As consumers, we generally will receive a paycheck every so often. We then take the money and utilize it to consume products and services. We pay for our bills, we buy food, gas, other necessities. We live the life of consumption for a couple of weeks until we are paid again and repeat the cycle. Here's the thing, a life of consumerism has a set path. We make enough to pay for the things we consume, but not enough to live the life we desire. We will never have abundance if we only operate as consumers.
I remember walking through a neighborhood filled with expensive homes. As I strolled through the perfectly maintained streets I wondered what the people inside "did for a living." I now know this wasn't the right question to ask. Mainly because they probably didn't have job like most of us. Instead the better question was "what did they do to get where they are." The second question is one that opened my mind to the
Producers are those who create value for others in the marketplace. EVERY SINGLE THING YOU OWN OR CONSUMED WAS CREATED BY A PRODUCER. For years, I gave all of my wealth to producers without even thinking about it. I bought, bought, and bought. Yet, at the same time, the only source of income I received was directly related to my time. Meaning, if I did not give up 40-50 hours a week to my employer, I would not receive any income. Producers, on the other hand, would often be outside enjoying their day as I drove through their neighborhoods on my lunch break. Their time and money was not connected. As long as I remained just a consumer, my life would never really change.
It took a while, but I began the practice of looking at everything around me as something that someone created in order to make money. I know this is common sense but we don't really think that way. We just buy. Once my thinking shifted, I decided that I too should become a producer. I began to see my knowledge and skills as something that could generate an income. If you want to experience a greater level of abundance, you should pull out of the mindset of only buying, buying, buying and move towards creating, creating, creating. But here's the caveat. It's about creating for the purposes of adding value. The more value you add, the greater your reward from the marketplace. The growth can occur exponentially.
The first time you start to make the shift from consumer to producer, you may not see results right away. In fact, you may even lose a little money (The first time month I went into business I made $105.00. The second month, I lost $110.00). But, over time, it became easier to generate more ideas of what you can create/produce. If you take action on those ideas, your streams of passive income begin to grow. Eventually, you become less and less dependent on the paycheck that comes in every other week. I talk to coworkers who have worked for the organization for years. They don't what they would do if they ever lost their job. Being fully dependent on one source of income is not the business. In fact, it's dangerous. Even if you aren't able to replace your income with your creations, as long as you can generate a source of income (not matter how small), you have taken a giant step towards financial freedom. I don't make enough to replace my income. But if I were to lose my job today, I'm way more confident in my ability to grow passive income now then when I was operating solely as a consumer.
I implore you to leave the life of consumerism and begin to generate income from your own efforts outside of work.
Here's your homework:
- If you haven't already done so, open up a savings account TODAY and set up a bi-weekly draft.
- Enroll in your company's 401(k) and take advantage of the match (free money).
- Think of and write down at least 3 ways you can create another source of income. It doesn't have to be huge. Just write them down. If you think of more than 3 ways then keep going!
- Of the ideas you wrote down, circle one that you know you will follow through until completion. For example, don't circle "write a book" if you don't think you will complete the process.
- Take one action today towards launching the idea you circled.
- Get the book "The Millionaire Fastlane." MJ shares so many life changing ideas that aren't in typical millionaire books.
- Set a dollar amount goal of how much you want to generate in the next 60 to 90 days.
- Get to work.
We have 5 months left in the year. Let's dedicate these 5 months towards establishing and growing our income streams.