Meaning, you could take on the rat race as a means of achieving your dreams, or you could place your focus on getting out of the rat race freeing up your time to achieve your dreams.
Most people take the first option. They are prepped for the first eighteen or so years of their lives to compete in the rat race, and then the subsequent four years or so they go to college to increase their knowledge and skills to become expert rat-racers to get an edge on the competition.
Instead of trying to win the rat race, consider exiting the rat race altogether. Besides, who wants to hang out with a bunch of rats anyway?
Ok, let’s ditch the metaphor.
What is the rat race to which I’m referring?
It’s the get-up-and-go-to-work routine that most people volunteer for. Each week we work for five days in exchange for two days to do what we want.
And why do we go to work?
We go to work to pay the expenses that we’ve created to maintain our lifestyles of choice. It’s a trap, and it’s insane.
So, how do we stop the insanity and get out of the rat race?
- Shift your focus from “exchanging time for dollars” to “leveraging dollars for your dollars.” In other words… see to it that your money works at least as hard as you do.
- Reduce your monthly expenses to the bare necessities. I didn’t say reduce your debt, I said reduce your expenses. There’s a difference, but not so important right now.
- Choose a vehicle (rental real estate, Internet/automated business, royalties, licensing, etc…) to create your passive income, and then do it. Even if it’s just $100 a month of passive income to start, get started. This is where many people “think” they know how to get out of the rat race but never get out. They dismiss the small $100 a month as not a big enough step, so they never take that first step. And because they never take that first step, they never get out.
Keep repeating #3 until your passive income exceeds your monthly expenses. Once your monthly passive income rises to a level in which it can pay all of your monthly expenses, you are officially out of the rat race!
When it comes to creating passive income, I recommend rental real estate. There are other methods, but there’s no other vehicle that has lead to more people’s escape from the rat race than cash-flowing rental real estate.
Continue to build up your passive income, even after you’ve escaped the rat race, until you feel you have enough. What’s enough? Only you can say. Personally, now that I’m out of the rat race, I continue to increase my lifestyle with my passive income. No longer am I struggling to earn income to keep up with my lifestyle.
Now you have a choice.
You can spend the rest of your life trying to win the rat race, or you can spend the next three to five years focused on exiting the rat race.
Pursuing your dreams once you’re no longer stressing over your everyday expenses is like nothing else. You’ve now got time, time to make your dreams a reality, and the best part is… you get to enjoy your dreams while you are still young enough to do so.
Whether you choose to take that first step, or that next step, toward creating passive income with us or not, doesn’t matter. What matters is that you get started.