Dec
5 Signs That You’re Not Yet Ready To Take The Plunge And Leave The Rat Race
Photo by notsogoodphotography.
Leaving the rat race. Has this been your overriding goal ever since you joined the rat race? Ask anyone who has done it and the chances are they’ll wax lyrical about how it’s the best thing they ever did, how they’d never go back and how they just couldn’t ever imagine working for someone else again.
And yes, it is all of the above and more but here’s the thing…it isn’t for everyone. There are people who escape the rat race but end up re-joining it for all sorts of reasons. Sometimes it’s a definite choice and other times it’s because they really weren’t prepared for all that it entailed.
Leaving the rat race successfully is something you can never be fully prepared for but you can give it a good go. Here are 5 signs that you might need to re-think your game plan and better prepare yourself for taking the plunge…
#1 You don’t know what you’re going to do
Are you living your legacy? Are you doing what you were destined to do? Do questions like this drive you nuts because you just don’t know? This is the single biggest factor that stopped me from leaving the rat race sooner than I did…I had no idea what else I could be doing.
So if you’ve no idea how exactly you’re going to make a living for yourself once you’ve left the rat race, my advice would be this…
- Start by thinking about all the things you’ve always wanted to do and would love to do now.
- Now start doing some of these things well in advance of actually leaving your rat race job - you may be suprised by the reality of actually doing rather than dreaming!
- When you find something that’s ‘right’ or at least as ‘right’ as it can be for now, start making serious plans to transition yourself out of the rat race and into your new career.
- More often than not, this transition is into self-employment, freelancing and business ownership - do yourself a favour before you leave the rat race and start beefing up your business and entrepreneurial skills. For starters, read The E-myth, then read as many small business and marketing books as you can get your hands on. Consider this training for your new career - it’s one of the best investments you’ll make.
#2 You think the grass is greener on the other side
It’s really easy to get caught up in day-dreaming about working for yourself, how everything will be infinitely better and how you’ll no longer have to put up with your annoying boss.
Have you considered however that without that annoying boss, you’ll have to be the boss and deal with all the annoying things your boss currently takes off your plate? Or that working on your own in a home office can be lonely with no office banter nor fun and games?
The grass often appears greener on the other side, but leaving the rat race and travelling the world permanently as a LIP isn’t all roses and chocolate - they both have their drawbacks. Ensure you are realistic about your expectations, the unique demands and pressures of life outside the rat race and that you’re as prepared as you can be for all that this entails.
How do you prepare? Try these tips:
- Talk to people who’ve done what you want to do - find out what they learned, what they’d advise and what sort of things they encountered that they hadn’t been prepared for.
- Take a trial run and test your theories - take a long vacation or a sabbatical and test out what life is like on the other side. Even doing this for a week or two will give you an idea of some of the things you might not have considered.
#3 Your finances aren’t in order
Do you have a mountain of debt to clear? Are your basic monthly financial needs higher than average? Do you have a bad spending habit and (like my brother who has recently left the rat race), have to coax yourself to make money every day rather than spend it? If so, then you might need to adjust your financial habits before you think about leaving the rat race to set up on your own.
As for every business, and even more so for a small business, cash flow is king. You have to know you’ve got enough money coming in to cover the money that’s going out without eating in to savings, putting it on your credit card or adding to any existing debt before you take the plunge into the relative uncertainty of self-employment.
Leaving your job and setting up a business that currently has little or no income in the hope that something will turn up when you need it, is foolish and very short term in nature. Whilst I’m personally a big believer in the law of attraction and a positive mindset, I don’t simply sit back and ‘hope’ that something’s going to happen…I take action then go out and make something happen.
Get your finances in order before even considering giving up the corporate job - you’ll thank yourself in the long term.
#4 You haven’t considered how it will affect those closest to you
If you have kids and a family to support, then you don’t need me to tell you how your decision is likely to impact them. Don’t forget to consider not only your existing financial obligations but any future ones relating to your family’s needs such as future school fees, college fees, weddings and health care. It is a fantastic message to send to your kids - following your dreams, choosing what you want to do and breaking away from the conventional rules - but do it sensibly and ensure you’ve considered all the consequences both short and long term ones.
