To most people, the path to wealth involves working hard, growing and learning so you can earn promotions, and subsequently, more money.

But what if there was another way? What if earning more money involved not working harder, but not actually working at all.

Stop laughing. It’s true. Now, before you think that we’ve gone completely off our rockers, understand that we’re not suggesting that you walk into your boss’s office and make a dramatic exit. Nor can you can get rich by sitting on your sofa just eating Cheetos and watching soap operas.

What we are suggesting, though, is that you can actually improve your earning power in the long term by taking a temporary break — a sabbatical — from your career to refresh your outlook, find new ways to make money and develop the skills necessary to do your job better.

What Is a Career Sabbatical?

Most people associate sabbaticals with academia. How many times did you hear that professors were “on sabbatical” during your college years? What sounded like an extended vacation was actually an opportunity for professors to do work related to their field, such research for a dissertation or the all-important book or journal articles.

The thing is sabbaticals aren’t just limited to professors. Almost anyone can take a career sabbatical, if he or she has a willing employer and the resources to do it.

The 3 P’s: Plan, Plan and Plan

Ok, so that’s really only one P. But it’s important to realize that the foundation of any successful sabbatical is a plan. Without one, the chances of your boss approving your time off are about zero, and you won’t have any idea how much money to save or what to do with your time. And no, “not go to work and hang out on the beach” is not a plan.

So what should you do during your break? Travel is one of the most common sabbatical activities, but unless you’re a travel writer or plan to somehow parlay your experience into a travel-related career, you might find that while enriching, your sabbatical doesn’t do much for your overall income-generating abilities.

Instead, consider focusing your sabbatical on activities that will help produce income down the road, such as:

• Return to school to earn a degree or certificate related to your career. When you aren’t working full-time, you can take more classes at a time and accelerate your program, or at least get off to a running start.
• Launch a writing career. Spend your time writing that book you’ve always wanted to write, or start a blog.
• Pick up a little something on the side. Speaking of blogging, a sabbatical is the perfect time to develop passive income streams — such as the money earned from blogging — that can supplement your income when you do finally go back to work. Use your time off to launch a website, get into affiliate marketing, learn more about investing or even start a side business that will provide income for years to come.
• Practice belt-tightening. One of the major drawbacks to sabbaticals is that you aren’t usually earning a paycheck. Spending a few months living on a shoestring will help you get used to living within your means, and learn to curb unnecessary spending. When you do have a regular paycheck again, you’ll be able to better manage and grow your money than before.

The Details

Once you know what you want to do, then you can focus on how you want to do it. The first step is to figure out how long you plan to be away. Most sabbaticals run between 90 days and a year; shorter and you won’t be able to accomplish much, and much longer could be too long of a break from your career. Your employer may also have policies in place that limit how long (or even if) you can take a break and come back to the same position. Approach your boss with your plan and make a compelling case for the time off. In other words, if you’re a slacker who has only been with the company for a few months, don’t expect to have your sabbatical approved.

You’ll also need to work out your finances. Experts recommend eliminating as much debt as possible before your sabbatical, and focusing on saving up as much money as you can ahead of time. Remember that you’ll have to pay most of your normal bills during your time off — your mortgage company doesn’t care if you’re writing the next literary bestseller.

Taking some time off from work to pursue a goal or to create a foundation for prosperity might seem counter-intuitive, but with the right plan and some sacrifice, it could be what makes the difference in your future and your finances.