Money (or fear of not having money) controls our ability to have freedom, and flexibility. It’s one of the reasons we can feel trapped in our current situation.
Generally, there are two routes:
1. The “stable” path. Go to school, get a job, further education, work a job
2. Take the risks necessary to pave your own unconventional path
One of the first ways I was able to obtain some personal freedom to experiment with living my dreams and embark on this journey, was to save enough money where I could live without having to have a paycheck. While living with a paycheck I wanted to figure out what my sustainability rate was. (Amount of money I needed every month to sustain myself). The following questions need to be asked. Do you know what your sustainability rate is? How much do you need each month to sustain your current standard of living before you’re broke? Keep track of every single expense you make so you can find this rate. You’ll be able to identify areas where you can save, or cut down on expenses. Once you have this number you’ll know how much you need to save in order to live for a year without having to have a paycheck. Once I had saved enough money, I wanted to take some time and travel the world. Traveling the world is much much cheaper than people think, and can be much much cheaper than living at home.
While I originally planned to travel, I decided to stay put in Chicago and pursue a startup SpotHero with my friend and co-founder Jeremy Smith. We are working on our start up now, and because I saved money and lowered my “sustainability rate” I am able to work on this project every day without needing to spend time at a job to get a paycheck. I am no longer controlled by that.
Now, the first thing that comes to mind is, well what happens when that money runs out? I am hoping that my start up becomes profitable before that happens. This might sound scary to some, but I am willing to take the risks if there is a chance I can do something I am passionate about and live the life I want to live. Will I succeed or fail, I have no idea, but I’m willing to take the risks to try.