If you’ve been involved in entrepreneurship for any amount of time you’ve probably been told to set huge goals, dream big, stay positive, and then everything will come true.
Most people get started with the plan of getting rich so they can live the ultimate lifestyle.
In this post, I’m gonna talk about why this is a BAD plan and why becoming wealthy should NOT be your first goal…
So, what should you do instead?
In my opinion, the thing you should focus on is becoming FINANCIALLY FREE.
This means your passive income is higher than your expenses. You then have the ability to work towards becoming wealthy with no pressure of not being able to pay the bills. Passive income can be in the form of investments (real estate, stocks, etc) or from businesses you own.
Your number 1 goal at the start should be creating income streams that produce enough to cover your everyday expenses like rent, car, and food. The number you need to get to is different for everyone, but my goal when I was getting started was $4000/month.
When I quit my job and dropped out of school I had about $1700 in the bank and close to $10,000 in school debt, so I had to figure something out quick. I had no doubt I’d manage but I didn’t know where to start.
I started creating passive income when I was 21 years old after reading the book Rich Dad Poor Dad, and by the time I was 22, I hit my $4000/month goal. I didn’t have a whole lot of expenses at the time, so it didn’t take too long to get to. Plus I didn’t have a job or school to go to.
Ever since then I’ve been adding and growing different sources of income and my future goal is to create a 7-figure online business.
How I Got Started
The very first business I got started with Kindle publishing. I found a training program online, watched the sales video and was instantly hooked. Within 60 days I was around $3200/month…then $5000…then $7000.
At 22 years old I was financially free…
It was a pretty cool feeling being able to make money from home while I had all the time in the world to do whatever I wanted. The only thing was I eventually got bored.
That’s when I created Passive Income Assignment.
I wanted to share what I was working on with others and hopefully help them get the same results. I wanted to share not only my Kindle strategies but also ideas I was learning from books and courses I was going through.
Because I was already generating passive income from my first business I was able to build my blog, make content, add other income streams (Kindle, affiliate marketing, create a product) and more recently start my Youtube channel.
By not having a job it’s made it way easier to focus on creating wealth, but your FIRST goal should be replacing your current income with passive income. Work towards your first $1000, then replacing your 9-5 income. Once you have that you can start building wealth.
That’s the way I look at becoming rich.
Let me know if you have any thoughts or questions in the comments below.
Subscribe below and connect with me: