This article was originally posted on http://firstquarterfinance.com/cant-wait-to-get-rich/ by by Will Lipovsky | Oct 7, 2014. You can read the full article over there….
A rich person thinks to the distant future, a poor person only thinks to the weekend.
I want to be rich so I plan ahead. I consider how everything I do today will affect tomorrow. When Istarted investing, I did it to save for retirement. I’ve always had it in my head that it would be smart to sort of… ‘front load’ my life for lack of a better term. I would save like crazy while young to have an easy retirement. Kind of like how in the old days the kids would support their aged parents – only in my situation I’m both the children and the aged parents.
So in order for me to take care of my old self and reach financial independence (I should be FI by 30 so that’s not old but you get my point) I focus all my money making efforts for the long-term. This means no going after the quick buck. Everything is sustainable. A dollar here and there doesn’t make me happy unless I can keep up that source of income. For my freelance writing (shameless plug) I work to create quality material thus getting long-term clients. Writing one post here or there doesn’t make me happy. It doesn’t lead to long-term success. My investing style is the same. I need to make money for the long-term.
I Can Wait to Get Rich
I wasn’t born rich but I’ll get there some day. I know I have to wait a bit until that day comes. And to me, that day will come when I reach financial independence, ie: will be able to live comfortably off 100% passive income.
There will be no watershed moment when I’ve become rich. Anticlimactic? Maybe. I’ll have to report back in 6 years. And I kind of think I’ll still be writing this blog. Remember, I think long-term. You better still be around.
How I Nurse Side Hustles
Side jobs are fantastic. But they can be time consuming, of course.
So lately I’ve been short on time (sorry if I haven’t replied to your email yet). But I haven’t been short on opportunities (thank you for your emails). I’ve learned the art of outsourcing a select few tasks and it feels great.
What I’m currently doing is building up different side hustles until they can turn into passive income. After they turn passive, I enjoy having my mind freed up to move onto something else. For instance, I may build a website from scratch but once it starts bringing in money, I may outsource different aspects of the site to someone else. I know how to do them myself but if I can make more money focusing my time on new ventures and pay a VA to do the boring stuff, then so be it. I’ve just started learning about actually handing off the baton – I gotta say, I love it! At first, I didn’t like letting anything out of my control. But thanks to Tim Ferriss and Christine, this way of building up passive income makes a lot of sense. Note: More to come about my ‘Journey to Outsourcing‘. Right now I’m only earning approx. $600/month off completely passive income. I’m still pretty proud of it although I have my head bent down, charging forward, looking for ways to produce more and more passive income.
I’m kind of a baby when it comes to posting my total income reports. Would you like to instead see my ‘Passive Income Reports’? Heck, I think that may be a grand idea. Comment below, yo!
If You Forget about the Present, the Future Won’t Come!
This is a disclaimer if you aren’t a regular reader of this blog.
But don’t think all this talk about the future isn’t making me happy and successful at this moment in time. First off, I don’t do ANY job that doesn’t make me happy. Life’s too short for that nonsense. I also do not save to the point where I am angry at people who drive BMW’s. And building up income for the future is actually pretty rewarding in the present. The peace of mind is one of the GREATEST FEELINGS EVER! I have so many freaking little incomes going on that there’s basically no way I can go broke. Can 12 income streams really dry up completely and then me not be able to replace even the handful of them I need to sustain my life?
As Kevin McCallister said in Home Alone, “I don’t think so.“
Unless a zombie apocalypse really happens. But in that instance, you’ll find me holed up in a barn loft, surrounded by ammunition, canned food, and bottled water – lookin’ through my scope for the walking dead.
Step 1: Make lots of money
Step 2: Turn that ‘lots of money’ into passive income
Step 3: Reach financial independence
Step 4: Make step 4 WHATEVER YOU WANT IT TO BE!