How to escape the rat race, forever.
Crouched over my desk with my face in my hands, and it was only Tuesday. It was mid month and I was far behind on my sales quota for the month. Generally that’s a stressful enough situation, as is. But I was a few weeks away from needing to find a new place to live or move back in with my parents far away from where I was working. Hey, at least it wasn’t the street, right? At the time I was convinced my next move was to purchase a house, so on top of this I was regularly viewing and working to put offers on houses. Which intensifies the stress of being behind on your sales.
Low disposable income, stressed out over acquiring and managing a mortgage, constantly grinding on a job that paid variably. ‘Fuck this’ I thought. I was a few years out of university working a less than ideal job than I had imagined for myself after completing a bachelor’s degree. I was in minimal debt but wasn’t doing much in the way of saving and I was looking to lock myself into a mortgage in a small city where I grew up, because I thought that was the right thing to do as an adult. I’m sure there are many others my age who can relate.
How can I make money with cryptocurrencies?
Cryptocurrencies, digital money that is transforming the way to view transactions. Blockchain, a decentralized ledger system on which these cryptocurrencies operate, is here to stay. Arguably the concept of Cryptocurrencies is here to stay, as well. As revolutionary as they are, the space remains a speculative and extremely risky place for investment. We’ve seen wild run up and quick crashes in the market over the last number of years.
If you are new to cryptocurrencies, Bitcoin and blockchain, you can read an introductory guide I wrote here. Cryptocurrencies have made a lot of people a lot of money other the last number of years. But there’s a whole other domain of the crypto world that blew up in popularity starting in 2017 and has made many overnight millionaires even quicker. Initial Coin Offerings; ICOs. Similar to the concept of an IPO, where an company uses crowdfunding to gain capital to produce and scale their product and company.
Why can’t I save any money?
I’ve found over the years showing your true colors and being painfully blunt usually isn’t the best strategy. People either lock up defensively when you come at them with the raw truth, or the honest reality is too painful to hear that they create and hold on to illusions rather than face the truth. It’s easier for myself, and generally more effective to get the point across to sugarcoat truths and tailor the message for the audience.
Sometimes though, tough love is the best remedy.
A fat investment portfolio requires work
This may be a tough pill to swallow, but I’m just going to come out and say it. You will not become wealthy working only 40 hours a week. There’s good chance you’ve read or at least heard of Tim Ferriss’s ‘4 hour work week’. I remember reading that book a few years ago. It lit my mind on fire. But it also twisted reality for me a touch. I became obsessed with working less. Working smarter rather than harder, but still working less. While you certainly can become a millionaire and at some point put everything on autopilot, it still requires a GREAT deal of bumping, grinding & overtiming.
The three legged chair theory of income
I was introduced to the idea of this theory while reading comments on another finance blog. So I can’t claim creative ownership rights. But nonetheless I found it very important so I’ve decided to expand on it. This is the three legged chair theory of income.
It’s frequently said most millionaires have an average 7 sources of income. Diversification at its finest. I’m not sure I need to reiterate, but having only one source of income – such as a job salary – is dangerous. Job security seems to be only something you read about in history books these days.