What if you have the lamp of Aladdin and the genie grants you three wishes?
That sounds too fictional.
Ok, let's make things little practical.
What if you may have multiple income sources like real estate, online web properties, investments in stocks and bonds, investments in startups, valuable domain names, affiliate websites and e-commerce business.
You can enjoy your life with freedom when you don't have a dependency on a single source of income (like in the case of a 5-9 job).
You can have your own small beautiful house in the mountains where you will have access to clean air, clean water and a peaceful community. You would need an internet connection to run your business online.
You can take long breaks from your work to travel the world. You can pursue hobbies without worrying about paying your monthly bills.
This may sound like a dream world but many people are already living this life. They are not super talented nerds, nor they own a company like Amazon or Flipkart.
I am talking about people who retired early and living a financially free life, the concept known as F.I.R.E (Financial Independent Retire Early).
You may not choose to retire early but definitely, you should plan for financial independence, right?
I have one assignment for you if you are serious about making good financial changes in your life.
Would you complete the assignment in the next 1 hour and reply to me via this email?
First assignment - Define how you would live your dream life if you don't have to worry about money?
Let me make it more precise.
First Question - what would be your routine life, like all the activities from the morning till night. Write the things you would love to do on the daily basis.
Second Question - who would be a part of your routine life like your spouse, children, parents or other family members with whom you would spend your time. Write what activities you would be doing together.
Third Question - Who will be in your friend circle and what activities you would be doing together within your community.
Would you call it a retired life?
NO.
This is actually living a real life.
I don't believe in the traditional retirement - where an old guy is pushed from one child to another.
A traditionally retired person is like a baggage that nobody wants (unless he still owns the property). Only a few smartly retired people live a decent happy life after the retirement age of 60.
But the question is - From where will you get access to financial resources for F.I.R.E?
You don't have an Aladdin's genie or luck to win a lottery.
Actually, only money would not solve your problem even if we have all the financial resources. You should also have the time to spend that money.
If you observe the lifestyle of super-rich CEOs, they spend most of their time from one meeting to another.
This is what Alibaba's founder has to say.
Jack Ma wanted to become an English teacher, but he did not get the time because he was committed to Alibaba.
A similar incident is from a conversation between Chanakya and Chandragupta Maurya.
Chanakya used to keep Chandragupt busy with the kingdom's responsibility and work to the extent that Chadragupt got frustrated.
One fine day he met Chanakya and said, I am not happy after becoming the king.
Chanakya replied - I promised that you will be king one day. But when did I promise that you will be happy?
So even if you have all the money - then also you may not live your dream life.
Practically, I can't be the CEO of a big company and an organic farmer at the same time. I can own a big land for farming but won't enjoy the process of growing my own food on the daily basis. For hands-on farming work, I have to leave the time demanding job or business.
I believe anyone can re-start their financial freedom journey from scratch and become financially independent by working hard for 10 years.
Traditional financial planners would not agree with me. Because they advise saving pennies from the salary to invest in stocks, mutual funds and bonds.
Their complex financial formulas give you a 7-8 crore retirement figure that you would get only at the age of 60. You may have money at the age of 60 but may not have an active healthy body to enjoy.
Anyways, why do you need to wait for 7 crores of retirement fund when you can start your mini-retirements from next year?
7 crore retirement figure is deceiving.
Let's not target a money number but target for the things that you would buy with money.
Here's your second assignment - Write all your income sources.
First part
Write down your monthly income like salary or business income.
Second part
Your current wealth which includes all types of investments like stocks, ancestral property, jewellery, flat and other investments. Also include those which you are going to inherit in the future.
Third Part - Find all the secondary income sources that you are earning like stocks dividends, interest income, trading profits, rental income or earnings from buying and selling property.
The third assignment will help you find out your current skills to start your side hustle.
The third assignment - Write down all your present skills.
All the skills that you already have.
Skill can be anything that you use for the benefit of your organization or to solve other people's problems. Skills can be auditing, content writing, accounting, marketing, budget planning, arranging parties, or even how to make anyone laugh.
You need to write your every small skill and not only the main skill.
Suppose if you are a programmer then the coding is your main skill, But, you would also have skills, like - test setup, client interaction, email writing, sales ppt decks, presentation, and public speaking skills.
You can also add self organing skills. Like - how you keep your house beautiful, gardening, or maintaining your health & fitness.
NOW LET'S SIT AND PLAN.
If you are 30 years of age, then what can you do by 40 to generate enough income sources?
Or if you are 35 then what you can do by the end of 45 to live your dream life?
You are not late for financial transformation. Starting late is better than starting never.
So what we are saying here is that after 10 years -
- You would start doing the things you love to do (a dream life)
- You would never trade your time for money, you would work for your passion.
- You will still monitor your cash-generating assets by spending 2-3 hours a week.
And this is what you call a CASH COW system.
The system, that you build and nurture in 10 years, that keep your supplying Cash for the lifetime.
The CashCow system is different from the regular retirement plan that is designed for a life expectancy of 70 or 80 years only.
What if you live over 80 years?
You will be left with no money in your retirement corpus.
In countries like Japan, where life expectancy is more, the retirees are left with no money and they have to spend the rest of their lives in old age homes.
Build your CashCow system in 10 years, which I am going to explain in this 21 days course.
Complete all the 3 assignments that I have shared in this lesson.
This is going to be a practical course.. and this won't work by understanding only the theory.
You have to participate practically if you want to generate the real result.
You want real cash, not the virtual cash. Right?
Completing your assignment is the first step to start your CashCow System.
Waiting for your email reply,
Pardeep Goyal
- Founder of CashOverflow.in
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