Wow I haven’t blogged here in over a week!! My laptop spoilt and the repair man still hasn’t called me so I’ve been using my sister’s laptop. I’m thankful that she’s lending me her old laptop!! I’m also thankful that my I/O final paper is over and I only have two group reports and one final exam left!! And I’m thankful that I finally went out to ride today after one whole week! Hahahaa I’m so damn lazy. It was a nice morning. And I’m thankful for the company of Jinx and Ben, and I’m thankful for the many exciting possibilities that lie ahead of me!
Anyway, I really wanna read this book called Millionaire Fastlane by MJ DeMarco. Seems like I can only order it from Amazon right now. Blah. I want to read it NOW! It has over 60 5-star reviews on Amazon and apparently it is really, really, really good. One of the main threads running through all of such books is the idea that most people trade their time for money. E.g, you work 50 hours a week in return for a fixed lump sum – maybe $3000 or$4000 or $5000. So you’re trading your time for money, building up wealth slowly, saving a certain percentage through the years, invest in mutual funds, etc. And then eventually, eventually, you get rich when you’re 65 years old when you’re going to die anyway.
HOWEVER, if the amount you earn is not based on your TIME but on your performance or results, that’s a different scenario. Imagine if you’re in the pen business. If people order 100 pens and each pen gives you profit of $1, you profit $100. If there are orders for 10,000 pens, you profit $10,000. Amount you earn therefore is not dependent on how much ‘time’ you spend working. Therefore, the moral of the story is, DON’T BE PAID FOR YOUR TIME! My sister said, “Eeeee sales is so degrading.” and I told her that every rich person got to where he was by SELLING! Either goods or services or ideas.
Have you ever realized how you have been duped into taking the slowlane to success by buying a job?
Yes, the company that you work for has actually successfully sold the job to you. Think about it: whoever gave you the job did so for a reason – and the reason was to free up their time so that they can do more profitable things for their business, while letting you do all the dirty work for them. They have thus sold you a lump of cash in exchange for your life (your time).
I read about this girl called Amanda Hocking who is around my age. Story here –> http://amandahocking.blogspot.com/2010/08/epic-tale-of-how-it-all-happened.html. She is a 26 year old “Fast-laner” who has 9 self-published books and sells 100,000+ copies of those eBooks per month. Incredibly, she has NO PUBLISHER and is considered as an indie publisher. She publishes exclusively on Kindle. If you’re not familiar with the Kindle compensation structure, 70% of eBook sales go direct to the publisher. Since Amanda’s books are priced from $3-$5 each, her profit per book ranges from $1-$3.
(100,000/sales X $2 profit) = $200K/month.
How long do you think it will take for Amanda to become a millionaire earning $200K/month? 2 years? Or 40 years in the slow lane, earning a fixed amount of income per month, saving up, and getting pittance from mutual funds? More and more, I’m seized by the urge to have total and complete financial freedom and also freedom to do what I want with my time. I don’t want a 9 to 5 job, I don’t want to be a rat, I want to lead my life on MY own terms.
And I need to remind myself of this all the more, at this crucial point, when I’m on the cusp of graduating. Although it’s very tempting to just get a ‘normal’ job and have the security of knowing that I will be paid a certain amount a month, I know this is a very slow way to get to financial freedom. I will not settle for anything less than the life I want to lead.