The next time you are a guest at a country club or at a really nice vacation spot, ask the people who live there how they were able to afford such luxuries. Did they get there because they made a bunch of money working for someone else or another way?
I recently had a conversation with a very good friend of mine who is a physician and belongs to a very nice country club. He also has a great job, great house, great life, and fair amount of discretionary income – a life many in society would dream of having. But he noticed that the people around him not only had much more discretionary income but also a lot more free time to enjoy it.
So he started asking the folks at the club how they achieved a different level of wealth but also seemed to work far less.
When he started diving into what the actual differences were, he realized he was the “economic engine” of his life (by going to work and making money). Many of these other folks made passive income through businesses or assets that made money for them. The common theme was something else provided their “cash flow” and that something else was also scalable. His job created cash flow, but it was not scalable in that he could only work so many hours in a day, week, or year.
His “aha moment” came when I sent him a copy of one of my favorite books “Why Doctors Don’t Get Rich” by Tom Burns MD. I am a physician as well, and had gone through the same epiphany not many years earlier. This book had drastically helped me understand the “WHY” in why most folks never achieve financial freedom. Once I realized why my colleagues and I could not grow our wealth beyond our own productive capacity, I knew it was time to make a change.
I have mailed this book to numerous people as gifts – many of them physicians, many of them not. The principles apply to anyone who works for income.
Some of my favorite quotes are as follows:
“My passive income pays for the life I WANT to live, not the life I HAVE to live.”
“Many physicians (people) are trapped in a profession they love but a business they hate.”
“Financial wealth is about owning assets that produce income whether you work or not.”
“Financial freedom means you can stop working today and still pay all your expenses. “
“Make money your servant and not your master. “
The Real Asset Investing Team is here to help guide you toward establishing a “life you WANT to live”. In the meantime, let’s start working on the “life you HAVE to live” and start creating a profitable, tax efficient, investment portfolio which will help catapult you toward your financial freedom.
