While discussing real estate with a highly paid urologist, he happened to say…“Yeah, but I’m still a laborer.”
This
urologist is doing very well financially. He has a large beautiful home
in a wealthy neighborhood. He has high-end cars, expensive clothes and a
membership at one of the best country clubs in the area.
His
comment stuck with me because he’s a family friend, and I was
congratulating him on his success. Deep down he seemed to realize that
his financial success requires him to work for money. He was actually
“on call” the day we had this conversation and ended up getting called
into work.
This conversation started when he asked me what I did for work.
This
is a question I hate trying to answer. I explained that I was
unemployable so I bought a bunch of rental properties and lived off the
monthly income. I joked that I was lazy and preferred to get paid
multiple times when I worked.
Yes, this is the… “work once to buy an income-producing asset and then get paid every month thereafter” plan again.
If
you get paid a salary working for someone else or you earn sales
commissions selling one-to-one, you’re – in essence – renting out your
time. You’re getting paid for the time you spend at work.
Doctors and and most lawyers charge higher rental rates for their time; however, they’re still renting their time.
You’re
renting your time whenever you don’t get paid for the actual value you
create. You’re renting your time whenever you’re not able to control
what you’re actually getting paid for your work.
This
situation creates a self-imposed money trap where the only way you can
make more money is by renting more (and more) of your time. The problem,
as we all know, is that you can only rent a maximum of 24 hours day.
Once you’ve rented all 24 hours, you’re tapped out.
The
reason why you’re stuck in this never-ending “money trap” cycle is
because you’re only getting paid once for your work. You can break this
cycle by structuring things so that you get paid multiple times for your
work.
You can get paid multiple times for your work by renting your work.
Read that again because it’s extremely important.
Rent your work, not your time.
When I work, I’m focused on two things:
Buying Assets.
Creating Assets.
Every asset purchased or created is then rented to other people. You rent assets to other people by giving them temporary access – or temporary use – of the assets you’ve created or purchased.
Buy a rental property and you’re using this strategy.
Create a business with recurring monthly cashflow and you’re using this strategy whether you realize it or not.
It’s the MOST profitable strategy anyone can use to move to the Position of F-You because every aspect of your work leads to monthly cashflow.
Sadly, your financial planner won’t teach you this strategy and this is because they don’t know this strategy. 🙁
They
think the best approach is to continue renting your time while saving
for your retirement. They think this because this is what they’ve been
taught.
They haven’t bothered to question this approach.
The crazy part is that when you start creating assets to rent to others, you end up building an asset accumulation machine.
This is because you can use the cashflow from the assets you’re renting to buy more (and more) assets.
If you’d like to learn how to rent your work to others, become a Cashflownaire Member here and I’ll rent you everything I got! 🙂
