Let me tell you, the vehicle that I'll soon be driving on the road to prosperity is making me excited! The more I learn about it and experience it, the more incredible the opportunity becomes! The earning potential is almost limitless. But, and even more important to me, the potential for sharing that vehicle with others--you--is limitless.
A couple of weeks ago, I posted an entry titled, "Why, Oh Why?". As you recall from that essay, my Why for creating this blog is to help those of you out there who may be struggling financially to find the path to prosperity. Whether that struggle is a minor annoyance ("How do we find the extra money to send Junior to the right camp this summer?") or a full-blown catastrophe ("OMG! We don't have the rent money!"), I hope my writings here will help you find your path to leave that struggle behind you.
For today's assignment, then, I ask you to consider your Why:
- What is it that would cause you to leave your comfort zone and embark on a new path to financial freedom?
- Or the opposite side: What is it that makes your life comfortable enough to stay the course?
Feel free--empowered, even--to share your Why as a Comment to this post. You can remain anonymous if you'd like; I'm just curious about the Whys out there.
That's it for today. Just a short & sweet update and, I hope, something to get you thinking about your situation. Thanks for peeking in, and I look forward to sharing the road to prosperity with you.
You know, I've been thinking the last couple of days. I know that probably amazes you, too. But what I've been thinking about is the difference between doing things the easy way versus the hard way. (Thinking for me = the hard way.) And I've come to the conclusion that when it comes to starting and running your own business versus being an employee, the conventional wisdom has it backwards.
Many people (if not most) consider being an employee (that is, having a J.O.B.--we remember what that stands for, right?) a lot easier than striking out on your own to earn a living. Just getting up in the morning, getting dressed, driving to the workplace, punching the clock, and performing the duties assigned to you by someone else has got to be far less taxing than all the morning routine above plus:
- Opening the building (if you have a physical location),
- finding customers/clients,
- sourcing the products/materials you sell,
- taking care of the company financials,
- hiring/training/retaining employees,
- buying & managing office supplies,
- keeping your computer system(s) in working order,
- worrying, Worrying, WORRYING about the business day and night,
- and much, much more.
Seems logical to me that the employee route is indeed the easy way to go through life. But from what I have learned--and am learning lately--about financial education and entrepreneurship, I contend that the reverse is actually true.
Yes, it is very true that business owners do have a lot more on their plate, many more balls in the air...pick your favorite cliche about being overloaded and apply it to business owners. But being business owners, they ostensibly are working in businesses that they are passionate about. And I'm sure they are passionate about the potential result of building successful businesses: passive income that provides financial freedom for themselves and their families. And those passions make all of the headaches of running a business well worth the while.
I've had several different jobs in very differing fields in my work life so far, including my current one as a long-haul, over-the-road truck driver. (I never in a million years would have conceived that I would have gotten into that.) And I've also run a few businesses on the side. Let me tell you, any time I spent working my own businesses was much more enjoyable than any time I spent working under someone else's employ. Even when my own businesses were a struggle, just the fact that I was calling the shots and doing what I wanted and loved doing made it so much better.
An old saying goes, "If you love what you do for a living, you'll never work a day in your life." Now, if you have a job (working for someone else) that you just love, congratulations! Especially if it's one that benefits society as a whole, or makes life better for just a few people. More power to ya'! But let me ask you, does it offer you financial security? Do you derive income from it when you're not working? If the answer to those questions is "no", then does that really seem like the easy way?
Of course, I'm talking about the "easy" way to financial freedom, not necessarily the easy way to get through each work day. (But again, I contend that if you have a passion for what you're doing, then getting through a work day full of hassle after hassle is still easier than slogging through a slow day at a job you're not passionate about.) And isn't that what work life is all about, building your "nest egg" for your retirement years?
By the way, a couple of clarifications before I continue. First, when I say, "the easy way" to financial freedom, I do not mean to imply that it does not take considerable effort and diligence to build a secure financial future. It does indeed. But done correctly--choosing the right business and putting the necessary effort into it--business ownership is almost a guarantee to financial freedom.
Second, by "business owners", I mean people who build businesses that generate passive income streams, not those who just create jobs for themselves that won't pay them when they're not working it.
