Want To Quit Your Day Job?

Fed up with your 9 to 5 day job? Well don’t quit just yet, as regardless of how young or old you are, you need to think about how you’re going to survive when you do quit your job. For example, if you want to retire at 50, you need to make plans to have a good income whilst you’re not working. With the average life expectancy going up as health care improves, you will have trouble saving enough to live on.

As much as I’d love to stop working right away, there’s absolutely no way I can afford to do so. Having a mortgage is a significant financial burden that needs facing. Then there’s pensions, life insurance, and daily living expenses. Not to mention health care bills when I hit my golden years.

You would hope that you can pay off your mortgage by the time you retire, but you can actually pay it off much more quickly. By taking on an extra job, by selling stuff you no longer need, by cutting costs on expensive items and potentially changing your mortgage deal. This all sounds quite hard work, but its not, and I do it myself. I have found that MoneySavingExpert.com (MSE) to be a great help for impartial advice.

Normally I wouldn’t just freely advertise any old website. But I’ve personally used MSE to save me a fortune on a number of financial and physical products. It’s completely free, has no adverts on it, and actually gives you the power to save the fortune. Don’t get me wrong, it won’t hold your hand through everything, but it will give you plenty of information to make informed decisions.

The chap behind MSE, Martin Lewis, has been on many TV programmes giving people advice on how to take charge of their finances. He’s annoying to watch on TV, but his writing style is very easy to understand.

So if you do want to quit work and work for yourself, consider paying your mortgage off early to help reduce the financial burden. And don’t forget, if you work for yourself (and not a company), the mortgage companies will see you as a high risk, so you can expect to get higher interest rates too.