“Begin with the end in mind. You cannot win the game if you do not define the rules of the game”
Create Your Simple Passive Life…then build your investing around it – narrow and lock in on
your investment philosophy, acknowledge constraints, create a holistic vision for your life.
Print out the following post and use it as a worksheet:
My Simple Passive Life
● To feel financially free it would mean….
● To experience true entrepreneurial/lifestyle freedom it would mean….
I want to work ______ hours per day once my passive cashflow is up.
Right now the hours I can and will work per day to get it there are ______.
Why is this important at the beginning?
You need to design your investment philosophy and action plan that your are going to commit to from Day 1 to support the life you are trying to create.
Make sure you are clear on whether or not you want to travel, work from home, where would you travel, what would you drive, where would you live, and ultimately how much will this all cost. Now break it down to a monthly cost.
Figure out your ideal income number and then work backwards from there.
I want to work ______ days per week.
My work day starts at ______
And ends at ______
I spend my time on ____________
My monthly savings are ____________
I donate ____________ to ____________ monthly, annually, weekly
I invest in ____________, ____________, ____________ and ____________ and am able to
invest ____________ per month
What is your passive cashflow number needed?
What is your W2 take home number needed in order to achieve the above goals?