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Tuesday, 20 June 2017

How To Get Started

If you are sick and tired of the grind of the daily commute, hate suits or whatever your uniform may be, tired of making other people rich by building their business for them with your blood, sweat and tears and getting paid peanuts as a result, then this article will be for you. For there is very much a way to escape the rat race and the most savviest have figured it out and are using the answers to live life on their terms.

First of all let me define rat race. If you are in a position where you are trading time for money, and I don't care if you are working for minimum wage or you earn $2000 per hour, you are in the rat race. For your income to keep coming in, you need to keep working. If you go on holiday so does your income. What is needed is to find a method or methods of bringing in income that keeps on occurring whether you choose to work or not this is commonly referred to as passive income.
Here are a few points worth looking at in terms of your own life to see exactly what is needed for you to learn how to escape the rat race.
1) Evaluate spending habits. - This is the very first thing you should be doing before you even consider finding passive income producing vehicles. Look where money is being wasted and make a decision to life as frugally as you can. You will need the extra money to put towards your investments. Ask yourself every time you reach in to your wallet or purse "do I need this".

2) Work out your dream lifestyle cost wise- Sit down and dream up your dream life. Where would you live, what car would you drive, what would you wear, what would you do on a day to day basis, how many holidays per year would you have. Then figure out a cost to it all, what is the mortgage payment on that house, the payment on that car, how much do the holidays cost, how much is your golf or health club membership, how much do you want to spend shopping per day. This will then give you a monthly figure that you need to be producing.

3) Start an entrepreneurial venture- This is probably the biggest key for so many to learn how to escape the rat race, but one so many get wrong. They start a business venture and all they really do is buy a job. By that I mean they have to work twice as hard on a business because it is their business. They can't leave the business or it will stop producing. Look to create something or get involved with something that will generate passive income, income that comes in if you work or not. Network marketing is an example of this but is not necessarily the right road for everybody. Rental properties or dividends from corporate companies you have invested in are another example, or royalties on a product you have created.

4) Don't work for money, work for time- Always bear that in mind, can you pay someone else to do it for you. Don't get caught up in things that don't really matter. The new rich have discovered that time to do what they want to do when they want to do it is what really matters the most.

5) Have money work for you, your cash flow buys more assets. This is really key; when you start making profits or generating additional income, the temptation is to rush straight out and splurge on a fancy car or holiday, etc. Just wait a little longer, delayed gratification never hurt anyone. Start to reinvest some of those profits back into other cash flowing producing assets,  eg: stocks, bonds or property, or even another business. This is how you create real wealth.

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