
Hi Jerry – well, the short answer is “work for ourselves”. If we effectively no longer want to depend on our salary we need to replace it.
However, if you mean to continue to work, keep getting the salary BUT have other income to use so we no longer depend on the salary, then that’s different.
I’m answering from the perspective of replacing the monthly (or weekly) salary with a “self employed” solution. There is of course, freelancing work that can be another way of supporting yourself, however it is an area of employment where you are dependent on circumstances that are not always under your control.
Self employment has many benefits, and the freedom from the salaried career is only one of them.
Working for yourself means:
–No depending on the “job market”
-No commuting unless absolutely necessary (and it can be offset against expenses)
-Control over your time
-Financial independence/reward is normally a good point – the more effort = the more reward
-Master of our own destiny
-Very satisfying (usually) and fulfilling
-Builds confidence and self esteem
There are other benefits too, in terms of planning holidays, making investments, and not least – health benefits, provided you can handle positive stress.
The trade off for our time and skills is the income we get from it. If it’s a monthly salary or weekly wage we hand over control of our time and skills to our employer.
It is natural therefore that if we work for ourselves and are paying our own salary, the WE control all our resources, such as our time and skills.
A word of warning however. If we are to become less dependent on our salary we must be certain that we can replace it with our own efforts and ideas.
Being able to gradually build up our own income, while still working, is the best way to make the transition from monthly salary, to our own financial self sufficiency. That way, we can time our departure from the salaried position to our own venture an not cause any damage to our financial position.
It’s a great topic – one that I love.My blog covers online self employment – see link below – if you want to see more on this.
Be A Digital Nomad