The most challenging part of achieving everything we want in life is controlling our behaviors. We don’t have much control over the results of our actions; however, we can control our efforts to obtain great results.
For example, we can wake up early every morning, make our beds, build our business, exercise, and read books all before the rest of our family wakes up. These actions ensure we accomplish all tasks we need to complete before the onslaught of the “real” day begins.
Once you begin to map out your personal life like a business, you will see results like a company. You will have become the CEO of yourself. Becoming CEO does have privileges as well as responsibilities.
You no longer get to blame others for your actions and lack of achievements. We will see a pay raise if we are working hard on our passive income streams. If we are slacking, we won’t obtain any new income—everything is on us.
The Become CEO of Yourself series (Part I) gathers all the financial mindset articles I have written over the last few months. In this case, it has been seven months since the previous article, so I have 50 articles to cram into this edition.
Remember, your financial mindset is the most crucial part of achieving your financial goals. If you only want to earn money, go and get a job. If you’re going to build an income stream, you’ll need to add value. With that, let’s jump into this mega article!
SELF MINDSET
One of the most important realizations of life is that happiness isn’t free. We have to work hard every day to ensure we meet our goals—this builds satisfaction and happiness. Staying motivated throughout the passive income journey is about setting small goals and achieving them. You should start a dividend portfolio with the small purpose of paying for an ice cream bar ($5), for example—then build from there.
Once you begin to focus on your goals and walk your purpose, you’ll realize that you have become a serious person. Everything you do in life will become intentional, with the intent of not wasting time. However, you’ll end up losing many friends along the path because people don’t like it when others go against the grain or walk in a different direction. That’s okay; you’ll find many new friends that will help you compound your success.
When it comes to finding and building relationships, life is not a game. The most important decision you make in life is who you choose to marry. Choose the wrong spouse, and you may suffer a lifetime of mental, financial, and spiritual torment.
As marriage has core values that lead to success (love, trust, communication), so does passive income. The core values of passive income are self-education, self-dedication, and self-motivation. Using these core values will accelerate the rate of progress as you move along your journey to financial independence.
Some of us will choose to travel the path alone, without a partner. I ask you, “What’s So Great About Being Independent?” Once you reach your goal, wouldn’t it be nice to celebrate with someone you love? I’m just asking the question.
Finding our limiting beliefs about money is vital to our long-term success. If our childhood taught us money is bad or the root of all evil, overcoming these beliefs is necessary to obtain large quantities of cash. Even if we start with lemons (poor), we can make passive income lemonade. As our passive income increases and our debt decreases, we can welcome ourselves to a new world called Stress Freedom.
EDUCATION MINDSET
There is no better time to learn about finances and passive income than during childhood. We, as parents, are responsible for our children’s livelihood and education. Please make sure we teach our children to become lifelong learners, and that formal school doesn’t interfere with their self-education.
Some people will inevitably earn a high income but not know the tenets of passive income, investing, and wealth creation. We call these individuals HENRYs or High Earners Not Rich Yet. To ensure long-term wealth, HENRYs need to follow the core values of passive income and convert their high income into high passive income.
The new year comes at the end of each current year—what is your new year’s passive income resolution? You should always have one for the upcoming year because this is how you overcome financial adversity. Some good examples are $100/month in dividends or $50/month in royalties.
Setting consistent daily goals like reading is paramount to building income streams. However, just as important as setting goals is rewarding yourself for achieving them. What gets rewarded gets repeated. So, if you train your brain to expect a prize, you’ll be more likely to accomplish the goal. For example, I like to buy ice cream with my dividends.
Money is taboo in a society fueled by debt. People want to talk about buying liabilities but not how much (debt) these liabilities cost. Why is talking about money bad? I find that talking about investing, crypto, real estate, retirement, and business keeps me on my toes and keen on the future.
LIFE MINDSET
Nowhere is building passive income more important than helping you achieve work-life balance. You are essentially buying your freedom from bondage by creating passive income streams. It’s easy to balance work when you know that you’ll be free from it one day. Trust me; I think about my upcoming freedom every day I leave for work.
As we settle down, we need to have a deep conversation about the primary provider. Do men want to be providers? Or do we want to split everything in half? I have been married for 16 years, and I am the provider. However, my wife has worked almost every day of our marriage, building a sizable dividend portfolio. There is room for everyone to achieve financial greatness.
