As we begin our journey towards self-education, it is essential to remember that nobody owes us anything. Somebody could take the above statement out of context- so I will spend the article explaining it. By remaining humble, assisting others, and not expecting anything in return, we will always ensure our goals align with our intentions.
Our goal is to reach financial independence- hopefully, sooner rather than later. To do this, we will need to educate ourselves on retirement income, investment income, rental income, and business income. These skills are the pillars of our Retirement 4-50 cash flow plan. Let’s review each of these pillars and see how we can prevent ourselves from wanting everything presented to us on a silver platter.
Retirement Income. Nobody owes us a custom-tailored retirement plan. People tend to think that someone is going to figure out their entire life and retirement for them. No! You will need to learn about the difference between traditional IRAs and Roth IRAs. You should comprehend terms like Health Savings Accounts, annuities, defined benefits plan, defined contributed plans, estate taxes, required minimum withdraws, etc. Nobody is going to present all this information to you and tailor it precisely to your future. Only you know what you want. An excellent resource for retirement planning is Kiplinger Retirement. I read this website every day because I know that it is my job to learn and predict our future.
Our Kids Need Financial Education and Assets
Investment Income. Nobody owes you a perfect dividend or growth portfolio. Even if you do all the research and make the best stock picks, the stock market doesn’t owe you a huge return on your investment. You will have just to wait and see what the market presents. It is part of stock market investing. Thinking that you are different or unique is a recipe for disaster on the stock market. The best we can do is create a consistent, reliable investing technique and stick to it—no need to whine on stock market message boards or post up memes. The only person responsible for thriving stock market investing is you or me. P.S. The YouTubers that you listen to for stock market tips don’t owe you anything. They make more money from YouTube views than stock market investing. Just something to make you think. A great resource for the stock market is Seeking Alpha.
Rental Income. Your tenets don’t owe you anything. If they want to break your air conditioner, sinks, toilets, washers, dryers, etc., they can and will. That’s a part of being a landlord. If that bothers you, don’t become a landlord. Alternatively, when we do have good tents, what should we do? The real estate gurus tell us to raise the rents 3-5% annually. Is that the right thing to do to our reliable, hard-working tenets? Don’t be surprised if your good renters become bad ones if we only think about our bottom line. Becoming a landlord is not for everyone, and if you do decide to become one, remember that tenets don’t owe you anything. A good resource for real is Bigger Pockets.
Business Income. Starting a business is the easiest way to lose one’s sense of humility. Nobody cares about your business. You opened a fantastic bakery downtown, so? Nobody cares. The only way to get people to care about your shop is to care about people. You have to give value to your customers, clients, and audience, and then they will be there to spend in your shop—the same for creating content. Just because you started a blog doesn’t mean people will rush out and read it—it’s the exact opposite. Your audience needs you to be yourself consistently. If you can always give them value, they will slowly start to trust and like you. Then, over time, they will become likely to purchase something from you. Most people quit their business aspirations before the magic happens. A good resource for growing a business is All Business.
Are You Living on Auto-Pilot?
How do we prevent ourselves from becoming entitled? Our goal is to remain humble and appreciate any support that we receive. We cannot become fascinated with Facebook likes and Instagram followers. Those are just metrics that mean nothing.
You only need a small number of supporters to become successful in business. The book “Superfans” says about 1,000 die-hard fans. We cannot allow ourselves to get caught up in our total return numbers for the stock market. Why are we investing? To show off or to ensure a great retirement? Why do we rent our properties- to brag about rent increases or ensure our family has passive income? Do we want to pay someone to suck at managing our retirement plans, or do we want to take the time to learn ourselves?
Remembering that nobody owes us anything is the best way to ensure that we keep learning, stay humble, and treat our audience with respect. We are not entitled to anything in life. Nobody is going to come and give us the top tax tips. We have to seek these tips out. That goes with everything in life: no more whining, hiding, our staying ignorant.
What Would Your Life Look Like Without a Paycheck?
I wrote this blog post because I have started to make some book sales on Amazon. In my second month, I made $20. I am so proud of this because nobody has to buy anything from me. It is a humbling experience to have other people read my works. I want to remember this, always. The more value I give to readers, the more money I will make. But I will need to create value first.
As you start on your path towards financial freedom, remember these words. You will have your hands in many pots and will need to depend on others for support. When you read articles online, remember that someone is providing value to you. Leave a like or comment. They are putting themselves out to the world to provide value. Show support, and people will support you when you enter the world. The law of reciprocity is in full effect. Nobody Owes You Anything.
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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.
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