MOST, including me, would answer that question with the Name of our place of employment or with the name of our business. You might be Self Employed or Working for a Company or dabbling in a little of both.
The answer really lies in who we OWE, you and I work for our Mortgage or Rental Company, we work for our Vehicle Loan Company, We work for our Student Loans, We work for our Credit Card Companies, in some cases Credit Card Interest (balance never goes down, we just pay interest). We work for our Toys (Boat, Motorcycle, Time Share). We work for that Vacation of a lifetime that we enjoyed two years ago, you get the point.
The definition of wealth is the number of days you can survive without physically working (or anyone in your household physically working) and still maintain your standard of living.
For example, if your monthly expenses are $5,000 and you have $20,000 in savings, your wealth is approximately four months or 120 days.
Wealth is measured in time, not dollars.
So, for our Journey, we are looking to be "The Best Version of Ourselves" and this is an excellent area to consider. The # of days we can survive WITHOUT physically working (or anyone in our household physically working) and STILL MAINTAIN OUR STANDARD OF LIVING.
Ummm?! A Thought to Ponder.
Do you and I see where we are going (A Plan, A Desired State for our life) and do we know whee we are (on Paper what is our status today, what is the condition of our finances) all key points to travel on our Journey.
No matter the current condition, there is a room for improvement, there is room for revisions, for construction, for re-routes, for revitalization. If we don't know our condition, then that is Point A, that is our starting point to find out.
Taken from a song I know "Oh me, Oh my, we'll get there by and by" it offers more, but this is the part that implies "we'll get there". . BUT. .without a Plan, without Vision, I challenge that statement and boldly declare that we will not.
Truth allows change. . You can't reach what you can't see, you can't have what you don't plan for. It doesn't just fall from the sky because you HOPE it will. It is ACTIONS taken, It is a WORK, it is a PLAN that understands Revisions and State of our Affairs, is a required part of the journey.
Start travelling PATH C, now we Re-route to PATH D, because we recognize what needed to be revised while we travelled on PATH C. A Travel, a Journey, recognizing "Success is a Journey and not a Destination".
We live during a time of CONVENIENCE and TECHNOLOGY, we truly are a Microwave Society. It is easy to understand, why we are programmed subconsciously to "WANT EVERYTHING NOW". .our mindset, our environment screams "Who Wants to Wait for Anything?"
The Challenge is the "MINDSET", what are we really rushing for, to get into debt by FINANCING, Pay Later for what we must have today.
WHEN CONSIDERING A PURCHASE. . .JUST REMEMBER:
If we could Re-Program ourselves to Perceive "OUR WANTS" in a different light, with different eyes and a new way of thinking. Having a New Approach, a New Perception, it would all = to "We Want it Now, So Make a Plan."
For example; you want that $50,000 vehicle, GREAT, devise a plan, a work / an investment / to purchase it. You know where you are (you've done the work of having a Road Map and You Know Where you want to go and where you are), so what do we need to revise and or add on, to walk in the dealership and Make that Purchase.
I hear someone saying. . .How can I buy a house,
my dream home, without financing? This is not a new idea and many people have done it.
The Key is a PLAN. .
There are Numerous options, a Plan B (working a side business, working an investment that brings returns) all that can become your Plan A. Some great options include those that continue to pay you on what you originally start, put effort in, called "Residual Income". Insurance Companies build business on this premise "Residual", they get paid a percentage for every payment on each policy that they insure for the lifetime of that policy.
The Point, A Plan, A Road Map. Think about it, a Month, a Year, 5 years, will come rather you have a Plan or Not. Reflect for a moment the changes in your life in the past 10 years, where did that time go? Did you have a plan? Did you assume that your life would be in a certain state present day, based on those thoughts, on your perception, those habits you had from 10 years ago?
I know and recognize, we are all at different stages in our life and for some this will be an Alert to the beginning of building your Road Map, for some you are in the middle of the map and that includes being in the midst of FINANCED payments, I get it. For some you may be far along the journey, but paying off or planning to make that "thing" you've always wanted to do a reality is still an option, wherever you are on the Journey, there is always room for a Plan.
The Road Map will allow us to see:
- What can we pay off now and target for later?
- How much can we save, while working the Plan of Paying off?
- Should we find a side business to add additional income towards our plan?
- Should we consider an investment to bring a return?
- Should we consider a "Residual Income" business that fits our lifestyle?
Time to Make a Road Map - -