This past week I have had three interesting experiences with three different business owners.
1) I had a call with a business owner who is looking at neglecting his business to pursue a short-term cash-grab opportunity.
Despite having great business…
2) I touched base with another business owner who is taking too much risk with investments because he hates his business and wants to get out of it as soon as possible.
This terrifies me as if market conditions change, he will be wiped out…
3) I spoke with another business owner who has a massive mortgage (and no investments.)
His mortgage is draining all his cash, but he won’t move because of the hit his ego will have to take moving to a ‘less prominent’ suburb.
It’s preventing him from being able to hire the people his business needs…
And I’m not actually sure if he recognises the income he is losing by under-investing in his business.
His plan is to grind out the next ten years to pay for the house.
Despite all of them dealing with it differently…
They have the same core problem.
They are all feeling a huge amount of pressure and stress to earn $$$.
To the extent where it’s actually causing them all to make terrible short-term decisions.
It’s taking all the fun and joy out of business and putting them into grind mode.
You can tell they are not enjoying business.
They are in survival mode.
I recognise these symptoms because that used to be me.
That’s how I used to show up in the world before I became financially independent.
To clarify what I mean by “financial independence”
I could stop working tomorrow, and my investments would take care of me for the rest of my life.
I don’t HAVE to run a business.
I GET to run a business.
Life is different when your “have to” turns into “get to”
These experiences in the last week reminded me just how important it is for business owners to become financially independent.
Not so they can retire and do nothing.
( though I’m sure it’s the goal for some )
It’s so you can play business without having to compromise.
Without the pressure and stress to make money this week or this month!
Without having to make short-term decisions to pay the bills.
For me, business has become so much more enjoyable since becoming financially independent.
– I only work with people I want to work with
– I only do projects I want to do
– I say no to things I don’t want to do
Anyhow, I don’t say these things to brag.
I say them because I want you to have it too.
I want you to be able to do business like I do business.
It’s a goal worth pursuing and should be high on your list.
( in my opinion. )
Not only that.
It has made a huge positive impact on all areas of my life.
I’m happier, healthier, less stressed, and have become a better partner/father.
This week on the podcast, Grant and I discuss this topic in more depth.
“The unexpected impacts of being financially independent”
I wanted to go into a bit more detail on how my life has changed since becoming financially independent.
Shed some light on what it’s really like.
I hope it encourages you on your own journey, and it doesn’t come across as some rich asshole preaching.
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
00:00 Welcome to Business and Investing
02:03 Business owners in a grind loop
05:43 Financial independence versus retirement
10:06 The perks of being a financially independent business owner
16:58 Achieving financial independence: a progressive journey
23:40 Approaching wealth creation when you’re financially independent
29:53 Generating wealth outside of business
33:44 How financial freedom leads to better health
39:33 Less pressure and more enjoyment in personal life
45:04 Being better with family and relationships
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