Business owners know that their nest egg will be better--more lucrative--if it's comprised of one or more passive income streams rather than a lump sum of cash in a retirement account somewhere throwing off meager interest. Except for a very small proportion of the employee base in this country--and the world, for that matter--working a job will not build the kind or size of nest egg that will provide a more-than-comfortable retirement, especially in today's economy.
So I ask you, which is the "easy" way and which is the "hard" way to build a secure financial future? Punching the clock at someone else's company, working hard to make them rich while you try to squirrel away enough cash for a hopefully comfortable retirement? Or building passive income streams that will continue indefinitely and possibly grow to a level to allow you to retire far earlier than you could by working a job?
I know which one I'm going to pursue, and I truly want you to secure your financial future, too. Really, I do! That's why I am committed to passing along all this critical financial education information in this blog, and invite you to join the Convoy. It'll be much more meaningful to compare notes and share success stories as we travel the road to prosperity together.
Thank you for reading today's post. Don't forget that this blog has a Comments feature, and that I do want to hear from you. Are you ready to jump on the on-ramp to the road to prosperity? Anything I wrote that you need clarification about? Anything at all, please drop me a note. I look forward to sharing space in the Convoy with you.
OK, OK, I know that twice now I've promised a discourse on Multi-Level Marketing (MLM), a.k.a. Network Marketing. But I'm going to put that on hold for a little while. It's too soon in the "course" I'm "teaching" here to focus on a "how". But I'll just tell you to toss aside any preconceived notions you have about MLM companies, because they're (the preconceived notions, that is) just wrong. Let each company and its plan stand on its own merits--and some have pretty amazing merits--as you check them out. Instead, here I need to build the foundation and framework of your financial education first. And I also promised to use this blog to update you on the Prosperity Convoy's progress. So let's start with that.
First, when I say, "The Prosperity Convoy", I'm referring to me and the cadre of readers who decide that they (you?) too are ready to leave their (your?) old way of thinking behind and learn what it really takes to find prosperity. I want to hear from my readers (you?) to find out who's climbing on board, ready to take the steps to secure their (your?) financial futures. Let me know if I'm bringing you valuable information--or if I'm failing in the attempt. Please share your own personal progress report if you're taking steps to secure your financial future, if you need any help, or what information you'd like me to write about. Now here's my personal progress report.
When I was home last week, I went to a meeting to gather information about the vehicle I'm going to use to power my convoy. Let me tell you, it has me totally stoked...geeked...excited about what's ahead for me and my family. And for you, if you join the convoy. I won't go into detail about it here, because that's best done in another setting. But it's with a company that really supports its members and wants them to succeed.
Another step I took was to re-familiarize myself with one of my "mentors" (via reading his books), Robert Kiyosaki. My own financial education started when I found a copy of one of his books, "Retire Young, Retire Rich". Being that it was a free copy, and the title sounded like something that interested me, I grabbed it. That book opened my eyes in regards to the tectonic shift in thinking that is necessary to find financial freedom. I had to learn more. So I started watching the free book rack for more Kiyosaki books. "Rich Dad's Cashflow Quadrant" and "Rich Dad, Poor Dad" soon followed (in my timeline, anyway), and I was hooked. I even started buying more Kiyosaki books, as well as more personal finance books by other authors. But I digress. What's relevant to today's discussion is that last week I found a new Kiyosaki book, "Unfair Advantage, The Power of Financial Education". I bought it and brought it with me on my current month-long tour of duty on my truck.
"Unfair Advantage", which has a sub-subtitle of, "What Schools Will NEVER Teach You About Money", reminded me of many concepts I had learned from the earlier books but let slip out of my memory while life intervened. Those reminders have re-energized my resolve to put myself on the on-ramp to financial freedom and to spread the word. Believe me, I'm totally serious about this subject and desperately want to make sure you come along to prosperity, too, whether by joining my convoy or by finding your own path to financial education. (But if you come along with me, we'll work together.) Now, back to a little bit of financial ed.
