6 Steps to Becoming Work Optional
Rebecca Truong
6/10/20261 min read
Know Your Work Optional Number
Start by working out how much you need to live comfortably each year. A simple rule of thumb is:
Annual Expenses × 25 = Your Work Optional Number
This gives you a target to aim for when building your investments.
Track Your Income and Expenses
Use a simple budget spreadsheet to monitor what's coming in and what's going out. Understanding your spending habits helps you identify areas where you can make adjustments and improve your savings rate.
Increasing the Gap Between Your Earnings and Spending
The wider the gap, the faster you can build wealth. Focus on:
Growing your salary
Developing high-income skills
Avoiding lifestyle inflation
Being intentional with your spending
Invest Consistently
Put your money to work through long-term investing. Consider:
Diversified index funds
Retirement accounts or superannuation funds
Regular, automated contributions
Consistency is often more important than timing the market.
Build Multiple Income Streams
Creating additional sources of income can accelerate your journey to financial freedom. Example include:
Dividend income from investments
Rental properties
Online businesses
Freelancing or consulting
Digital products
Increase Your Earning Power
Early in your wealth-building journey, increasing your income can have the biggest impact. Consider:
Career progression opportunities
Leadership roles
Developing specialised skills
Starting a side hustle or business
The more you earn, the more you can invest towards making work a choice rather than a necessity.