20-video series #4: First build financial independence, then recalibrate your views on risk

Welcome to my new 20-video series, on the 20 Next Level Wealth steps to designing and then living your dream life. 

The dramatic landscape changes over the past few years have created a unique opportunity for you to design and live your dream lifestyle. 

In this 20-video series, which I filmed over a period of a few months while travelling around Europe, I've aimed to articulate everything important that I've learned about personal finance, business, wealth, and designing an ideal lifestyle...into just 20 short blog posts!

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There’s an old saying that if you do what everyone else does, you'll get the same results as everyone else.

Logically, that’s quite likely to be true.

But how best to tread the different path?

If you want to design and then live your dream life then it’s quite likely that you’ll ultimately need to break free from the 9 to 5, or at least from the dependence on it. 

Alternatively, you may need to become a specialist to ramp up your earning capacity (in the same way that a surgeon earns more than a general practitioner). 

Ideally, you’d just do it today and start your own business or income-generating side hustle.

But it’s not that easy.

I know it isn’t because I faced down exactly the same dilemma myself!

I’m not a natural entrepreneur, by any means - my professional career was quite boring, as a Chartered Accountant - and I was naturally concerned that I didn’t have the skills or confidence to go out on my own.

Perception of risk

Is quitting your job risky?

Well, it might be...or it might not.

Of course, it depends on your personal situation, including your appetite for risk, your skills and confidence, and your liabilities and monthly commitments. 

What's risky for one person may not be remotely risky for another.

If you're weighed down with heavy monthly debt repayments for consumer goods, or a massive mortgage on the family home, or an expensive car loan, then it's not going to be so easy.

The more you can reduce these liabilities or 'bad debts', the easier the transition is likely to be. 

If you’re fearless and driven, and you have few financial commitments, then you’re likely to be in a stronger position to pursue designing and living your dream life today.

But what if that’s not your situation?

Then you need to strengthen your position, to enable you to go for it.

First, you need to build a strong financial base.

And then you can take gradual steps towards reassessing risk, to take on bigger opportunities with limited downside, and unlimited upside.

Assessing risk differently

The same principles can also apply to investing. 

What might represent a high level of risk for one person might not be at all risky for another.

That's because there are other factors involved.

These might include your level of skill and experience, your stage of life, or your portfolio and asset allocation, for example. 

Where to start?

The best way to begin assessing your views on risk is to take a step back, take a full inventory of your financial situation - your personal income statement, balance sheet, and your financial goals for the netx year, 3 years, and 10 years - and then to take a fully objective view. 

That's always the first thing we do in my coaching programs: to take a full inventory of your current situation, and assess it objectively. 

I discussed this a little further in the short video below (the sound quality is mixed on this video – apologies!).

Watch it here.

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Whenever you’re ready…here are 4 ways I can help you manage your own money and go next level wealth:

1. Boom or Bust in 2023 – 20 minute online workshop for investors

Register for my next free online training - Boom or Bust? How to change your investment plan for 2023 - book in here

You also download a free copy of my book Total Money Management here. 

2. Subscribe to our Top 100 Podcast for Investors

 Listen in to our podcast - The Low Rates High Returns Show on Apple , Spotify 

3. Subscribe for my free daily blog

Subscribe for my free daily blog with over 3 million hits here. 

You can also catch up with me daily on Twitter here, where I have over 11,000 followers.

4. Work with me privately

For a limited time you can apply for a free diagnosis call with me here. 

If you’d like to work directly with me directly to help you map out and action your next level wealth plan… just send an email to [email protected] with the word “private”…tell me a little about your situation and what you’d like help with, and I’ll get you all the details!