How to Quit Your Job and Live the Way You Want

We work all our lives to have dreamy vacations in far away places.  But what if I told you, you can live the life you dream about!  If you've been with me for a while, you know that I started this blog with the realization that we just don't have enough time to do what we want. So how do you get on the right track financially to allow this kind of lifestyle?  I can't be you, but I can tell you how I did it.

In 2006, we lost our entire income and my husband and I had to reevaluate how we were going to finish raising our six children - all teenagers.  I started a business (a pawnshop) and my husband, Jim, went back to work (truck driving).  We quickly used up our savings and reluctantly started to use our high interest credit cards.  We had three rent houses, with mortgages, and the rent was sporadic.  Throughout the next 10 years, we struggled paying our bills, had a car repossessed and even went to court for an unpaid credit card  It was the lowest point for us regarding our finances and our children were leaving "the nest."

First and foremost, Jim and I established financial principles to live by...no matter how difficult it became.

1)  Never sacrifice our real estate

2)  Operate by the budget
3)  Follow the narrow path

Real Estate:

Even though we had mortgages, we also had the actual property to produce rental income from.  Our credit card debt was different because there wasn't anything tangible to show for it.  Remember, we used them to live on when our country went into recession.

To keep us on track, we would repeat to ourselves that "they aren't making any more land."  By reminding ourselves the importance of real estate, we worked hard to keep our houses rented to pay the mortgages.  The actual income was very little, but we had the property to sell when the time was right.  We both knew the recession was NOT the right time!  At times, it felt like a losing plan because we couldn't see the end results.

At my work, coworkers would tell me to put more money into my 401k, but Jim and I had a different idea.  Why not just invest in real estate?  We rented the houses to pay the mortgages and actually made a little for ourselves....now.  You don't see any money from your 401k until you retire.

This year, we sold one of our properties that appreciated by $50k.  The extra money was used to pay ALL the mortgages plus put money into savings.  We are so glad we waited for the economy to improve.  Now, I hear news about another economic crash on the horizon! Take a look at real estate market history for yourself!

So, if I was young again, I would definitely buy property.  It is hard to pay for it, yes, but it's also hard to rent.  Buy a house and live in it until you're ready to buy another one.  Rent the first one to pay for both mortgages....and so on and so on.

We only have two rent houses now, but we have ZERO debt because we sold one.  Our income is $1,200 from rent.  Our debts are all paid, so our expenses have gone down to around $700 a month.  

Note about real estate:  Just about every 10 years, the market crashes.  Take a look at trends in the economy.  It's just about time for prices to tank, so...when they do, there's your chance to buy something at a great price.  Get yourself ready! Remember, buy low and sell high.  Follow the market and know when to strike.  At all other times, hang on to what you have!

Budget:

As hard as it was raising teenagers, difficult decisions had to be made.  We tried so hard to give them all the things they wanted...  But we monitored the budget closely and even though we went over on occasion, we were aware of what we needed to stick to because it was written down.

My cousin is a financial advisor and we had a little conversation over the phone.  We talked about calculated net worth and keeping an eye on it.  The most valuable advice I received that day was to check my net worth every month.  If it was increasing, even by $1, then we were moving in the right direction!  So, even if we went over budget some months, the most important thing to staying on track was really to make sure our net worth was increasing.

After we sold the house, the budget most definitely changed.  We are bringing in the rental income, Jim is working at a low-stress job (doesn't pay well, but he doesn't have to work away from home) and I'm taking care of my Mother who has dementia.  Mom's income pays all of the bills for the house, which was not in our plan, but it helps so much while I take care of her.  So now, we have income and very, very small bills.

Note about Mom:  The cost to her to stay here and pay for all her needs is $1,200.  The cost of in-home care is $3,500.  The cost of a nursing home is $4,500.  I think she's getting a good deal here.

Path:

We had to determine what it was that we wanted the most.  Did we want things?  family?  vacations?  By deciding what we wanted, we did everything with that in mind.  We are following our dreams and it feels so good.

So...Jim and I have always wanted to be free from debt, bills, government, etc.  Living off grid would be great!  We want a low to no stress lifestyle where we can just love our family and do a little travelling.  That's a lot, but we are focused on these needs and wants.

• We finally got the debt issues off the table!  Thanks to real estate and a good budget, our bills are super low.  I guess we'll never get rid of the government taxes, but we are perfectly satisfied with our current circumstances. 
• Living off grid would be great!  I love upcycling, recycling and reusing what we have.  Enjoying the simple everyday things is where it's at for me!  Jim's father has some land in the country we just had surveyed, so.....our future may be out there!
• Low to no stress?  Well, Jim goes to work every day.  He keeps his income to invest in his beekeeping business.  He is blessed every day that he drives elderly people to and from their Choctaw activities. It's a way to get up and moving and seeing people!  As for me, I get to create every day.  This is my stress reliever and my passion.  When I'm not crafting, I'm practicing the guitar or doing something creative online.  Love my life!
• Our family is growing!  All the kids have graduated from high school and starting their own lives. We get together during the holidays, but want to start a family reunion in the summer as well.
• Travel is the ultimate treat.  Our hope is to see all 50 states and enjoy what each one has to offer.  By saving, we plan on making a trip or two each year.  .

I just can't believe that all the hard work is finally paying off!  I'm 52 and living a retired life!  So, to all those young people out there, you can do it too.  It will take some hard work, but don't waste that hard work on indulgence.  Work toward what you want and stick to your plan!

So do you want to quit your job and live a nonconforming life? What's your dream?  Well, whatever it is, make sure you do the three things in this article; 1) protect your real estate, 2) live by the budget and 3) follow the plan.  

Now, I'm going to go craft something new!

Share your story in the comments section!  I would love to know what you're doing to achieve your dreams!