What Marks the Escape From the Rat Race?

The rat race. The apparent eternal pursuit of what seems to be unachievable. It is often used to describe the 9-to-5 career of an overworked, underpaid employees who just can’t get ahead in life despite their exhausting efforts. And, it is anyone’s goal to not participate in or to escape the rat race.

It is easier said than done. I’ve been a witness to prime participants of the rat race – my parents. They’ve worked in the same fields and held the same general occupations ever since they came to the U.S. over 23 years ago.

As I enter the workforce, their looming shadows remind me what I should be striving for. So, I’m here wondering what would be my definition of an escape from the rat race.

A New Jobs Era
The employment environment has changed drastically since the recession began – and it seems that the idea of a “job” has been forever revolutionized. Job hirings are becoming scarce and layoffs are occurring left and right.

The situation has opened a moment of reevaluation for everyone. Many are taking matters into their own hands while others are finding a better life in another field. Some would agree that the idealistic image of climbing the ladder in corporate America has been tarnished. More and more people are opting out of the rat race. Most do it by starting their own business or by simply retiring.

There Is No Finish Line
For the majority of us, we would have been a participant in the rat race at one point or another. One essential realization is that there is no finish line in this race – either keep going or get out. As long as the job arena breeds a competitive nature, there will always be a relentless scramble to the higher ranks.

Escaping the rat race is the goal – not to finish it. I believe that point is marked only by retirement. Running a business may be a move that many consider to be a withdrawal from the rat race but it still entails a working life.

To me, the ability to retire comes with the notion that I do little to no work but still have sufficient income to maintain a certain lifestyle. With that in mind, my primary objective is to build income-generating assets, not to establish a substantial cash reserve (though it is still very important to do so).

The optimal cash-generating assets that I’d like are:

• Real estate. Many of my neighbors are owners of several pieces of real estate. I typically see them in front of their houses tending their plants and lingering about like full-time neighborhood watchers. They’ve told me that they are able to live comfortably by owning a few houses and collecting rent. In New York City, rental income can account for a major part of retirement income.
• Business ownership. The entrepreneurial spirit in me hopes that I can someday start my own business and make it the source of a comfortable life. If management of a business can be transferred to reliable hands, I’d consider stepping down and collecting residual business profits.

When these assets are able to sustain my preferred lifestyle, that marks the great escape from the rat race.

(Photo credit: @ LaRsNoW @)

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