
Assets Before Overtime
This is the GodKing Pharaoh talking to you about working, making money and starting a business. For the longest time, I’ve been a person who recommends and encourages working lots of overtime whenever possible to earn a few more dollars. Having an abundance of tools changes a person’s status. It also turns a small business into an important organization . If I could say that I have many any mistakes in my past, I would say that my first and longest running mistake was getting rid of things. I have had several cars over the years. Collect assets before overtime.
A car is something that I can easily replace so I would do exactly that. But, things would be so different if I had kept every vehicle that I’ve ever bought. Today, I’d have about ten of them all together. Having ten vehicles that I own today would have a huge impact on my capabilities statement as an individual and a business.
Cash Earning Assets
Don’t be confused, we aren’t collecting things for the heck of collecting them. We don’t want to create a hoard. For entrepreneur who is interested in collecting assets, you need assets that fulfill different roles. One category of assets offers specific capabilities, like travel. If you have a boat, you can navigate the waters. When you have your own plane, you can fly to a new city. If you have a tow truck, you can relocate your own vehicles. Another category of assets offers regular cashflow.
Let’s say you do own a jet with a 12 passenger capacity. You immediately have the ability to move yourself and 11 other people around the country. However, things begin to change when you rent that jet to other people and companies to use. Now, the jet is no longer a piece of equipment that you spend money on and use for travel. It now earns you income without you working. The concept is simple but there is something about this lifestyle that is really difficult to get used to. In order to become comfortable you have to change who you are.
Nothing about changing who you are is easy, it takes daily work and it lasts for a long time. This is why most people don’t easily drift into the life of collecting and managing assets. Your focus has to be redirected toward the long term and away from immediate gratification. We have a natural tendency to avoid what brings us discomfort and indulge in things that satisfy us right now.
See also: Creating Your Own Thing
Selling Your Time
I’m no longer interested in selling my time for small wages. A salary of two hundred and fifty thousand dollars is not enough compensation to keep me confined to a building or an occupation for 8 hours per day. I’m just not interested in it anymore. Let’s say that I could improve my situation and state the new terms of my employment. I’d require one million dollars every year for selling the company my time each day.
The downside to being a new millionaire is that I would still have to commit to a year of work before I get all the money. More importantly, the work that I’ve done for that year only pays me once. Allow me to give you an example of what I mean by that. I will get paid for the streams on songs forever. Simply, I create a song or an album of songs and upload them to a streaming platform. This is an example of how work can continue to pay.
Keep your day job, there is nothing wrong with working. Remember, this information is for the entrepreneur. We all start with employment and we all have to work our way toward a life that pays us with assets.
Build a portfolio of assets to climb your way into the good life. This is how you create the opportunity for your children to be born into wealth. With each passing generation, your money and your possessions change hands.
See Also:
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The GodKing Pharaoh is the founder of JBGODS. Click the image to read more.