Solving the wealth formula is dissociating time from money. In other words, you no longer need to actively work in order to maintain a particular lifestyle.
It is important to know that entrepreneurship is not required in order to get to this point. In fact, if you already have a high-paying job, your quickest way for you to gain financial independence may be to keep your job and focus your attention on making smarter investments in cash flowing assets.
The way I think about this is that you have to have a “motor”…something that drives lots of cash in your direction. If you already are a high wage earner, you’ve got that covered for the most part. Your time may be best spent figuring out how to use that income generating motor to quickly create ongoing cash flow to replace your current time dependent income rather than learning how to start a business.
The reason to be an entrepreneur is because it gets you excited and makes you feel alive. That’s what it does for me but…that’s me. I also love Minnesota Vikings football. Not everyone does. The point is that you are who you are and you have to be true to that.
Quickly figuring out whether or not you should be an entrepreneur or stick to cash flow investing is important. If you figure out entrepreneurship is not for you, you can stop buying online courses and seminars that you never finish and start sharpening your investor skills through education and hanging around in the right community (mine!).
After listening to this week’s episode of the wealth formula podcast, I bet you will have a pretty good idea in which camp you belong.