To me success means freedom. Success can only be defined by the person who wants to be successful. Usually, success is defined differently from one person to the next. It is important to stand by your definition of success and not society or anyone else.
My Definition of Success
Success means freedom. Free to spend my time how I want. I want the freedom to buy the things I want. No restrictions on when and where I travel. I must have the freedom to be with who I want.
Purchase Your Success
To become successful, I am constantly using my mind to brainstorm ways to achieve the freedom I covet. To obtain the freedom I want, I must purchase it. So, I’ll be a fool if I think it will come easily or free.
A certain level of wealth will allow me to take control of my time. We are all given a certain level of time, time that we can never get back. Go from trading your time to living a life of freedom.
Track Your Success
One way I track my success is through the amount of wealth I have. Wealth is measured by something called net worth, which is asset – liabilities. The amount of wealth that would allow me to be completely free is a net worth of $25 million, while being comfortable with a net worth of $5 million.
Increase Your Assets
To reach this net worth, I must focus on creating and buying assets while limiting my liabilities. Assets include: businesses, real estate, stocks, patents, bonds, gold, and fine art. These assets give off business income, rental income, royalties, dividends, and interest. As a result, my assets increase.
Lower Your Liabilities
I must also has eliminate and limit liabilities which can be mortgages, car loans, business loans, credit cards, student loans, and taxes.
Most of my time needs to be spent on increasing my assets, while limiting my liabilities.
Search for Opportunities
Once your focus has shifted from looking for a job to looking for opportunities to increase your ownership of appreciating assets, you find more opportunities.
Now, opportunities won’t stay there forever, so take advantage of them as they arise. Making plans for opportunities keep you focused and on the right track. keep your plans flexible so you can pivot and readjust when necessary.
If you want to buy your freedom in a short period of time, most of your time should be spent on taking advantage of opportunities that increase your assets.
Leverage Other People’s Time
Long hours are given, but you can speed up the process through leverage. Hiring/contracting other people and using other people’s money can shorten the time required to meet your net worth goals.
Employers/contractors are liabilities and should always provide more value than they are worth.
Remember, you must own and control appreciating assets, while limiting your liabilities.
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