Minimize reliance on external sources of income from "summary" of Early Retirement Extreme by Jacob Lund Fisker
The idea here is to reduce, as much as possible, the need to rely on external sources of income. This means finding ways to cover your expenses without depending on a paycheck from an employer. The goal is to build up your own sources of income that are separate from traditional employment. To achieve this, you need to think creatively about how you can generate income on your own terms. This might involve starting a side hustle, investing in income-producing assets, or creating passive income streams. By diversifying your sources of income, you can protect yourself from economic downturns or job loss. However, it's important to keep in mind that minimizing reliance on external sources of income doesn't mean avoiding work altogether. Instead, it's about taking control of your financial situation and creating a lifestyle that doesn't require you to work a traditional 9-5 job for the rest of your life. By reducing your expenses and increasing your income streams, you can gradually build up a level of financial independence that allows you to live life on your own terms. This might mean downsizing your living space, cutting back on unnecessary expenses, or finding ways to reduce your overall cost of living.- The goal is to reach a point where you have enough passive income to cover your expenses without having to rely on a traditional job. This level of financial independence can provide you with the freedom to pursue your passions, spend more time with loved ones, and live a fulfilling life without the constraints of a traditional career.
