I dont want to work for anyone what can i do?

It takes time for some people to really understand themselves and to find out what they really want from life, sometimes it’s not so much what they want but what they don’t want. If you really hate your job and you’ve hopped from one place to another and nothing seems to improve your quality of life it’s time for a change.

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You need a plan to somehow replace the income you’re earning now with an investment or a business so that you don’t really need to work more that you need to. The income comes in regardless of work and once you achieve this you achieve financial independence which means you can now choose to work if you want to, if you don’t your income is covered.

I Hate My Job I Don’t Want to Work Anymore!

There are many routes to financial independence and it really depends on how much you need and how quickly you want to get there. If you can live on $500 per month then you need to save $200,000 per year earning 3% interest PA; if you need $1000 per month then you need $400,000. This might look like a very daunting figure however if you really want to exit the rat race then it’s something that you have to come to terms with and something to work towards.

Two of the most important factors for financial independence are your expenses and the rate of return you get from your investments, if you’re expenses are low and the rate of return on your investments high then you’ll achieve financial freedom quicker. Here are five ways to replace your income so that you don’t have to work anymore.

#1: Save for Financial Independence

This is how most people achieve financial independence other than taking out their pension, however with prevailing interest rates at all-time lows you need to accumulate a lot of money before you can replace your income on a monthly basis. The highest instant access interest rate at the moment is 3% which is being offered by the 123 account.

Depending on how much your expense is you could need anything between $200,000 and $400,000 to consider using this method to achieve financial independence. If you’re wanting to retire early in five years then you could start saving now, if rates to rise in the future to a more sensible level you might be closer to retiring than you thought.

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#2: Property Rental Business for Passive Income

Depending on where you live you could achieve rental yield of 7 to 10 percent on your property. At the moment the rental yield in East London and Central London is over 8% which means you need less money to realize financial independence.

A typical monthly rent for a three bedroom property in East London is £1300 per month; these properties are usually on sale for between £220,000 and £250,000. If you can get one of these properties with a very low mortgage and then pay off the principal amount borrowed you could retire from the rent you receive.

If you paid a deposit of £60,000 of a £200,000 property then you would need to pay £22,000 after rent per year to pay off the balance in 5 years. If you can save £2000 per month by taking another job or creating some other form of passive residual income then you’ll be able to pay off the mortgage quickly and then live off the rent.

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#3: Dividend Investing for Residual Income

Many people make good living investing money in dividend paying companies, the only downside is the value of the company could go down as well as up. If you’re thinking about investing your money into dividend paying stocks then you need to become an expert, if you think you can invest on what others are saying and doing then you might get burnt and booted out quicker than you thought.

Save money and at the same time educate yourself so that you can know what a great company looks like, study the balance sheet, study trends and think whether the company is worth investing in. Follow great investors like Warren Buffett and buy stocks which offer a great dividend and have a durable competitive advantage.

If you can educate yourself and build a portfolio which only contains quality companies that pay respectable dividends then you can develop a stream of passive income. You should also consider insuring your portfolio by hedging your position using options; this will mean that your holdings will not go below a certain value.

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#4: Build an Online Business for Passive Income

If you’re passionate about a product or service or even a subject then you could create an online shop or blog and then advertise on it. If you really believe in what you’re writing about and the passion seeps through then you’re going to sell items and attract a strong readership. If you can develop a blog which gets 1000 hits per day then you are very close to becoming self sufficient in no time.

If you continually add quality content and develop a band of loyal followers then you can sell them things you believe in and they will buy because they respect your opinions. There are many bloggers in the world today who earn over £50,000 per month just for expressing themselves. Not everyone can do it and it takes a lot of passion but if you truly believe in something then it’s worth a shot.

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If you really hate working then you need to stop moving from one job to another as this will only fix the problem temporarily. Resign yourself to the fact that working for someone else is not something that you can do and then find a way to replace your income so that you can gracefully leave your job.

It’s going to be hard but its’ will be worth it in the long run. If you can save your money by focusing on the end result then it’s entirely possible to leave your job through financial independence and retire early.