Happy Fourth of July!
This year instead of just hanging out with friends and family, drinking beers and setting off fireworks (activities I will be enjoying this fourth of July) I want to redouble my commitment to a goal that I have. This is a goal truly worthy of my obsession.
I have decided to make a commitment to achieving financial independence. I will do whatever it takes to achieve this goal. I understand and fully commit to the massive amount of effort and energy that will be required for it’s achievement.
I am tired of blending in, being average, and achieving average results in my life. I do not want an average life and I believe that I am not average.
What does financial independence mean to me?
I believe that true financial independence is much more than having lots of money saved or being able to spend your time how you want.
I believe that if you are truly financially independent this means that you not only are receiving an income above your expenses but that it is also still growing.
What makes me think that?
I have heard from many retired people how they struggle to get by and handle basic expenses. This kind of problem with handling expenses is exactly what I want to avoid.
I believe this is because they have set up their finances backwards. They have earned most of their income through actively working and saved some of it.
After doing this for years they have accumulated a sum of money that they felt was enough to retire based on whatever math led them to the decision to retire.
However, once they stop working, the money stops coming in. Even having a million dollars can only provide $50,000 for 20 years or $100,000 for ten.
They are drawing down on that sum for the rest of their life. They take money from that savings to cover expenses. They have little, if any real income coming in.
They did not set up a passive or semi passive income stream and I believe this is where the mistake lies.
Had they set up an income flow or, even better, more than just one income stream then I believe they would be experiencing a very different kind of retirement.
I do not wish to live a middle class life working and saving just to afford a mediocre and poor retirement.
All of that sounds great in theory but how will I do it?
I don’t have all the details worked out yet but the rough idea is fundamentally simple. As time goes by and results are improved my strategy will shift and adapt.
- I intend to maximize the income from my current job. I am currently working as an automotive service advisor and paid on commission basis directly correlated to my sales. I am committed to improving my sales abilities to increase my earned income. Put simply, sell more. This will require becoming obsessed with my job, my sales, improving my abilities, and training.
- I intend to maximize my savings rate. I intend to do this by controlling how I spend my money and forcing myself to live below my means. I have already started doing this. I have been bringing my lunch to work and cutting out unnecessary expenses for months already. This has to be a massive effort as cutting out $5 a day will never get me to financial independence. My income has to increase as well as my savings.
- I intend to maximize my investment into my income portfolio and eventually other income streams. Income investing is just one of the ways to generate passive income. What I love about investing is that I am able to invest a even a small amount and see the income results immediately. With my current strategy income also grows itself through reinvestment over time. Once I have more significant amounts of money then I will be able to pursue different avenues for generating passive income.
- Some early ideas that I have for growing my income in the future are learning new skills that will increase my value in the marketplace, starting an online business, writing books and courses, and investing in real estate.
What has inspired me to redouble my efforts towards financial independence?
I have been listening and reading the work of a passionate, successful and inspiring businessman, author, and real estate investor by the name of Grant Cardone.
I have read 4 of his books and listened to hours of his content about sales and success. Grant really has an incredible, hilarious, and honest way to express his ideas and I have really enjoyed everything I have put the time in to read, listen, and watch. I sincerely hope you will check him out for yourself.
I want to thank Mr. Cardone for giving me permission to be obsessed with my goals and dreams again and for helping me wake up and remember what is most important in my life.