In life, we have a lot of choices. Each and every day we have sometimes hundreds of decisions to make. When it comes to financial freedom and living your own life’s dream, it comes down to how you decide to work.
From a very early age, Americans are conditioned to make a very bad choice in life: to happily accept the idea of only earning income when they exchange their time. This is a big mistake, and one we all have to overcome if we want to be financially free.
I personally had to overcome this ideology. Even as a young entrepreneur, the temptation to work 12 to 16 hours a day to increase my income seemed logical and even normal.
My first business required a lot of my time. In fact, I was the business, so if I wasn’t there, it wasn’t running. My day job was a 9-hour gig, plus I was trading stocks, buying real estate, and I even tried a multi-level marketing business at 19.
Everything I did to make money required my time.
Looking back at my older teens and early 20s, I am very regretful of how much time I wasted not living and not focusing on the people I loved.Getting rich or becoming wealthy, however you want to describe it, was always a passion of mine. But like with any hobby, it takes some time and experience to become an expert.It really wasn’t until my late 20s that I fully understood and began to implement a passive income strategy.
I did this by paying off rental properties, making strategic investments into dividend-paying stocks, and becoming a lender, where my allocation of capital only went to income-producing assets.
Within 3 years, my rental properties paid all my bills, and to this day they still do. It’s why in 2012, my wife and I were able to save 90% of our income.
The choice everyone has to make to become financially free is the choice to focus your efforts and capital on producing more income. Increase your income with the dollars you have, NOT your time. Your average worker will work for 40 years, raise a family, retire, and then die. If you want more in life, and if you want to chart your own course, then focus on building a cash flow machine.