Someone posted the following picture on Facebook and it showed up on my feed. It’s allegedly a quote from Warren Buffet that says…
“If you don’t find a way to make money while you sleep, you’ll work till you die.”
Well, I certainly don’t want to work till I die. With all the money I’ve earned over the years, I’ve honestly done a poor job managing and investing it.
At 46 years old, I now realize the importance of making these next 10 years count. Over the last couple years, I’ve gotten more disciplined at saving, and I’ve finally dipped into the investing side of things.
But I do realize now that my business will have to be the thing that I need to fund my retirement since I’ve missed out on using the past 20 years to my advantage.
Fortunately, the online businesses I have pay me a lot more than a traditional job would, and gives me much more free time to study, research and play this money game right so I’m not screwing it up over these next 10 vital years.
I’m living far below my means (code word for spending way less than I earn), and I’m looking at selling this darn car that seems to suck a few hundred bucks out of my pocket each month.
I can certainly afford it, but it’s not a wise thing to be doing if I’m trying to get my money blueprint right.
It’s cheaper to outright pay cash for a nice car, than to pay these bastards all of this money in interests, and it doesn’t make sense to be paying on a depreciating asset that goes down each and every month.
My goal this year is to create and put out a few more courses and use 100% of those monies to save, invest and to get into some other stuff that earns me money.
I don’t want payments of any kind whatsoever, and in 2018 i will work towards abolishing any type of payment I have.
I’ve earned a lot, but I’ve certainly spent all of it. And it’s a very tough habit to break.
But I ain’t doing it anymore.
Much of my life, I did the following, and perhaps you recognize some of these bad traits and habits too:
- I didn’t pay my bills on time (which caused me to have bad credit)
- I rented most of my adult life (i always had to pay an extra month or two of rent because of my poor credit)
- I traded in my car every 2-3 years (that’s what I saw others do, so I did it too)
- I didn’t save money for my future (broke and barely had money, even after making a ton of money I was still broke)
- I didn’t live on a budget (even if I made $3 million per year, the act of not having a budget would keep me broke)
- I didn’t set goals (I never seen anyone in my house set goals, so I didn’t know better)
- I did not invest in stocks (I’m 20 years behind schedule because I didn’t start at 18 or 20)
- I didn’t have 6-months emergency funds saved (when I had bad months in my biz, this would have saved my butt)
- I lived from check to check (Even when I earned $500K paydays, I didn’t pay myself first, so I had no cushion)
- I lived beyond our means (the craziest thing I’ve ever done)
- I built up lots of credit card debt, etc…
Even though I’ve had a few million come through my hands, it didn’t matter. These bad habits kept me broke. It doesn’t matter how much you earn, your bad habits will find a way to spend every last dime.
That’s why these rich athletes and stars go broke. I never understood it, until it happened too me. The only thing that saved my butt was that I always had money flowing in that supported my bad habits.
At the end of the day … If you can’t manage the little bit you got, you won’t manage the millions you get.
And that’s a fact my friend….
The rules are simple, but most simply won’t do it:
- Pay yourself first.
- Spend less than you make.
- Form healthy money habits (saving, investing)
- Avoid debt of any kind.
- Learn how money works.
- Give back.
- Look at money as a longterm game.
- Invest in yourself.
Over the last couple of days, I’ve shared tutorials of how I managed to support my family of 7 from my online business efforts.
Blogging has played a big part in how I’ve made a few million on the Internet (and even though I squandered much of it, I certainly know how to make it, and I want to show you how too).