Talane’s Coaching Tip for the Week, May 24, 2010
Becoming Rich
Talane Miedaner, MCCBecoming Rich
I've just finished reading one of Robert Kiyosaki's books, Retire Young, Retire Rich and thought I'd share a few bits that inspired me and seemed very appropriate given the current difficult and challenging economic times. He points out that ,“It has never been easier to become rich beyond your wildest dreams for less effort and less start-up capital.” This is primarily thanks to the low start up costs of an internet-based business. For those of you who are unemployed and struggling to find work, this may get you thinking in a different direction: “The trouble with selling your labor for money is that there is only so much you can do. If you learn to acquire or build assets to generate money, you can slowly but surely increase your income.” (FYI, assets are anything that puts money into your pocket as opposed to liabilities which take money out of your pocket. Your house, unless you have tenants paying rent, is a liability according to Kiyosaki, not an asset as most accountants might say, because your home takes money out of your pocket every month. This is a very different way of thinking – the way the rich think.)
In my own experience this has been true. When I was working at Chase Bank I worked very hard and was always disappointed with the paltry pay raise of 3% or 5% at the end of the year (I was obviously in the wrong department given the massive bonuses bankers get these days!) And this was supposed to make me feel like a valued employee? I was always limited in what I could earn regardless of how much value I added to the bank's bottom line. Now that I own my own business, there is no limit to my potential income. I can create product after product and over the years have developed a stream of passive income generated from royalties and product sales. Gradually my own business has evolved to the place where it is now making more passive income than active income (from actively coaching clients one-on-one). And in about one year we should be able to live on the passive income. If we downsized immediately, we could live on the passive income now. I don't say this to brag as I am certainly not an overnight success. I've been building my coaching company and creating assets (writing books, creating audio programs, etc.) for 14 years slowly and steadily. I'll be 45 when I am financially free next year. So it isn't a get rich quick scheme and I have a rich, but not lavish lifestyle. I started on the path to financial freedom when I was 29 years old and left the bank. But I am a whole lot better off than I would be if I had kept on working at the bank. And most important, I'm much happier!
So if you are unemployed or not happy in your job, now is the time to think about other options. Start that business that you've always dreamed of or get training in a completely different field that is better suited to your natural talents.
Enjoy!
Talane
P.S. If you lack clarity about what to do or need a bit of direction, then pick up a copy of my most recent book, Coach Yourself to a New Career: 7 Steps for Reinventing Your Professional Life, which has inspiring stories of people who have quit their jobs and started their own businesses or taken their careers to a new level. It is also full of helpful exercises to help you design your ideal life and the ideal career profile. To order, visit www.lifecoach.com or visit your favorite online bookseller.
In my own experience this has been true. When I was working at Chase Bank I worked very hard and was always disappointed with the paltry pay raise of 3% or 5% at the end of the year (I was obviously in the wrong department given the massive bonuses bankers get these days!) And this was supposed to make me feel like a valued employee? I was always limited in what I could earn regardless of how much value I added to the bank's bottom line. Now that I own my own business, there is no limit to my potential income. I can create product after product and over the years have developed a stream of passive income generated from royalties and product sales. Gradually my own business has evolved to the place where it is now making more passive income than active income (from actively coaching clients one-on-one). And in about one year we should be able to live on the passive income. If we downsized immediately, we could live on the passive income now. I don't say this to brag as I am certainly not an overnight success. I've been building my coaching company and creating assets (writing books, creating audio programs, etc.) for 14 years slowly and steadily. I'll be 45 when I am financially free next year. So it isn't a get rich quick scheme and I have a rich, but not lavish lifestyle. I started on the path to financial freedom when I was 29 years old and left the bank. But I am a whole lot better off than I would be if I had kept on working at the bank. And most important, I'm much happier!
So if you are unemployed or not happy in your job, now is the time to think about other options. Start that business that you've always dreamed of or get training in a completely different field that is better suited to your natural talents.
Enjoy!
Talane
P.S. If you lack clarity about what to do or need a bit of direction, then pick up a copy of my most recent book, Coach Yourself to a New Career: 7 Steps for Reinventing Your Professional Life, which has inspiring stories of people who have quit their jobs and started their own businesses or taken their careers to a new level. It is also full of helpful exercises to help you design your ideal life and the ideal career profile. To order, visit www.lifecoach.com or visit your favorite online bookseller.
Author of the international best seller, Coach Yourself to Success (McGraw-Hill, Jan 2000) and The Secret Laws of Attraction
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