Would You Be Able To Survive On A Ramen Noodle Diet In Order To Be Rich Like I Did?
Financial freedom, in the sense of being independent of a day job, requires focus on making passive or business income exceeds a paycheck. Oftentimes, as business people, we tend to focus more so on asset acquisition to increase our income. However, the way to financial freedom is a two-pronged approach: Increasing our business and passive income while decreasing our personal living expenses.
Reducing your personal living expenses can be tough for some. It may be hard for you to say no to Starbucks, vacations, or even cable. By the way, if you’re not financially free yet, you should be spending your spare time focusing on your business. You really don’t have the luxury to watch cable anymore, even if you can afford it.
Will you commit to saying no to all of these luxuries today? Keep in mind, these things aren’t necessities and these things won’t add to your bottom line when it comes to business. I hope that you see the bigger picture and cut them out of your life for now.
In my early days of being a real estate investor, I stayed on a ramen noodle diet. I didn’t have cable and I didn’t go out on dates that much; I seldom watched television.
I made these short-term sacrifices so I can free up capital for my business. By cutting out these luxuries, it forced me to focus my spare time on my business without any days off.
As you can probably imagine, living this lifestyle wasn’t enjoyable. However, it was enjoyable to see my portfolio grow and grow even more. When I met my financial freedom goal and no longer needed a day job, I submitted my two weeks notice, went home and packed my bags. I then moved to Atlanta, GA.
After implementing the strategies of increase and decrease, I had enough money to buy a new car and to begin focusing on upgrading my standard of living.
Now that I’m financially free, I can easily live the lifestyle of my choice and buy practically anything I want.
I bought a nine-unit apartment building prior to quitting my day job and I used the proceeds to pay for my Mercedes. So, I actually do practice what I preach. I learned how to use my assets and not earned income to purchase my “toys”.
Were the sacrifices for those four long years worth it? Hell Yeah!!
If you’re looking for a blueprint on how you can exit the 9 to 5 in five years or less, sign up for my coaching program asap. I’ll provide you with the guidance you need to succeed. And, I’ll teach you how to adopt the mindset of the two-pronged approach: Increasing your passive income while reducing your personal living expenses so you too can turn in your two weeks notice like I did!