Most people want a business but actually, they want the result of the business, not do the work of the business.
Now for the painful truth…
We have a finite amount of time on earth. We waste most of our lives doing what we don’t enjoy doing.
Our golden years are around 0-25 years old. We have freedom and usually have childlike curiosity during this period. Also, we discover “real world” responsibilities. Then at 25-65, we have “responsibility”, which is usually an income. Only a few people have a job that we find fulfilling. This is rare. Most of us, don’t.
25-65 is the 40-year stretch. Then people retire at 65 but most of us are not in a position to retire at 65. This is the goal most people want to be free at. This is not a fun truth. Most people want to go on a different path. The traditional path does not work for the majority of us these days.
Then at 65, usually we have little left to live after this. The average age is 78 for most people. Since 78 is the lifespan.
Most people will work an extra 10-15 years after 65 to be financially free. Yet, many of us subscribe to wanting to take a different path.
Freedom
What I’ll be sharing is there are different types of freedoms. Many of us have a passion for these types of freedoms.
The types of freedoms I learned are:
- Time Freedom
- Ability to take a vacation at anytime
- No committed schedule for how you want to run your life.
- Location Freedom
- Not having to check in at an office
- Ability to travel and work anywhere
- Financial Freedom
- Money gives us freedom but is not necessarily the solution.
- Mental Freedom
- You get fulfilment from this
- Can sleep well
- Time and financial freedom without this do not make us entirely free from what we do.
“The way you make money is just as important as how much you make.” Usually, employees earn income by wage or salary. Either way, time or income is finite. By wage, we all only have 24 hours in a day. By salary, the income is still the same regardless of how many hours employees put in.
From here, I’ll be discussing the income matrix.
Income Matrix
- Job Income
- Passive Income
- Leveraged Income
- Digital Income
- Infinite Income
Job Income
The downside to this:
- Low mobility
- Mostly no time freedom
- Mostly no location freedom
- Rarely financial freedom
- Rarely mental freedom
- Let’s say, professional athletes. They’re paid usually very well but have limited freedom. Now for most of us who are not professional athletes, it’s a rare thing for people who truly enjoy their job.
Passive Income
- Income is produced 100% of income is produced without time or direct involvement.
- Examples of these are through owning assets like real estate and stocks.
- Downside: This route usually required saving up a lump sum to buy assets.
- Often, this lump sum is from working from a job income for 40 years. Then one can finally reap the benefits at 65 years and then only have a short amount of years to enjoy this. Once this lump sum is achieved, it’s usually eaten up by expenses. Or most people will outlive their amount leaving them with not enough to live off it. Or most don’t make it by saving enough to earn this lump sum.
Leveraged Income
- This is another option to create leveraged income through traditional businesses.
- There’s no income cap for sure, but rarely any time or location freedom. Also, 90% of businesses fail.
Digital Income
- With the rise of everything that’s online through the internet, the cost and barrier to entry are low. But the failure rate is high. Examples of these are:
- Random side hustles
- E-commerce
- Courses
- Agencies
- Etc.
- No barriers or limitations to those who succeed have:
- Ability to travel around the world
- Ability to work anywhere, anytime.
- Nowadays, people are opting to take online education as opposed to traditional education.
- It’s very appealing but not the best place for new people to begin because it has a steep learning curve. It takes more time and is tough to pull off part-time. Requires a lot of time and effort.
- This route requires you to sell.
Infinite Income
This can:
- be built on any schedule
- can be built anywhere, with no cap on growth potential
- built around something you enjoy
You can earn income while pursuing your passion and doing what you love. This is the type of freedom we should aim for.
It is important that you find a community where people are making infinite income this way. These people already subscribed to a “freedom first” mentality. They don’t hope and pray for it. They took action on it. All these people want from you is to see you take action, see your progress, grow and most of all, succeed. We push and lift each other to be the better version of ourselves. Once we earned these types of freedoms, we become free to explore other types of income. By earning infinite income, then we can build our way to freedom by doing what we love. Even more so, to pursue our passions and live our lives.