Most people don't need that much money to live comfortably month to month. The key is spending way less than you make, and then what you make doesn't matter as much. In other words someone on a lower income can still become wealthy. Making more certainly helps, and it makes the process MUCH faster. I tell my children to learn a profession, a trade, and at least a second language. Then learn basic economics. That's an easy formula for success. Following that plan, you should be making plenty of money to build wealth.
I know lots of people who stay poor because they love to travel when they don't really have the money to do it. Then I know lots of other people who have tons of doodads, but they too are always broke. All their extra money goes into those doodads. Avoid those things. Only own vehicles you need. Don't go on vacation either unless you have the extra money (once your investing plan is completed for the year).
It's all fairly simple and common sense, but most people unfortunately do not have the discipline required.
@finnian. Yes the spending is one of the factors to keep in mind. I will address this in the episode 2 weeks from now I think (I don't remember the schedule of by heart). Yet to me, it is also important to be able to do what you love. If you are happier spending all your money on travelling rather than becoming rich, please do so. I like to do both. I'm just back from Sri Lanka and I absolutely loved it. Yet I'm also making sure my investments work :)
@charles1 absolutely! I feel that especially with a bit more spending power, as well as investing power (actually it is kind of the same as STEEMPOWER here) I feel more free to make my daily choices :)
― Manoj Arora@markdeheide “To achieve what 1% of the worlds population has (Financial Freedom), you must be willing to do what only 1% dare to do..hard work and perseverance of highest order.”
I think that there is a lot of hustle that goes into achieving what you describe, but realizing that good health is the most valuable asset in being able to continue to hustle is probably the greatest factor in success.
@chefcryptoshark well I totally agree. Yet for me it is not just psychical health, it is also mental health. Knowing that I could have achieved more, or way more makes me feel depressed all day. Achieving something small like earning $2 on steemit can make me feel on top of the world.
Then there is also the situation where people say money doesn't make you happy. Hey, I get that, but being poor also doesn't make you happy. What if one of your closest friends gets diagnosed with a disease that isn't covered by health insurance? :) wouldn't you want to be able to provide him with the medicine? It's unforeseeable things like that, that motivate me to earn enough, not just to take care of myself, but people in need that are close to me :)
Reply here what your monthly income goal is:
$15,000, mix of earned and passive income
Good goal! :) I think with that amount you can have a very pleasant life, and be comfortable about your financial situation :)
Most people don't need that much money to live comfortably month to month. The key is spending way less than you make, and then what you make doesn't matter as much. In other words someone on a lower income can still become wealthy. Making more certainly helps, and it makes the process MUCH faster. I tell my children to learn a profession, a trade, and at least a second language. Then learn basic economics. That's an easy formula for success. Following that plan, you should be making plenty of money to build wealth.
I know lots of people who stay poor because they love to travel when they don't really have the money to do it. Then I know lots of other people who have tons of doodads, but they too are always broke. All their extra money goes into those doodads. Avoid those things. Only own vehicles you need. Don't go on vacation either unless you have the extra money (once your investing plan is completed for the year).
It's all fairly simple and common sense, but most people unfortunately do not have the discipline required.
@finnian. Yes the spending is one of the factors to keep in mind. I will address this in the episode 2 weeks from now I think (I don't remember the schedule of by heart). Yet to me, it is also important to be able to do what you love. If you are happier spending all your money on travelling rather than becoming rich, please do so. I like to do both. I'm just back from Sri Lanka and I absolutely loved it. Yet I'm also making sure my investments work :)
Financial freedom can also lead to hapiness, better life and confidence. Good post indeed..keep it up
@charles1 absolutely! I feel that especially with a bit more spending power, as well as investing power (actually it is kind of the same as STEEMPOWER here) I feel more free to make my daily choices :)
Nice post
Thanks @minpine! :)
Give it time Yeah !! patience is key but I never had it. But motivation keeps us up :D
I'm currently reading the compound effect which is of course very basic but I mean it just gives to show how patience can be very important ;)
― Manoj Arora@markdeheide “To achieve what 1% of the worlds population has (Financial Freedom), you must be willing to do what only 1% dare to do..hard work and perseverance of highest order.”
I think that there is a lot of hustle that goes into achieving what you describe, but realizing that good health is the most valuable asset in being able to continue to hustle is probably the greatest factor in success.
@chefcryptoshark well I totally agree. Yet for me it is not just psychical health, it is also mental health. Knowing that I could have achieved more, or way more makes me feel depressed all day. Achieving something small like earning $2 on steemit can make me feel on top of the world.
Then there is also the situation where people say money doesn't make you happy. Hey, I get that, but being poor also doesn't make you happy. What if one of your closest friends gets diagnosed with a disease that isn't covered by health insurance? :) wouldn't you want to be able to provide him with the medicine? It's unforeseeable things like that, that motivate me to earn enough, not just to take care of myself, but people in need that are close to me :)
Amen, brother.
thanks!