But it’s not usually money we want.
We crave the lifestyle money provides.
Money can be a way to keep score. And if you’re willing to work every waking minute, you’ll get plenty of points on the board.
There’s nothing morally wrong with that game, but there are plenty of heart attacks to blame for that lifestyle.
If you want to live like a rock star — without killing yourself
…you need to work on the right things.
Everything changed when I shifted from working for dollars to working for FPA’s.
When trading dollars for hours, the hamster wheel owns you.
It does not matter which wheel you’re stuck on, the effect is always the same.
Society conditions us to promote from one wheel up to the next larger one. We start on the education treadmill and when we abandon that time suck, we scurry to jobs to continue chasing the un-fulfilling carrot.
We run in circles – begging to be be promoted, only to discover that the next step is only another spinning wheel.
Even the “top” of the career food chain — doctors and lawyers — are paid to run in circles.
And when you run out of energy, the wheel stops spinning.
That’s why “Get Rich in Real-estate” is an easy sale on late night infomercials. Most can grasp trading wages for passive income.
But, it’s NOT that easy.
The passive income dream is great; rental real estate, income producing financial investments, passive business ownership, and let’s not forget marrying money.
But I wasn’t is born with a trust fund, nor do I want be a slum lord.
Another camp teaches us to scrimp and save. Then, if you survive after 50 years of suffering, you’re finally allowed to enjoy it.
But let’s face it, saving ALL your money is miserable. We want to buy cool stuff and enjoy experiences TODAY.
You should use smart financial planning, but not every doctor, for example, wants to become a real-estate investor—even if it may be lucrative.
Regardless of your profession, you have more options than you realize.
The secret is to earn money today while simultaneously creating FPA’s that “earn money while you sleep.”
So what are Freedom Producing Assets (FPA’s)?
Freedom Producing Assets (FPA’s) let you work less; surf and scuba dive, or do whatever your thing is.
Here is where I may lose you if I’m not careful. You see, when I start sharing examples from my business, without some creativity you may immediately write it off as something that will not work for you.
This will work for everyone in all professions, but YOU have to think differently than the masses.
You have to imagine how you can turn the work you do into an income producing ASSET.
My business fits under an umbrella you might call consulting. Within that are several small trades, or careers if you will: author, teacher, salesman, coach, publisher, mail order, marketer, consultant, e‑commerce, and more.
Everyone has unique interests. It would be a mistake to push you to do what I do. Instead, I want you to reinvent your career, or whatever you’re passionate about, and make it more efficient and profitable.
On a side note, if you do not have a business, you do not have to quit your job, but the path to freedom is self employment. In part two, I will show you a slick way to do that.
I avoid work that does not also include future value. Meaning, I do not want one time projects that pay by the hour. I want work that pays more than once. This article you’re reading now, for example, is an asset (I explain here).
Let me provide a few examples to illustrate.
Prospect List – Whether by design or not, if you have a business, you are already contacting prospects. You might as well organize them and create a valuable asset.
The time and money invested in building a list of business customers and prospects is the most valuable asset you will ever own. It can literally be the closest thing to your own ATM machine.
Operations Manual – This is E‑Myth stuff. If you have employees, or outsource help like I do, instead of training and repeating the same instructions, build an asset that will do this work for you.
Information Product – Can you productize services you currently sell to your customers?
My wife used to provide private diet counseling for $180 for a two hour session. After investing time and money, she converted her diet counseling into a video package she now sells for $100. Customers pay less and she makes money while she sleeps.
Complete Marketing Blueprint™ – Do you have a repeatable client attraction system or does every new customer come by random chance? Very few businesses have developed an actual system. “Hope and pray marketing” is foolish.
F.A.Q. – Do you repeatedly answer the same questions with customers, vendors and employees? Create canned response emails and scripts for employees along with online F.A.Q. answers.
Sales Letter – A quality sales letter that converts prospects into buyers takes considerable time or money to create, but once you have a converting sales tool, it’s an asset like gold. Click HERE for to see a successful one – a letter that took about a hundred hours to write, but produces income and successful clients.
Here is another example. After my wife created her diet training videos, she found herself repeating the same sales presentation to sell it. We recorded it and made a sales video. Now the video does the job of selling so she does not have to.
Above is a very short list that applies to my businesses. Do not limit your imagination to these examples. Analyze your business or job and evaluate what you already do that you can convert into a money producing asset.
Once you start thinking this way, AND take action, your life will forever change. I guarantee it.
In my next article I will share a secret no one has ever shared with you about how I create time to build these assets. They do take time, but it’s not nearly as difficult as it seems.
Make sure you subscribe by entering your name and email in the sidebar above to be notified of part 2.
Photo: I took this photo on the small island in Mexico — Isla Mujeres.