First and foremost, read the Kiyosaki books. You can find them--and more--at RichDad.com. You may not like his writing style, or appreciate his bluntness, but get past that and understand and embrace the message he delivers. And that message--highly simplified here--is to shift your thinking about money from the point of view of an employee, to that of a business owner and investor.
The employee works for--and pays taxes on--earned income, the income with the highest tax rate. He only earns income while working, trading hours for money. The business owner and investor, however, can earn income any hour of the day, whether she's actively working the business or not, because she has her money working for her. That kind of income is called passive income, or sometimes residual income. Done right, passive income can FAR outstrip anything you can earn from a paycheck. So the aim of the Prosperity Convoy is to build passive income streams that will make "working for the man" unnecessary.
That's enough for tonight, as I've got to return to the "real" world and get myself to bed, since I have to get up early to go deliver my current freight. Please, please, please let me know how you like (or don't like) this blog, and what else you want to learn about taking the on-ramp to the road to prosperity. Thank you very much for taking the time out of your busy day to read this. I hope it will be some value to you, and I'll see you on the aforementioned road to prosperity.
Last time ("Just Over Broke") I promised to discuss Multi-Level Marketing (MLM) companies in this installment. However, I want to introduce another concept that is important for successful people first. I'll get back to MLMs next time for sure.
Whenever you decide whether or not to do something, I'm sure you first ask yourself, "Why should I do this?" Well, probably not for auto-response actions, such as breathing or ducking out of the way of a baseball rocketing your way; those responses are (hopefully) already hard-wired into your system. But for actions that require a conscious decision, you need to answer that question, one way or the other. A critical juncture for asking, "Why" is as you decide upon your career's course.
It's easy to answer the question, "Why do I work?" with, "To earn money to support myself." That's the basic human need. But make sure you take it to the next level and ask yourself, "Why do I work for someone else?" and, "Why would I start my own business?"
People who start and run their own businesses (a.k.a. the self-employed and entrepreneurs) have asked those last two questions and found their "Why", their reason to follow they course they have chosen. They have found that their Why overrides the risks, uncertainties, and extra work inherent in "hanging their shingle."
One successful woman I know likes to travel. The freedom to set her own schedule, and the income she earns from her own successful businesses allow her to see the country and the world. Travelling is her Why for running her own businesses, instead of working for someone else.
My Why for wanting to run my own business is a desire to be able to donate money to worthy causes that need financial help. Dave Ramsey, the personal finance "Act Your Wage" guru, says that it's a moral imperative for the good (moral, law-abiding) people to make as much money as possible to use it for good, so the criminals don't get it and use it for their nefarious purposes. That struck a chord with me, so that has become my Why. And, ever since I took to the road as a truck driver, my second Why is to get off the road, back home with my family, and resume my "normal" life.
Actually, I have a third Why, too. I know a lot of people are having a hard time financially in our current economy. Perhaps you're one of them. Because of my study of personal finance and entrepreneurship, I know the solution, and I want to help out. You are a worthy cause, too! (Though I'll donate this information instead of cash--I'm not to that point yet.) That's my Why for writing this blog.
So what's your Why?
- Do you need a little extra cash each month to ease the bills burden?
- Do you have a favorite charity you'd like to help out?
- Do you have children that will one day be going to college, and the escalating cost of that scares you?
- Do you want to get out and see the world?
- Do you just hate your job and want to be able to leave it all behind?
Whatever it is, if it's stronger than your Why for working a JOB (and the supposed security that provides), just drop me a note and we'll work together to get you a spot in the Prosperity Convoy.
Thanks for reading today. I look forward to seeing you on the road to prosperity.
P.S., Please give me some feedback in the form of a Comment below. Do you like this blog? Is the information I'm presenting: Helpful? Clear? Intriguing? Pure dreck? And if you like it, be sure to sign up as a Follower over there on the right side of the page. Thanks much!
