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This quote by my most inspirational idol, Warren Buffet, prompt me to think deeper about work, money, and life. From time to time, I ask myself these five questions:
– What is the meaning of life?
– Why do we care so much about money?
– What does it mean to live a rich life?
– How does one become fulfilled?
– What do I want out of life?
“If you don’t find a way to make money while you sleep, you will work until you die. – Warren Buffett”
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Like most kids growing up, your parents would encourage you to go to college and receive good grades. Once you graduate with a sh!t load of debt, they’d tell you to find a “good paying” job.
Great, within four to six months, you find a job that pays you $50,000 per year. Woo-hoo! That means you can start paying off your debt…
and maybe splurge
a bit out of control…
On top of that, it’s time to work your a$$ off to get promoted “so that you can earn more.” With that said, you eventually buy your dream home along with a couple of BMWs.
Life’s great, ‘cos you’s so ballin’ now…
Not to mention, you eventually earn over $100,000 per year after 10-15 years of sweat, tears ‘n blood. As time passes, you continue to slave your way up ’til you hit 65.
At that age, you ask yourself:
Where the f*#k did time just go? WTF happened to my 20s, 30s, 40s, 50s… 60s??
“But oh well… that’s life. At least I get to enjoy now” you say.
Sadly, this is how the masses define a “rich life.”
Are you one of them?
Instead of working your way up, work your way OUT!
Idk about you, but I’m not very fond of the rat-race culture. Words couldn’t describe how I feel.
In my view, it’s a never-ending cycle of false happiness. Too much of our time is focused on how others perceive our success. We’re caught comparing who got promoted the quickest, and who makes the most (slaving for someone, of course). After that, it becomes a lifestyle inflation. That is, who has the biggest house, nicest car, and all other things to “show” for.
Those materialistic goods are nice to have, and I admit that I splurge here and there. But the unsustainable lifestyle inflation isn’t my priority because it doesn’t bring true happiness.
After working a 9-5 for six years, I started to feel empty. Despite having a great support system (i.e. family and friends), I realized that something else was missing.
That something else is fulfillment.
Aside from having a lot of money, being fulfilled is my definition of rich.
According to the dictionary, “fulfillment is the feeling of happiness and satisfaction. People often feel fulfillment when something is completed, whether it’s a goal or a dream.”
So, my questions to you.
What are your happiest moments?
What are your dreams or goals?
I know, for a fact, that it’s not when you’re stuck at work, just to earn enough to finance your luxury goods (e.g. house, cars, big vacation, etc.). It’s also not the times when you’re celebrating the fact that it’s a Friday.
For me personally, my happiest moments are with friends and family. Or, when I’m able to make an impact by helping real people with real problems (not the selfish people at work).
With that said, my goal is to free myself from the rat race, so I can help people like you who struggle to find freedom.
So, can money buy you happiness?
As you can see, Warren Buffet – one of the world’s richest men with a net worth of $75 billion – told a CNBC spokesperson that his money does buy him one thing he values very much: his freedom. For him, freedom is the key to a happy life.
My whole point here is to tell you that you don’t have to work your way up ’til retirement (you’re way more worthy than your company’s pension). Instead, you have the option to work your way out of this crap and start living a rich and fulfilling life.
Let’s face it, money can buy you happiness (up to a degree). It can buy your way out of the never-ending rat race.
In other words, you can be free to pursue your passions if you’re motivated enough to want it. I know some who feel fulfilled with their day jobs which is perfectly fine. I am very happy for them, honestly.
But for those who aren’t and you just know that the corporate life isn’t your thing (like me), you have to find a way to make money work for you; instead of you working for money.
Make money while you eat, sleep, and dream…
This obviously isn’t easy. Building a passive income stream and making your money work for you will take A LOT of dedication and upfront time.
Click my pin image below to read more.
It’s something I’m working on. And the most important step you MUST achieve is developing the right mindset and believing in yourself. I really recommend you reading this before you start building your passive income stream.
I’m not telling you to quit your job now. But if you really want to pursue freedom, you will spare some time researching about passive income (or your amazing business idea). In other words, continue your 9-5 but at the same time, slowly make your money work for you!
Your goal is to make enough passive income so that it can fund your desired lifestyle. Or, at least to the point where you can afford to accept a lower pay and feel fulfilled with what you do.
As a result, you’ll get to spend more time with the people you actually care about; not the selfish “I-think-I’m-better-than-you” type of snobs at your work. Not just that, you’ll also be able to pursue your passion without answering to anyone (other than your family 😊).
The earlier you start, the sooner you can GTFO!
Here are some ways to earn while you sleep. Again, nothing in life is easy so it will require dedication and perseverance.
1) Invest in the equity markets
Start throwing your money into stocks and low-fee passive ETFs (exchange-traded funds) that pay some dividends. Listed from highest to lowest payout, those sectors include telecom, utilities, financials, and consumer staples.
Do you already have a portfolio of stocks and funds? That’s great! If you’re serious about quitting sooner, increase that monthly investment plan!
2) Enroll in your company’s match
This one’s pretty obvious but in case some of you missed it, I thought I’d mention it here. Don’t ignore this match because part of that is free money invested!
3) Start a money-making blog
Do you have a passion for a specific topic? If so, you can start expressing yourself and helping others through a blog. For example, you can write about food, diet, finance, real estate, DIY, cars, self-help, etc. The ideas of topics are endless!
With that said, you need to figure out your niche. Once you’ve established a niche, value-added content, and followers, you can start making money. This includes earning through affiliate links, ads, recommending products that you love, as well as providing your own products.
As a new blogger, I’ve been passively earning over $500 dollars per month from my blog.
