How to Live Without a Job: The Four Key Steps to True Financial Independence

Living without a job can be a realistic goal, but getting there takes practice and planning. 

In this post, I’ll share the steps I took to make this happen, and explain how you can do it too.

Define Your Ideal Lifestyle

1

Think about how you want to spend your time, where you want to live, what kind of work you want to do, and what type of income you need to support your desired lifestyle.

It’s not enough to simply acknowledge to yourself that you want to live without a job. You need to get specific about how you want to spend your time.

Calculate Your Ideal Lifestyle’s Cost

2

When I calculated how much my ideal lifestyle would cost, I was surprised to find that it would take less money than I anticipated.

If your single highest priority is to live without a job, one fast way to get there is living off rice and beans in the back of a van for $200 a month. If you had $5,000 in the bank, you could live for over two years without a job this way.

Invest In Income-Generating Assets

3

The most common way people live without a job is by having sufficient cash flow from their income-generating investments.

Many types of investments can generate income. While my favorite is investing in stocks, this approach takes a lot of time to start producing enough cash flow to live on entirely.

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