You will never become rich working a 9-5 job.
Hear me out on this. How much is your time worth to you? The reality is those of us who work 40-80 work weeks seldom have time to do anything other than drink wine and complain. Regardless of the salary we make, time is both the ultimate currency and investment. It is something we can give but never gain. If we are working 80% of the time and living 20% of the time guess what? Our model for living life is broken. This needs to change.
Which of these two options would you choose?
- You can work one job for 50 hours per week and make a salary of $90,000
- You work 1-2 hours per week and make $40,000 overnight while you sleep.
I’m a little scared to ask you which option you would choose, but if it were me I’d choose number 2. Why is number 2 the optimal model for success? Because, it takes your time out of the equation. You have designed a model that literally makes you money while you do nothing.
The only people that can become rich working a standard career are specialists such as doctors, lawyers, scientists and so on. For the majority, these people have dedicated the greater part of a decade to receive this type of compensation. Again, how much is your time worth to you? Although we have methods of accumulating wealth such as IRAs and 401Ks we are not able to maximize on these until years later. The formula for becoming rich is simple: make money while investing as little of your own time as possible.
Grow rich by creating more time for yourself.
Don’t get me wrong, if you handed me $500 million dollars right now I’d take it. But I would guess that the majority of us don’t inherently care about being monetarily rich. What we do care about is having the financial freedoms to do whatever it is that we want to do. We want to travel, spend time with family, try new activities and do so all in a comfortable financial manner. We also care about relieving the stress and pain points that money creates for us in our everyday lives.
Creating this type of lifestyle is not as hard as you think; the answers are all around you.
Here are some essential recommendations to get you started:
- Stop making excuses and false prioritizations for yourself
This is the first step and arguably the most important. Stop making excuses for anything and everything. There is never a right time in your life to start something new. Stop talking about doing something and just start doing it. Take action, whether small or large. Micro-actions will displace your fear and inner demons. Nothing in life is permanent, and you really won’t lose anything by trying. The fear of acting is far greater than the fear of inaction. Focus and take action.
- Stop assuming you need to be an expert at anything you want to do or sell
You don’t need to be Thomas Edison. There are people all around you in this world with great ideas. There will always be someone smarter, better and faster than you. Guess what, who cares? If someone else has a great idea just jump on board with them! If you don’t know anyone, go out and find someone! More often than not the most highly profitable items are just simple things that improve our everyday lives. I can’t tell you how much time I wasted trying to think of “the next best thing” or some million dollar idea. This is almost always a dead-end road.
- Eradicate singularity
As I mentioned in bullet 2, stop looking for the singular best idea or product in the world. Although one great product could make you a great deal of money, people who become wealthy do so by multiple channels and lines of income. Take the TV show Shark Tank, for example, the sharks on this show don’t go all in on one product and end the show do they? No. They diversify their investments in several different ideas, companies and products.
- Sell something simple that you can create in a week or less
Sell something small and simple. Do you know a lot about a particular interest or topic? Can you write a small book, create a training course or provide a product of some sort? Let me give you an example. A friend of mine owns several rental properties. Over the course of several years, he brought his rental lease to several different lawyers to make sure it was air and water tight. A light bulb when off in my head. I approached my friend and asked, “Why don’t you sell your lease to other landlords?” And with that, The Ironclad Lease was born. The point I am trying to make here is that you really don’t have to be an expert on anything to realize a good idea when you see one.
- Explore your interests to find something you can make money off
While I could deep-dive into how to explore and identify all your passions, there is someone who has already done this better than myself. Emilie Wapnick, author of The Renaissance Business explains in great detail how to dissect your passions and recreate them as a successful online business. I highly recommend you purchase her book and learn more about how to create a successful business in no time online.
Create an income model that makes you money while you sleep
The bottom line here is that creating a business model that makes you money while you sleep is the best possible way to generate income. Create a business model that takes your personal time out of the equation. Most operate on fixed hourly or salaried income. This income model is fixed, and perhaps the worst method of creating financial freedom for ourselves.