I think we all agree that having your financial house in order is a key part in helping you leave the rat race. When you have debt or other financial obligations you may have to stay in a job you don’t like, you can’t go buy whatever you want and you are limited in the amount of days you can take off work.
Money can do so many wonderful things for you if you have enough of it. It can buy you things you need, put food on the table, allow you to quit your job, stay home, go travel, and it can allow you to help others. But if you don’t have enough of it, it can keep you from pursuing your dream.
Unless you are 100% debt-free, have years of expenses in savings and you know you will retire comfortable you probably worry about taking that leap towards your dream life. You worry about how you will pay your bills and how fast you can replace your current income with your dream life income. That is a valid worry.
What can you do to reduce that worry when you do take the leap?
Get your finances in order. Now. Not tomorrow or by the time you have figured out what you want to do. By the time you know what you want to do that is all you want to be doing. Not being held back by not having enough money in savings or having to stay in a job you don’t like because your overhead is too high.
If you already know what you want to do but are being held back financially, well, there is your motivation to hustle even harder. Take a second job, tighten up your spending to bare essentials, sell things and treat your side hustle as a business so that when you do take the leap it’s an up and running operational business.
Why now, not later?
Building up your dream life takes time. We see all these successful online entrepreneurs and think they made it overnight. But the truth is, they didn’t. Many of them are years in the making “overnight” success stories. We just didn’t see all the years of them building their business.
Now wait you say…I know people that made it overnight like John Lee Dumas. Ha! John Lee Dumas with Entrepreneur on Fire had over 100K set aside in savings to live on and he didn’t make a single dollar on his business for the first 8-9 months! And the first year it didn’t bring in a fraction of what it brings in now. If you are not familiar with his latest income report he just hit over 400,000 dollars in February! Remember, he was working full-time doing this from the start which is a big reason as why in two years he is able to pull in those kind of numbers.
I don’t want to discourage you…but I want to infuse some reality so that you get serious about getting your finances in order now, not later.
Pat Flynn, who runs Smart Passive Income, is regarded as one of the guru’s on creating passive income. But even with the savviness that Pat Flynn has in regards to creating online income it has taken him well over a year to start making money on his latest project, the FoodTruckr.
Hello, people!!! One of the best still needed a year to get a business to start making money! I recently heard Pat mention it takes on average 1-1,5 years to start making money on an online business. Ask any business owner how long it has taken them to build a profitable business, online or offline.
If you are serious about leaving the rat race and start building your dream life you need to stop wasting money on things that don’t matter, pay down your debt, boost your savings and get to work.
I know it sounds easier said than done but if you create a financial plan you have a road map that you can use so that you can stay on track. If I managed to do it, so can you. And remember to review Step One, Change Your Life and your WHY. When you hit speed bumps or find it hard to stay motivated on your financial journey, remember your WHY helps keep you on track.
Don’t wait until you got everything figured out. And, if you need help getting started check out my various financial packages on how to get out of debt from a book, to course to one-on-one coaching.
Okay, that was Step 3 in the 10 Steps to Getting Off the Hamster Wheel guide. Next time we’re going to cover how to start making money on your passion.
What is your number one struggle when it comes to money? Please share in the comments.