Many people celebrate happy financial independence day as they move into the new gig economy, leaving their 9-to-5 jobs behind. However, this gig economy comes with its own rules you need to understand. Mainly, you need to be responsible for your own retirement. If you want to have everything you want in life, you’ll have to be meticulous with your income.
Investing in the stock market and crypto exchanges has become a casino game. This “gamification” of the markets has led to the phenomenon of FOMO or Fear Of Missing Out. People will invest in meme stocks and shit coins to tame their FOMO. To counteract FOMO, one must enact JOMO or Joy Of Missing Out. JOMO and FOMO can co-exist in your brain; however, use the mindset of an investor to make the best long-term purchases.
To build the mindset of an investor, we will have to work at it. Yes, we will put in long hours at the office, but we still have to come home and grind. I like to call this the passive income grind, and it is the only way to achieve financial freedom. The good news is that once you have a winning formula, you can relax and settle in for the long run.
Most Americans get caught up in the 8-hour mindset. This mindset destroys wealth creation because they come home and watch Netflix and play games after eight hours of work. However, becoming a Passive Income Hero at night leads to financial freedom and independence. No one is going to build your income streams for you.
Just as bad as the 8-hour mindset is the mindset of always being busy. Some people make it a business of being busy. They are always at meetings, meetups, soccer practice, PTA, events, charity, etc. Only making passive income will lead to long-term happiness because you will have actual freedom of time, money, and movement.
MONEY MINDSET
You can be yourself and make a ton of money because being unique sells. If you want to play Pokemon games, wearing purple shirts while talking about politics, you will find an audience. Creating consistent daily content will ensure your success, no matter the niche. You must work on becoming excellent at what you do, though.
As you build your business, dividend portfolio, or real estate empire, always remember to build wealth slowly. Inevitably, there will come a time where you could rush a decision. If the plan seems risky, understand that new opportunities always arise. Opportunities come from knowledge, not luck. There is no rush to build wealth, only to keep it.
Part of building wealth is creating infinite returns. This is the art of buying or making assets and extracting all of your initial investment. You keep the cash-producing asset and have all of your capital back. You can then reinvest the capital into another cash-producing asset. We call this the velocity of money.
There is no need to gamble with retirement. Dividends, real estate, and royalties worked for previous generations, and they will work for us as well. However, we can still use the new methods of today, such as real estate tokenization and the metaverse, to become rich for tomorrow. I call this multi-generational investing.
The difference between financial security and financial freedom is enormous, but many people don’t understand the logic. For some, financial security may be having $100,000 in investments. However, financial freedom may be having $100,000 a year in passive income. Financial freedom means you can live the exact life you want without working ever again.
On the other side of the spectrum, you’ll meet people who plan to get rich by cheating. They want to extract wealth from others via lawsuits, inheritances, and lotteries. Avoid these people as best you can. The real way to become wealthy, and the way that sticks, is to add value to society.
As the end of the year approaches and Christmas is upon us, isn’t it great to have passive income? There is nothing like having excess income versus expenses—we call this being wealthy. If you can build your revenue and reduce your costs, what would your life look like in the future? What is your rich life?
BOOK TAKEAWAYS
The book “Effortless Money” walks us through becoming one with our financial mindset. If you want to expand your learning ability, “Limitless” teaches speed reading and memorization.
Becoming rich is fantastic because you can pass this wealth on to future generations. However, “Make Your Family Rich” teaches us that you have to guide your children to succeed as CEO of the family empire.
The book “Mindset” describes the difference between a fixed mindset and a growth mindset. Which one do you think you’ll need to build passive income? Remember, you can adjust your mind to the growth mindset.
CONCLUSION
Thanks for reading Become CEO of Yourself 2. That’s 50 articles to help you build the proper mindset of an investor. Also, you will need to become an all-around good person who adds value if you want to become rich and stay rich. Please join my Facebook Group, where I talk about passive income every day!
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Disclosure: I am not a financial advisor or money manager, and any knowledge is given as guidance and not direct actionable investment advice. I am an Amazon Affiliate. Please research any investment vehicles that are being considered. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article. All Right Reserved Military Family Investing
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