In 2014, I was in a high flying job. The money was good. That year my younger child started Kindergarten. At the end of that academic year, I realized that through that year, I had managed to attend only one event at her school. I had missed out an entire year of volunteering in her class, show and tell, reading time, winter parties, and innumerable other little occasions to see my little one thriving at school.
When we talk about income, we are invariably talking about money. However, I’ve come to believe that the true income I want to earn is time. During our younger years, we want to use our time to make as much money as possible. As we grow older, the money is there but time becomes the only commodity worth anything. Our kids are growing up and will soon be out of the house. If we haven’t figured out a way to free up time to spend with them, this phase of life isn’t coming back.
This is one reason – the other being to build a legacy for my children – that I have focused all my energies for the past five years on creating the pathways for passive income. I’ve challenged every assumption and financial advice I’ve received in the past to reassess where I am and where I need to be.
A few things that I’ve learned in this Journey
Residual income is key. If I want to own my time, I need to invest in things that will provide me with income that is disproportionately correlated (and significantly higher) than the time I spend on creating that income. Also, it has to be income that builds over time so I can utilize it effectively.
Cash flow is king. Money in my pocket now is more important than money I might get if something goes up in value. So, every investment I make needs to either be cash flowing immediately or should cash flow within a short period of time.
Bottom line – make my money work hard so I don’t have to. That way I earn time to be with my loved ones and do things I love.
Tax benefits are an icing on the cake. I need to invest in things that keep the cash flow and as much residual income as possible in my pocket and not surrender it to the government.
The biggest thing I’ve learned
I can’t do this on my own. Many of the strategies needed to build residual income and cash flow either need you to be ultra-rich to start with, or you need to leverage the power of a group. Since I had to start with little, I have focused on building a strong group of fellow investors who understand and share my passion to earn time. My group of investors has been my biggest source of strength and success.
A related lesson I’ve learned that is still a work in progress. Hire a solid team and delegate. As the person most passionate about building a legacy for my children, I keep falling into the trap of thinking that I have to do everything it takes to make it happen. That defeats the idea of earning time. So, 2021 is my year to make a mindset shift and break free of this tendency to do it all. I’ve already made a start by gathering a wonderful team around me to create the infrastructure for WealthChakra and to help me share my experiences on this journey.
Recently, my kids and I were watching an episode from the second season of Star Trek: Discovery. The captain and one of his officers are investigating a temporal anomaly that threatens the space-time fabric in their sector. Ensign Sylvia Tilly starts referring to the phenomena using oceanic currents as an analogy, but with adding the word “time” in front of every characteristic such as time current, time rift, and time bends. It sounds cool most of the time, pun intended 😉
The reason I narrate this random-sounding tidbit is because it really is important for us to start thinking about putting time in front of everything else including our need and desire to create income for ourselves and our families.
Can time be your income? I certainly think so, but you need to put in place the building blocks of cash flow and residual income to make it happen.
As I’ve mentioned in many articles, the best way to build cash flow and residual income is through group investing in large scale commercial projects. You can create your own group to do this yourself or you can join our group. Either approach will help you start the journey to earn time with your loved ones.