And don’t forget some of the less obvious impacts it may have on those closest to you…
- The fact that you may be physically around the house more of the time, but you may be even less available than before - having to shut yourself away to focus on your business.
- The fact that the lines between your home and business life may become even more blurred.
- The fact you might need to consider how you will continue to earn if you take time off for vacations, illness or family emergencies.
#5 You’re overly concerned with what people will think
Whilst leaving the rat race is something many people dream of doing, actually taking the plunge and doing it can raise a few eyebrows. Your ideas, plans and dreams may provoke all sorts of responses from people around you - and don’t be surprised if they’re not all encouraging and supportive.
Having the courage to choose and follow your own path requires you to develop somewhat of a thicker skin - as does anything that’s on a different path from the norm.
If you are still overly concerned with the thoughts and opinions of others, then it’s worth taking some time to gain clarity, confidence and conviction in your own plans so that you are less likely to be reactive to the suggestions of others and far more likely to be proactive and follow your own well-thought out strategy.
So are you ready to take the plunge and leave the rat race?…then hold on tight for the ride of your life!
If you have personal experiences to share, why not share them in the comments section with us all…
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Related posts:
- 6 Things You Must Do Before You Leave The Rat Race, Set Up Your Own Business And Become Location Independent
- Three Fears I Had About Leaving The Rat Race That Actually Came True (And How I Overcame them)
- 20 Signs The LIP Life Isn’t For You
- Why Escaping The Rat Race Was The Best Thing I Ever Did And Why You Should Consider It
- Three Fears I Had About Leaving The Rat Race That Didn’t Come True
Trackbacks & Pingbacks
- Pingback by brip blap » linklings, Odin’s Day edition on December 5, 2007 @ 6:48 am
- Pingback by Diva Debt » Ready To Quit Your Job? on December 6, 2007 @ 1:11 am
Phew - none of those apply to me!!! Good job - too late now
I think the thing that holds me back the most is financial security, I am not mature enough as a freelancer to take the plunge but I’m definitely working in increasing my income
It has been over a decade since I took the plunge. And I must honestly say that I did not consider all the things you laid out. But the driving force behind my sucess has been my passion for what I do. So glad I did not read your post 11 years ago! I may have never took the leap of faith.
@Santiago - watch out for the next post. I think you’re sensible to get the finances sorted out first - no sense in putting unnecessary pressure on yourself esp. if you’re gadding about the globe at the same time!
@T. Dorsey - oops, then I’m certainly glad you didn’t read my post 11 years ago too! You are absolutely right when it comes to having passion for what you do being the driving force. The problem for me was that I didn’t really know what I wanted to do when I first left the rat race and therefore didn’t have that passion for anything when I first left. I just latched on to something that I thought was a viable alternative (personal training) and have obviously moved on from that since! Did you always know what you wanted to do before you left the rat race?
Lea:
I did always know. I left the corporate world to become a professional storyteller. Of all things!
So I do understand if you are not sure what you want to do, then you REALLY need to look before you take the plunge.
Wowser! A professional storyteller…I love that. That’s such a great story in itself that you have been able to pursue your passion. I had to take a look at your website to work out what a professional storyteller does and can see you do a whole range of creative and expressive things. No wonder you had to leave the rat race!!
I could have used this article about 2 years ago. I made the plunge and fled gleefully from the rat race. I was certain that I was doing the right thing-little did I know, “work for yourself” means WORK for yourself.
I instead spent time on all of the things I wanted to do while in the rat race-taking my kid out in the middle of the day, catching up on my daytime TV, selecting clients based upon MY preferences instead of the income potential that they provided (a good client is a balance of the two I’ve found). 8 months later, I returned to the rat race with a mountain of debt and a wiser (but slightly sorer) “backside” if you will.
I will exit the RR again at some time, but I will do so now with my eyes wide open. To be honest, the next time around, I will know that I am ready when I have a business that I have cultivated significant profit from BEFORE I take the plunge. If it have significant cash flow before I go solo, I’m certain that I will only build on that as time goes forward.