We’re going to start with the big one — replacing employed income.

 

Notice I didn’t say anything about quitting a job. That’s because that’s the wrong question. It still centers employment. That’s what you want to get away from.

 

Replacing employed income can be scary. I know. I was staring down that goal after a layoff and I really wasn’t sure I could do it. I knew it was possible, but I didn’t know if it was possible for me.

 

The thing is, it always was. I just hadn’t learned the right approach.

 

Replacing employment level income means you’re trying to account for taxes, benefits, cover vacation (because we need to take breaks too), and get paid for admin time.

 

That’s why people say aim for double what you made.

 

That goal gives you room to maintain your lifestyle, save for retirement, cover your healthcare (at least in the U.S.), take a vacation, AND build some padding to cover those freelance variations.

 

I know it might sound like a lot, but once you get that inertia, you’ll probably realize it’s easier than you ever thought. Start with an attainable goal like this one, and you’ll start seeing the path open up in front of you.

 

 

 

Megan

 

P.S. Haven’t filled out your self assessment? You can do that here.