Things are changing very fast in the current economy and the future is looking unpredictable with the dawn of robots and increased automation. The importance of having your own infrastructure has never been more.
Gone are the days that you get a job and you can hang on to it to the rest of your career. Times are changing and seem more uncertain as the demand for education, overall flexibility, paycuts and skills increases.
The thing 99% of people do after they finished school is to get a job with a business or corporation with a fixed income and then they take on liabilities based on that income.
That is not the road to success in life.
You want to be your own boss. You want to have your own business.
It’s possible to achieve that even though you have a 9-5 job at the moment but you have to save money. It can take some years to save up a good sum of money but the way to do it is to not take on liabilities in the meantime. Don’t go a take a loan for a car. Don’t take a mortgage. Don’t take overdraft. You have to save and lower your pride (for a while). That is just one way to do it. Of course you don’t need millions of dollars to start a business. It’s possible to start one with almost nothing. You can start small. But the trick is to have no liabilities while you are starting out. That way it’s easier to deal with obstacles in your paths on the way to success.
To create assets you have to have no liabilities and save.
Let’s take a look at the people that are leaving the job market and becoming pensioners. What is the first thing the majority of them do? Downgrade. Many of them can’t retire because it would turn their lives upside down. The pension system in the western world is failing. You don’t want to put your trust on them. A lot of people have to rely on their children after leaving the job market.
That is not something you want to be aiming for.
The pension system is not working and can’t afford them to keep living the way they have been. You are supposed to be able to enjoy your life to the fullest after you retire.
You want to build your own pension.
Another infrastructure you want to build for yourself is insurance.
Insurance companies pitch people with fear. This can be on anything, your car, your home, your life, your dog. This is just a numbers game for them and they have an army of mathematicians to make sure they never loose and never pay out – an if they do it’s just a small percentage of what comes in. The house never looses. They make you pay a premium in case of something happening in the future.
The best way to secure yourself and insure yourself from something unexpected like medical bills is just to get wealthy. It’s the only secure insurance. Why would you want to pay a premium for something that might happen? You are paying for something that you are maybe never going to use.
Insurance is a an infrastructure that isn’t necessarily built for your benefit.
Private loans are also something you want to avoid. Credit companies valuate you on the ability to take on debt. The more compliant you are the more debt you can take!
You want to build your own asset base. It may take some sacrifices like renting or driving a cheaper car for some time. You don’t want to take on liabilities while you are building your asset base. You have to do exactly the opposite of what most people tell you. Build your online business and asset base and you don’t have to worry about the future.
Hafsteinn Thordarson / Next Step Freedom
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