From the desk of Victor Pride
There is one little secret you need to know if you want to make an income without a 9-5 job.
It’s a secret that everyone knows, an open secret, but is just so hard to grasp for some reason.
What is the secret to making it without having a 9-5 job?
The secret is you must live below your means.
Far below your means.
That does not mean you need to live in filth like an animal, it means you need to pay as little money as humanly possible for you to live. If you can live for free, so much better.
Typically, when someone gets a job, a “good job”, their life expenses increase as well. They will usually rent a nicer apartment or “buy” a nicer house (with a mortgage) and they will typically purchase or lease a new automobile. These are big expenses and they come with many hidden expenses like higher insurance premiums.
As the income goes up their spending goes up to match it.
Bills, bills, debt and more bills. More money, more stress as they say.
With so many bills there is no way a normal person can just quit their job and focus on an entrepreneurial endeavor.
I hear that all the time. “I can’t quit my job, I have bills to pay!“.
The secret is to get rid of the bills.
A car payment isn’t necessary when an automobile that will get you from point A to B can be purchased with cash. An expensive home isn’t necessary if you wish to achieve more.
You need money to live. There is no way around that but if you spend the majority of the money on your home and auto you have a tiny, tiny chance of ever breaking free and making money as an entrepreneur.
Buy what you need and only what you need and don’t buy luxury. Save the luxury. Standing in line for the new $400 phone is a waste of your time and money.
You need to keep your money as a padding in case in those inevitable lean times you need a place to live that will not be too hard to pay for. You don’t want to spend all your time and energy just working to try and pay rent. Your time and energy should be spent on other things, like building your business.
I know what it’s like to have a hefty mortgage during the lean times. It’s like a noose around your neck. It’s anxiety and stress and it’s no way to live.
I am able to do a lot of things and visit a lot of places precisely because I live damn near for free. My rent is $500 per month presently and fully paid up through the end of my lease.
It is a very smart move to pay up your living arrangements in advance, as far in advance as you are able to. It’s a stress relieving feeling to say to yourself “Well, now my home is paid up for the next year, how should I spend my time now that I’m not worried about paying rent?“.
The answer, of course, is to spend your time making more money and buying freedom. The answer isn’t to slave away for your boss man, making him rich so you can barely get your mortgage paid.
I’ve been on both sides of that coin, and I’ll tell you my way is better.
A lot of people can’t get by without buying all the new toys and digging themselves deeper into debt. Fine for them. But not fine for me, and I damn sure know it’s not fine for a lot of Bold and Determined readers.
Live below your means. Live Spartan. Make the money, put in the work. When the new luxury home seems cheap to you that is the right time to buy.
And if it isn’t cheap, hey, just make more money until it is.