{"id":74840,"date":"2020-01-24T17:00:05","date_gmt":"2020-01-25T00:00:05","guid":{"rendered":"https:\/\/www.biggerpockets.com\/renewsblog\/?p=74840"},"modified":"2024-02-14T15:56:23","modified_gmt":"2024-02-14T22:56:23","slug":"2015-09-09-feasible-paths-financial-freedom","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/2015-09-09-feasible-paths-financial-freedom","title":{"rendered":"3 Feasible Ways to Escape a Soul-Crushing Job, Reclaim Free Time, or Retire Early"},"content":{"rendered":"

\u201cHow much money do you make per year?\u201d<\/span><\/p>\n

This is the typical question that determines your status and esteem in the working world. The most successful doctors, lawyers, CEOs, quarterbacks, actors, hedge fund managers, and real estate investors are apparently the ones that bring in the highest incomes each year, right? <\/span><\/p>\n

I\u2019m here on BiggerPockets because, like you, I enjoy filling my pockets and bank accounts with as much money as possible. Earning a lot of money is not a bad thing to me. But I also think financial success needs to be defined a little bit differently than just dollars earned.<\/span><\/p>\n

Instead of asking <\/span>how much do you earn,<\/span><\/i> what about asking <\/span>how efficiently do you earn? \u00a0<\/span><\/i><\/p>\n

The first formula is simply this:<\/span><\/p>\n

Income = Dollars Per Year<\/b><\/em><\/p><\/blockquote>\n

The second, more important formula, is this:<\/span><\/p>\n

Income Efficiency = Dollars Per Year \/ Time Invested<\/b><\/em><\/p><\/blockquote>\n

Time is the key variable here. We are more efficient when we make more dollars and use less of our time. \u00a0<\/span><\/p>\n

Without measuring for time, someone who earns $500,000 per year while working 70 soul-crushing hours per week at an unfulfilling job is more successful than someone who earns $50,000 per year working 20 hours per week and having a fun and completely flexible schedule.<\/span><\/p>\n

Related:<\/strong> If You Ever Hope to Reach Financial Freedom, Master This Concept<\/a><\/em><\/p>\n

Is it possible that the $50,000 per year person has more freedom, autonomy, and happiness\u2014the very things most people are earning money for in the first place? \u00a0<\/span><\/p>\n

If you\u2019re curious (or skeptical), keep reading.<\/span><\/p>\n

What Do You Need In Order to Live?<\/h2>\n

\u201cDost thou love life? Then do not squander time, for that is the stuff life is made of.\u201d \u2014<\/span>Benjamin Franklin<\/span><\/p><\/blockquote>\n

The reason I am writing about this topic is because I see a lot of information about increasing our income, but I see very little about how to use that income to live a better life.<\/p>\n

Income is needed for survival, for growth, and for some minimal security. But time is needed to actually <\/span>live<\/span><\/i>. \u00a0<\/span><\/p>\n

What is living for you? For me it includes things like: <\/span><\/p>\n