One of the key ideas Jim Rohn speaks about is working on your fortune. He advises working full time at your job and part time on your “fortune.”
Psst…If this is your first time at my blog please read this post first.
What does he mean by this?
He says that while a job can provide a living, even a highly paid one, there is not unlimited potential and typically requires actively working.
He recommends starting a business or if that doesn’t interest you to invest in other peoples businesses to earn income. He calls this working on your fortune.
This concept resonates with my own thinking because since I started working ten years ago I have always put money away into savings and later for investment. While I have little interest in starting a business I love the idea of investing my money to create a passive income stream.
While investing is not typically a way to get rich quickly since generally compounding takes time I feel it is the easiest way for the average person to start growing passive income.
Why not start a business?
I don’t know how to start, run, or grow a business. I don’t know how to manage employees or design a business plan. I don’t know if I would enjoy being a business owner either. The few that I know are always seem stressed out and struggle letting other people run the show in their absence. It seems very difficult and time consuming from what I have seen and heard. Not exactly a compelling life to me.
The great thing is that with investing I don’t have to learn how to do any of those things. I don’t have to take huge risk trying to get a business started. I don’t have to find out if a business idea will be a success.
All an investor has to do is allocate capital to the stock market. From the day you buy your first dividend paying stock you have an expected future income. All you have to do is hold that stock or fund to receive the income. Of course you have to do some work up front to research where you will put your money. Investing could result in loss of capital as well.
Many businesses sadly are not profitable even years after being started. Most new businesses fail.
Many people do not possess the skills or capital needed to make it. I know I don’t.
How I am working on my fortune
I decided a long time ago that I would work full time and part time on my fortune. I love the job I have now and make great money there. I am not looking to escape from anything. That has not always been the case and there was times where I had 2 or 3 different jobs at the same time to try to earn more money. I truly feel blessed to make enough working only one job.
My way of working on my fortune has been to buy high yielding income stocks and funds and reinvest that income to buy more stocks and funds and grow that income stream.
I am still just getting started and have a long way left to go to reach my income goal. The progress I have seen so far is highly motivating to me. I have watched my passive income rise gradually and at a faster and faster pace.
What about you?
- How are you working on your fortune?
- Are you a business owner?
- Do you invest?
Please let me know by commenting below.