20-video series #5: You need to break the dependence on the 9-to-5 paycheque as soon as practicable

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 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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Paid for expertise

These days you can live a comfortable enough and easy life with a corporate job or professional role.

If you get a job with reasonable benefits and a good pension you can live a relatively easy existence.

The downside is you to tend to pay a lot of tax as an employee, and more importantly you have relatively little control over how and where you spend your time.

Unless you're a specialist or expert, there is often a limit to how much you can earn, too, since you're trading your time for money, and there's only one you. 

Breaking free

If you want to live your dream life you eventually need to be able to break that reliance on the pay cheque.

And if you want to achieve great things and your dream life, then I’d suggest that you aim to do as soon as practically possible.

There are always reasons not to take action, of course. 

I know - I've been through that thought process myself.

Just one more year, on more promotion, one more pay rise. 

It's a very difficult trap to escape from! 

And then will always be people to tell you that it’s not a great idea.

In fact, it can become harder as you elevate yourself into a senior management position, or if you have a high-paying career in financial services.

This is especially true if you have a big mortgage, and a raft of other financial commitments, like car loans and school fees, a large mortgage on your family home, and high lifestyle and living costs to pay for.

What’s the risk?

Consider, though: what’s the worst that could happen?

When I was at school the careers officer told us that if an employer spotted a gap in your CV you’d be unemployable.

You might even never get a job again!

I’m not even sure that was true 20-odd years ago, but it certainly isn’t the case today.

So if you decide to branch out to travel, work as a contractor, or start your own business, what’s the downside?

Only you can truly answer that question.

Fear of failure

The fear of failure is a recurring theme throughout this video series.

But that's because it's such a key factor.

I know all about it. Like many people, I've had to work through the very same challenges.

It's been said that if you can't face the fear of failure you can never be rich, and up to a certain point I believe that to be true.

The fear of failure is probably the single biggest impediment to becoming wealthy.

Being able to design and live your dream life requires sacrifice, and it's not a journey for the faint of heart.

Breaking the chain

All of this is not to say there’s anything wrong with employment.

You earn consistent monthly income, learn critically important skills, and perhaps insights into your field or industry that will stand you in good stead later, if you decide to start your own business empire.

But the truth is that full-time employment takes away most of your precious time, salaried income is taxed punitively in most developed countries, and most people don’t have all that much left over at the end of the month to show for it.

So the end goal needs to be getting your money working harder, so that you don't have to. 

If you want to be free to spend your time as you wish, you need to have enough money in the bank to do so.

The other side of this equation is that you need to break free from expensive monthly liabilities such as consumer or credit card debt, car loans, or other costly drains on your monthly cashflow. 

I discussed this a little further in the short video below.

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:

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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!