Disclosure: Nothing in this blog should be taken as investment advice. Do your own research. This blog is supported by advertising and affiliate links... Links to products and/or services on this blog may include links to affiliate programs that provide commissions to this blog. All of the content in this blog is 100% my own opinion.
Are my aspirations too low? My idea of the good life:
- Being at home with my family
- Watching my children grow and mature
- Getting regular exercise
- Making more money than I spend
Accomplishing these items means 1) not commuting to a job more than 30-45 minutes away from home… 2) Being home in the morning when my children have their breakfast and in the evening when we have dinner… 3) Exercising, walking, running, pull-ups a little every day.
4) The last one has been the hardest. The money has always been a struggle… I have worked for myself in some way or another for about 9 years and its always been a hand to mouth existence. I’m entering middle age now. And I want the mid-life Croesus. Someone who lives as he wants and has choices and the power to choose. But the best formula for making more money than I spend is as follows:
- Recurring: My job or business should have a recurring revenue component to it, i.e. once you sell something, that sale will recur year after year. A good example of this would be owning rental real estate, or selling insurance where clients provide revenue each year as long as you have them, perhaps with a level of escalation.
- Sustainable: The job should be one that’s sustainable… You should be able to do it until you die. You shouldn’t have to “retire” from it… Careers you could do forever, in theory, are being a lawyer, accountant, consultant, insurance sales person, writer, etc. Opposite careers to this would be professional fighting, boxing, MMA, professional sports, sex worker, etc.
- Interest or dividends: Your other investments should have recurring revenue in the form of dividends, if they’re stocks, or interest income if you’re loaning money.
- Side business: Have a side-hustle that excites and inspires you, to the extent that your 9-5 job does not. This would be something that you could build up over time, in your spare time, that will amount to something valuable someday. Or perhaps it’s just something that gives you pleasure, which is a form of therapy.
All of the above require discipline and struggle.
I think Jocko Willink is right with his phrase: “Discipline equals freedom”.