I must confess, those "secrets" I mentioned in my introduction to this blog ("Start Your Engines") are not really secrets at all. If you go to the Personal Finance and Small Business section(s) of any well-stocked bookstore, you'll find oodles of books laying out all the information you need to prosper. I particularly like (and recommend) authors such as Ric Edelman, Robert Kiyosaki, and Dave Ramsey, just to name a few. I've gleaned the information I provide in this blog from their books, and those of other authors as well. So what I'm providing here is not new or revolutionary. It just may be to you, though.Though not secret, personal finance information is not being taught in our schools. Most people who want to get a handle on their finances and learn how to become financially successful need to go looking for the information. And most people don't know enough (or don't care, or are too un-motivated) to go looking. So I'm making it my crusade to get you to know, care, and get motivated to get on the road to financial security.The first--and probably most important--thing to realize about becoming financially secure is that most people will never get there by being an employee. Think about it: companies hire the people who will do the work they need done and pay them as little as possible. Then they charge as much as they can ("as much as the market will bear") for their products and services. So if you're an employee, you're getting paid the least your company can pay, but when you go out to buy the things you need, you're being charged as much as the sellers can get. Not a good formula for socking away the ol' nest egg. Especially in this day and age in which companies are cutting way back but everything is getting more and more expensive. That's why "JOB" is really an acronym for, "Just Over Broke".The people who do become financially secure, financially independent, or--dare we say it?--wealthy are those who own businesses. Gazillionaire J. Paul Getty once said, "I'd rather have one percent of the efforts of 100 people than 100% of my own efforts." He also said, "To build wealth today, you must be in your own business." The wealthy have learned to leverage other people's time and efforts instead of their own to earn their income. If you're an employee, that's what your employer is doing with you, leveraging your time to build wealth for the company's shareholders. When you own a business, you earn passive income as the business hums along while you're doing something else.Of course, starting a business can cost gobs and gobs of money, depending on the business. And that's a deal breaker for most people right there. Fortunately, a business model exists that allows people to get in for only a modest investment and grow a business to secure their financial futures. Not only that, it allows them to help others to do the same. The problem is most people--the ones who are "just over broke"--have preconceived ideas about this model and immediately tune out to its amazing possibilities. But the people who "get it" and are making it work for them can cite a well-known saying: "Those of you who say it can't be done are in the way of those of us doing it."Can you guess what this mysterious and wondrous business model is? That's right, it's what's known in the business world as "Multi-Level Marketing", or MLM. In my next installment, I'll discuss MLMs in more detail, present the preconceived arguments against them, and refudiate--er, refute--each argument in turn. But for now, I hope you've learned that the road to financial independence does not follow the "employee" route. You've got to be a business owner to earn enough to secure your future. And I'm here to help you do that.Thanks for reading and learning today. Please contribute your comments and questions, and I'll see you on the road to wealth.
A few years back--in a previous life before circumstances led me to earn my commercial driver's license (CDL) and head out as an over-the-road truck driver to earn my living--I immersed myself into financial education, learning the "secrets" of the wealthy. These secrets covered topics about making money, keeping money, and what to do with it once you made it and kept it. At that time, I tried to follow those secrets, but in my eagerness did them wrong and failed miserably. (Hence my trucking career.) Now that I've had time to reflect on those failures (and believe me, on this job you have lots of time for reflection), I'm ready to give it another go. But this time, it's not about me. It's about YOU!
You see, the more I learned during my financial education, and then thought about it in the intervening years, the more convinced I became that all this information should not be kept secret. Everyone needs to know all this stuff so we all can start up the road to prosperity. So I'm making it my job, my quest, my responsibility to build a convoy of as many people as possible who want (and/or need) to ease their financial burdens and get rolling on that road.
In this blog I'm going to present that information you need to know and chronicle the convoy's progress. I invite you to be a regular contributor via the comments feature of the blog. Ask questions and give us updates about what you're doing to improve your financial future and how it's coming along.
Now a couple of caveats about me and this blog:
- I don't claim to be an expert in finances and wealth-building. I'm just a regular guy who has read quite a bit about it, recognizes its importance, and has a passion to spread the word. I can't guarantee that the information I give you will lead to your own personal prosperity. That will depend on your own efforts.
- I can't promise any kind of regular schedule in posting to this blog. With my trucking job come very irregular periods of enough down time to compose coherent essays. But I'll post when I can, because I do want us all to succeed, and sooner is always better.
Thanks for checking out the Prosperity Convoy. I do hope you'll start up your engine and join us on the on ramp to the road to financial security.
