Good question. And one that needs to be answered.
But here’s the catch … the answer depends on who you ask. So, for the sake of this article, let’s assume you asked me. Here’s my answer.
For me, lifestyle, has to begin with several parameters as follows:
1) Control of my calendar.
2) Choice of who I spent time with
3) Choice of where I live
4) Choice of what I do every day
Notice there’s no mention of money. But, in order to make the above possible, I believe a healthy passive cash flow is required. There may be another way to do it, but I’m not aware of what that may be.
Lack of Lifestyle
Before I go any further with this train of thought, let me digress to what I believe is “lack of lifestyle.” This is the life I lived before I quit my job; definitely a life lacking lifestyle. Yes, I had all the trappings of a big (what’s your definition of big?) paycheck, hearty benefits and the status of calling myself an aerospace engineer.
Status – Yuck!
Status can be the biggest lifestyle killer as folks try to accumulate ‘things they don’t want, to impress people they don’t like, with money they don’t have.’
Status keeps you broke!
Lifestyle Killers
Anyway, here’s a list of contraints I felt when I was a guy addicted to the paycheck.
1) Go into work per the schedule. Didn’t matter if I wanted to see my daughters school play; work always took priority.
2) Pay limited to going rate. Raises limited and doled out in teaspoon rations. Didn’t matter how much money I was making for the company, totally based on what they felt would keep me showing up every day. And, it wasn’t much.
3) Had to ask permission to take a holiday. Definitely a lifestyle killer.
4) Tangled up in useless, meaningless, money wasting red tape. Fill out a hundred forms to satisfy some government/contractor checklist requirement. Everyone knew it was meaningless, but did it anyway. Anything to keep the paycheck coming.
5) Work on useless, meaningless, money wasting projects. Customer wants it. Even if it’s a waste of time – they’re paying – so do it.
All of the above, point to lack of lifestyle. Definitely not for me. I’m glad I’m out of the JOB world.
But, How?
So, how do you get to lifestyle?
First, let me admit, I’m not there yet. But, like any journey and/or undertaking, you have to know what you’re aiming for; where you’re heading; what’s your goal. I believe this is the biggest obstacle for most people; they haven’t set a lifestyle goal. They just accept their path and stay on it.
Set the goal, then do the work to make it happen.
I worked many years – outside my job – building a property investment portfolio that throws off a healthy passive income. Enough to allow me to walk away from my JOB.
And, that was my initial goal. I’ve reached it, so now I’m shooting for the next goal.
Still working on my lifestyle goal
I still haven’t achieved my lifestyle goal. There are constraints I’d like to throw off.
For instance, my wife and I traveled to the USA in Sept 2010 to add to our property portfolio. We flew economy class across the Pacific Ocean. Not fun. A money saving strategy, but one I’d like to stop. I’d like to get to the point where we fly business class and the money is not a consideration.
But, I did love the idea that I didn’t have to ask my boss for permission to take time off. I just looked at my calendar and decided the best dates for travel and off we went. It was a great feeling of freedom.
Passive income is the key!
So, back to … how do you get to lifestyle? Ok, here’s the secret … build a passive income – sufficient for your lifestyle goals – and then go forth and live the dream!
But, how do you build a passive income?
That’s what this website is all about. Encouraging you to go out and do it. Instilling in you the belief that you can do it.
I created passive income through property investment but you may have a better plan. Doesn’t matter.
Maybe property investing isn’t your passion. Doesn’t matter.
You’re probably better off doing something you enjoy, something you love. So, what is it you love to do? What is it you’re good at?
Find out what it is, then go after it with everything you’ve got. Focus. Don’t listen to the naysayers. Do it.
Then live the life of your dreams.
What do I love to do?
I love property investment and I love writing articles about it. I’m doing both and going for it with gusto.
Am I any good at these activities? Not really sure. But, I imagine if I keep doing them … I will become good! How can you not become good at something you love to do and you do it almost every day?
Following this formula, I don’t see how you or I can lose. All the odds are stacked in our favor. Our job is to stick with it. Have staying power.
Now, over to you!
What does lifestyle mean to you? And, what are you willing to do, willing to give up, will to risk … to get it?