Plan your life (1) – don’t just let it happen
by BillStewart on Jun.02, 2009, under Business Opportunity Comments
Aren’t parents great? They do their best to convince us that we need to work hard at school, get good grades, go to college, get a good job, work hard, get promotion, get a better job, get married, get a mortgage, get a better job, have some kids, get a better job, get a better car, get a bigger house, get a better job, work hard to send the kids to college, keep working harder to keep buying a better house, better cars, better holidays, and on and on and on.
Of course they mean well – they want the best for us, and the only way they know is the way they were taught. But what it means is that we work hard to get what we need, then work even harder to get more. We work more and more, harder and harder, and we end up just living to work, then suddenly we get to the end and retire, and there’s nothing – these days, most of us don’t even get a decent pension, so we end up trying to maintain a lifestyle with a third or a quarter of what we were struggling to do it with before.
There has to be a better way.
The obvious ‘better way’ is to start your own business – get more freedom, choose when you want to work, choose what you want to do, no boss to push you around, make lots of money. So we say ‘I can do a good job at XXXX’, set up the XXXX Corporation and go to it. Then we work hard to get what we need, then work even harder to get more. Then on top of that we have to do all the other things that a business needs, because there’s nobody else to do them. Unfortunately, for most of us the reality is that most businesses stay small and the owners end up working harder than ever, have to do everything to run the company and not doing the things they love, managing staff is like running an adult daycare centre, the only way to get things done is to do it yourself, and we’re back where we started.
There has to be a better way.
There is. What we have to do is get away from exchanging time for money. In a regular job, or in the typical small business, what we do is work and get paid for the time. To get more returns, we have to work more – more hours, more effort. The problem is there are only so many hours available to do the work, and we end up degrading the quality of life in return for gaining a better income – we live to work, we should be working to live. The better way is to develop a passive income, a recurring income – in other words, keep getting paid over and over for work already done. There are many ways to achieve this, but all basically involve developing an asset which will keep earning an income – property that can be rented out, intellectual property that can be sold over and over, services that can be delivered automatically, and so on. We’ll discuss some of these in the next article.
June 15th, 2009 on 1:35 am
Hi, very nice post. I have been wonder’n bout this issue,so thanks for posting