Converting Freedom and Cash Into Pure Fun
Let me share my tale of two cities.
Well, it’s really one city, but two different visits.
A couple of weeks ago, I talked about my recent trip to Las Vegas. While there, I had a ton of fun playing Blackjack in the evenings. A string of success, followed by a couple of bad hands, and I headed for the door. Despite the losses, I found myself enjoying the time and feeling carefree. I won some, I lost some, and then walked away.
This was very different from the previous time I was in Vegas. Back then, I still worked at a restaurant, helping somebody else’s dream come true. The thought of starting a couple of successful businesses was a pipe dream. Money was tight. I felt the pinch of every penny that I spent, and they only added to my stress levels.
What was the difference between those two trips? This, I simply had more spending money. A lot more. I knew I could let loose, because I had a secure financial position with multiple streams of income.
How did I get to that place? Strategic investments: I invested my money into new income streams, and I invested my freedom into new skills and habits.
You can start working on a new income stream today! Take a look at my free guide on transforming your skills, ideas, and products into cold, hard cash.
Why You Should Treat Everything Like An Investment
Here’s a paradox for you: Success gives you freedom, but becoming successful requires sacrificing freedom.
I had to give up my freedom in the short run, to gain more freedom later on. If it sounds weird, think of it this way: that’s exactly how financial investments work.
My biggest mindset shift between the two Vegas trips was this: I began to treat every financial expenditure as an investment rather than an expense. This change helped me look for ways to multiply my earnings in the background.
When we think of the lifestyle we want, we often think in dollar amounts. However, if you look a little deeper, the only way to get that dollar amount is through key investments: financial ones, and personal ones. Through making those investments, we gain the freedom we desire.
I learned how to make my money work for me, instead of the other way around. Success brought me the freedom to go and do something expensive … without worrying.
There are sources of income all around, you just need to rewire your brain to see them. Listen to this podcast to learn more!
A Portfolio Of Income-Multiplying Investments
Here are some of the main areas to consider investing both your money and freedom. They will earn extra income, whether passively or actively. Then, you’ll move closer to the lifestyle of your choice.
- Invest In Your Habits
This is where it has to start. I will never tire of teaching this to new entrepreneurs: the way to have the best business is by becoming the best business leader. Yes, the right plan, ideas, and products are important. But they will never replace the leadership you bring to the table.
If you don’t invest your time and freedom into developing the right habits, then you will become the cap to your business’s growth. You might even burn out, and bring others down with you.
Here is a quick guide on changing your habits and maximizing your effectiveness as a leader.
- Invest In Your Skills
This comes next. After you have the right habits, you need the right skills.
How much did you invest in gaining new skills in 2020? Notice how I used the word “invest” rather than “spend,” because everything you invest in new skills will pay you back extra.
Buy an online course. Attend a webinar. Go to a conference for online business leaders. Sign up for a mastermind group in which everyone else has better skills than you. You can open up new income streams by honing your skills and learning new ones.
Here are three skills you can start investing in today: Affiliate Marketing, Podcasting, and Networking.
- Invest In A Passive Income Stream
This one is intentionally broad, because I’m not a certified financial advisor. I can’t tell you specifically what to do. I only say that you should have some kind of passive income stream working for you. This could be stocks, bonds, mutual funds, real estate, ownership stake in a business – you name it.
The key is to find something you’re comfortable with, and then stick to it. Then you automate your savings so that it remains in the background, consistently bringing you value.
Start now! The reason you “can’t afford to invest” is … you’re not investing.
- Invest In An Active Income Stream
Though this year brought many challenges, it also showed millions of people the potential for making money online. Back in March, I said that there has never been a better time to start your business, and I’m sticking to it.
If you already have a new business, it’s time to invest in a new arm for that business. You could learn copywriting in order to supplement your income and get better at selling in general. You could learn email marketing and handle it for yourself and others.
What I’m trying to say is, there are a plethora of potential income streams. Once you have one flowing, start another! Learn, automate, delegate, and repeat.
Forget spending, it’s all about investing. Convert your freedom into habits and skills, and convert your cash into … well, more cash. Then, the next time you’re in Vegas, you’ll have a little bit more fun too!
Profit is not an event, it’s a habit. To learn more check out my most recent podcast with money master Rocky Lalvani.