In fact, I was inspired by Eden from Mint Notion to start my blog. I would have never imagined myself starting a blog because I’m generally not a confident person and my writing sucks. But I took the plunge and started one anyway, and I am so glad that I did! Spolier alert: you don’t need to be the best writer to start a money-making blog.
Why start a blog?
I initially signed up to start a blog because I wanted to make some passive income on top of my full-time job. My hope is to earn extra money so that I can improve my lifestyle while at the same time, being able to save a larger portion of my pay from my 9-5 for financial freedom.
Your story may be different from mine.
Perhaps you want to earn extra money so that you could get out of debt, stop living paycheck to paycheck, or earn some passive income. Whatever the case, it is possible to make extra money by starting a blog today.
To start a money-making blog, I highly recommend starting a self-hosted blog with Bluehost for less than a cup of latte a month.
UPDATE: I started this blog and wrote this post just a bit over a year ago. Fast forward one year later, I made $5,532.12 blogging in my last month! I went from making $0 to my first $1,000. Now, I’ve been consistently making over $4,000 per month for 4 months in a row as I write this update!
🌟 SPECIAL DISCOUNT: I am so happy to announce that I was able to negotiate a new price for my readers. For a limited time, you can start your blog for only $2.95/month.That’s over 60% off regular pricing! Plus, get a FREE domain name ($15 value) when you sign up through my tutorial.
This low pricing is exclusive to Finsavvy Panda readers. Take advantage of this new discount while it lasts!
For more info, please head over to my easy step-by-step tutorial on how to start your blog here.
4) Invest in real estate investment trusts (REITs)
In addition to equity index and stock investing, you can add some real estate to your portfolio. Similar in nature, a REIT is a type of instrument that’s listed on major exchanges and trades like a stock. In addition to the potential for moderate capital growth, they generally offer high dividend yields.
If you’re interested, you can learn more about REITs.
5) Invest in residential real estate
Another form of real estate investment includes investment in residential properties. On a high level, returns should include:
– net positive cash flow
– tax benefits
– principal paid
– forced appreciation through renovations and upgrades
– a realistic price appreciation over time
Having that said, do your own research, because you should never trust everything your realtor tells you!
BiggerPockets Blog is my main go-to resource for tips and stories on real estate investing. They include topics related to house flipping, becoming a landlord, house hacking, and other forms of real estate investing. I personally enjoy it because it provides valuable information to those who love real estate.
In addition to points #1 to #3, don’t forget to enroll in a DRIP (dividend reinvestment plan). This automatically reinvests all your dividends by purchasing fractional shares or units of your stock/fund/REIT.
The below are benefits of a DRIP:
– the money is immediately put to work with no effort on your end
– unlike a typical stock or ETF transaction, you don’t pay any trade commission to purchase the additional share(s)
– it allows you to purchase a fraction of a share. This feature allows you to invest 100% of your dividends
Overall, don’t underestimate the power of DRIP!
7) House hack
You can take advantage of your unused space and monetize it. For example, I’m currently renting out one of my units to cover the mortgage. This option gives you the flexibility to invest your paycheck in other investments. Not to mention, your tenants are helping you build equity by doing this.
To learn more about “house hacking” read this BiggerPockets article by Brian Davis who talks about a 27-year-old who house hacked his duplex.
8) Rent out other unused spaces
In addition to your house, you can rent out any unused parking or storage space.
I have co-workers and family friends who rent out their unused parking space for $50-$200 per month depending on their location. Wouldn’t it be nice to have an extra $50-$200 in your pockets each month? Imagine what that can do for you. 🙂
9) Publish an eBook
Tying this with the above, you can also create your own eBook by condensing your helpful blog posts into one that will add value to your customers. Once that’s done, you can sell your product on Kindle, and to your subscribers.
For more ways to earn passively, here is an amazing post with 65 Amazing Residual Income Ideas by The Money Snowball blog. In this post, you’ll find some uncommon ways to earn passive income. I’ve read it a few times and found this article fascinating and unique!
Money rich vs. freedom rich
Again, the idea behind this “passive income” isn’t to get you to earn more for the sake of amassing a pile of money.
Generally speaking, money in its physical form doesn’t mean anything. It’s really just a piece of paper. So even if you had “a lot” of money but nothing to live for, no fulfillment, no life goals, are you rich?
I’d say no.
Ultimately, you just want money so that it can buy your needs and wants. That includes food, living expenses, traveling, exploring new things, gifts, donations, splurge on a few luxuries, etc.
Most importantly, your main life goal is to create a positive impact by giving back to the community and helping others around you.
But before doing that, you’ll have to be able to help yourself before helping others, right?
Overall, money gives you the freedom to do whatever you want; and that freedom is all you want, not the actual piece of paper.
Do you want to be free?
Can you continue to put up with that BS work your selfish boss gives you?
What do you really accomplish in life with all that spreadsheet and “project” work, anyway?
And let’s not forget those so-called “meetings” you attend. What a waste of time, right?
40+ years of your life is wasted to make your selfish bosses look good in front of their selfish bosses!
In the end, you’re getting paid $50,000-$300,000 per year just to make your company richer… whom, BTW, doesn’t give two sh!ts about you!
So why should you?
MUST READ ARTICLES TO BECOME RICH:
– 5 Mindblowing Money Tips From Warren Buffett That You Must Know About!
– 10 Unknown Ways To Become Rich — #10 Will Blow Your Mind Away!
– This Investment Will Guarantee You 100% Returns — This is HANDS-DOWN The Best Money Advice from Warren Buffett!
– How To Make Money Fast: Make An Additional $100 EVERY DAY!
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