By John Del Vecchio
My two most valuable assets are my time and my freedom.
I don’t know how much time I have. But I like to use it freely as much as possible. I can do this by making my money work for me rather than working for money.
And you don’t have to make a big, fat paycheck, either. Just some simple techniques and a specific mindset are what’s needed to break from the pack and establish yourself as a person that has freedom.
I call this philosophy “Unbounded Wealth.”
When you achieve that, you can do what you want, when you want.
To be sure, you probably won’t be flying around on private jets or sipping rosé on the deck of your yacht. I don’t equate that with “wealth.”
The simple beauty with my approach is you should have enough dough to break free of “The Man” and live life on your own terms.
If you have that, you’re loaded!
Take my cousin, Nicky, for example. He’s in his mid-20s. He’s a physical education teacher. Last year, I sat down with him and showed him how he can have financial security without a six-figure paycheck.
You see, a lot of people taking home six figures are broke. Even at that level, many Americans live paycheck to paycheck. They don’t have the right mindset. They’re blowing a huge opportunity. That paycheck might not always be there, either.
Nicky is well on his way. He can do it on the paycheck of a newly minted physical education teacher. It’s right there in front of him – with no fancy math required.
He’s off to a good start.
First, he is taking advantage of investment opportunities available to him such as tax-deferred investing. He’s starting young, and he’s not trying to time the market. He’s Just maximizing those free opportunities and letting time work in his favor.
Second, he bought a house. He didn’t just buy any house. He bought the lowest-price house in a nice neighborhood in a town that now has almost no inventory of homes available. Home prices are steadily rising in this choice market. But he took it one step further and rented out part of the space. This fully funds his ownership costs.
So, not only is the property rising in value, his cash return is huge. Plus, he’s living there. You have to live somewhere.
“Unbounded Wealth” is not some attempt to re-brand a hot trend. This ain’t “F.I.R.E.”
Most “Financial Independence Retire Early” stories are bogus. Often, the person who retired at 30 still has their job. They all seem to be bloggers or to work consulting gigs. It’s a bit disingenuous to say you “retired at 30” when you bring in $100,000 a year from your blog.
Still, setting aside that hype, in my reality you don’t need to eat cans of green beans, recycle the water from your daily showers, or forego your Starbuck’s, either.
Rather, it’s about having your priorities right.
It’s about not trying to keep up with the Joneses. It’s about awareness.
Where is your money really going? Are your purchases making you happy? Is your life fulfilling?
In the next three parts of this four-part series, I’ll share a few tips and techniques to get headed in the right direction… quickly.
In the next installment, I’ll talk about a simple mindset that’ll have you positioned to profit while others are losing their shirts. You’ll know how to protect your assets when the crowd is too bullish.
Then, I’ll discuss how, by not doing this one thing, you can vastly outperform the markets.
And, finally, I’ll wrap things up by talking about how some sage advice I received early in life has kept me financially stable – whether I was washing dishes in a cramped restaurant kitchen or presiding over a million-dollar Wall Street enterprise.
Look, this is your money. And you only have one life.
Let’s put the first to good use so you can pursue the second on your own terms.