Getting away from the city noise and the trepidations of a disconcerting corporate job can be a tempting alternative. Moving and settling in quieter locales lends itself to a more peaceful life.
However, you might realise sooner or later that keeping up your income is often harder, the further you move away from a bustling city.
You might think that expenses will also be lower, but that is not always going to be the case, especially if you end up setting a venture of your own, have dependents relying on your income or if medical issues creep up.
If you plan well and manage your finances prudently, you can achieve your desire for a calm life away from the hustle-bustle of modern cities.
To do this, you will have to consider these three aspects, to begin with.
1. An alternative regular income source
It goes without saying that you will have to save enough to afford the shift away from a paying job to setting up a venture or even just moving out without one. However, what you need to do is really go one step further and establish investments in assets in such a way that you are able to generate regular income from these asset returns. For the previous generation, this source was often found in the form of real estate, where the regular income came through rentals.
You can also structure investments in mutual funds in such a manner that an accumulated investment pile continues to grow and generates regular income for you, which supplements your income from any new venture.
In case of the worst-case scenario, you will not be left high and dry, and rather have some income to fall back on.
2. Lifestyle switch
Moving out of the city is not just a travel journey, it means learning to live in a different way. This not only entails a mental shift, but also a shift in the way you spend. You may end up saving more or it’s just as possible that your income or savings are not sufficient as you had earlier envisioned. Starting with a more sustainable lifestyle cost at first is wise, you can always add cost rather than going into this shift in an extravagant manner.
Moving out of the city is not just a travel journey, it means learning to live in a different way. This not only entails a mental shift, but also a shift in the way you spend.
3. Monetizable talent or hobby
When you leave a job, you leave a steady income brought about by largely a singular professional role. What you need to substitute it with is multiple roles with commercial possibilities. This may mean having an independent venture, having regular income from investments and it means nurturing your talent in a manner that others find value in accessing it.
Accessing your talent then, should not come at no cost. You can charge fees for what you are good at. This talent can range from art to gardening, but finding your niche is critical to building monetary cushions outside of a corporate job. It goes a long way in giving you job satisfaction since you do more of what you like and what you are good at, plus remuneration.
It’s best to think this through before giving up your corporate job. Once you have thought it through, give yourself a year or two to build on aspects of regular income, monetizable talent and lifestyle adjustments before you take the final plunge.