Wage slavery is a trap most that people can never get rid of. It’s easy to get caught in this lifestyle, but you don’t have to be like the majority! In my article, I’ll share how by following these simple steps, you can break free from wage-slave status and live your life on your own terms instead.
The formula for escaping or avoiding wage slavery is easy: Control your costs, build cash reserves and eliminate consumer debt. To increase income-generating assets, you can do a number of things, such as to invest in property or start-up businesses on the side!
Wage slavery is the economic term for complete dependency on wages. It’s anyone who lives paycheck-to-paycheck and has no other source of income or livelihoods, so they can’t afford any luxuries such as food and shelter if their job doesn’t provide it.
Here are a few methods to avoid wage slavery.
Control Your Costs
Controlling your costs is a basic principle of escaping wage slavery. The idea may seem simple, but it’s also very hard to do if you don’t make enough money or need time away from work for other obligations like family caregiving responsibilities.
Most people spend more than they earn, regardless of income. They go into debt to fund their lifestyle and are trapped in a never-ending cycle where work is always required for them not to have enough money so that running costs can easily consume what’s left at the end. Even though many will say they prefer stability over risk when it comes down to the right livelihoods!
The best way to be free is by cutting back on your expenses. The key lies in getting spending below what you’re earning, and this can only happen if we learn how to control our costs!
The next step towards freedom is to eliminate debt.
The problem with debt is that it robs money from your future. Every time your swipe a credit card to get the latest tech gadget or sign up for an entertainment subscription. Not only are their fees and interest rates but also taxes on top! That means less money in hand which can be used towards paying off these debts later down the line, and most importantly; it keeps us trapped into wage slavery forever.
Build Your Cash Reserves
The best way to protect yourself from slipping into debt is by having savings. Savings will eventually provide you with a cushion in hard ties.
Storing money in the bank is like having an emergency fund. You can use it if necessary, and this also allows you to live below your means because there’s no need for consumer debt!
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