Your wealth model is your total income and the means by which you attain it. If the post above is familiar to you, your wealth model just might be broken.
“When you work for others, you are at their mercy. They own your work; they own you. Your creative spirit is squashed. What keeps you in such a position, is a fear of having to sink or swim on your own. Instead you should have a deeper fear of what should happen if you remain dependent on others for power. The ultimate power in life is to be completely self-reliant, completely yourself.” – 50cent The 50th Law
The first step to shifting this model to a more effective one is to start your own business. How do we do that?
Define the following:
- Your product/service (What can you offer?)
- The demand for it (Who would pay for it)
- Your competitors (Who else offers similar services)
- Your target market (Who will you sell to)
- How to Market to them (What’s the best medium to reach them)
- How Much to Charge (Cost vs Value)
- How to Keep them coming back (Delight and retain)
Think about it, right, with a business, if you can learn how to sell something for $10, you can do that 100 times and make $1000, then to that 10 times and make $10,000. Then do that 10 times and make $100,000 and again another ten times, that’s $1,000,000! Do you think you can do that with a job, trading money for time?
Owning your own business is the most effective method to wealth building.
I remember my own ‘light bulb’ moment. I had been working in the hospitality industry for a few months. The hours were gruelling,. I barely saw my child and barely had time for myself. The salary did not match the required hours.
I thought to myself, if I could get up at 5 am every morning, stroll home at 11 pm each night for someone else’s profit, how much energy would I put into my ownbusiness?
This simple self-reflective question changed everything. Immediately, my energy shifted from building their company to building myself. According to James Altrucher, “Don’t quit your job immediately. You’re going to get fired eventually anyway.”
Progress follows energy and effort.
With this new shift, you will notice less energy being put in your daily job duties as your time and mental energy goes into research, networking, planning for you own future.
You have to realize that as an employee, you are replaceable.
The only way to have what you want, is to build it. If you live in fear of losing your job, they can ask you to put up with undesirable conditions and you will agree… Out of fear. Unless you are steering your own ship and by extension, your destiny, you are just a cog in their system.
You have to break out of the mold and recognize that everything that you have been investing in building someone else’s empire could be used to start your own.
I admit it isn’t easy to suddenly change course and drop everything to explore a brand new life. That’s what this blog is for.To encourage you through the steps.
Millions of others have done it and so can you.
All the best in your future freedom-seeking adventures!
For additional motivation on your journey to financial freedom, check out this EBook for tips on how to shift your mindset from the 9-5 to wealth building mentality.