BIG ANNOUNCEMENT! Emerge is NOW ENROLLING for our next cohort launch on August 7 - to be considered, apply here!
After recording nearly 300 podcast episodes, a trend emerged that explained something I’ve been struggling with.
How have I invested more in the TWO YEARS out of my day job than I did any year in it??
It hit me. It’s so clear and simple that it’s ridiculous…
I LOVE my day job!
In my W2 career, I made a bunch of money. I was a highly paid executive with a total comp package topping $400,000 annually.
But because it was not fulfilling, I dedicated a significant portion of my income to ‘numbing agents’. - Drinks after work with co-workers - Vacations and getaways - Pizza for lunch (with a cookie after) - Home additions and improvement projects - Expensive cars
Let alone the time I wasted with Netflix, drinking my sorrows away, eating terrible food every night.
At my day job, I got paid what I got paid. So wasting time away didn’t get me paid any less, so why not? As long as I can escape my work reality.
And I LIKED my job! That’s the problem!
‘Like’ is no longer acceptable for any major part of my life. In fact, I never accepted ‘like’ in any other area of my life where I spend significant time. - I don’t ‘like’ my wife and kids - I don’t ‘like’ my vacations or adventures - I don’t ‘like’ my hobbies - I don’t ‘like’ a good night's sleep
I love all of those things! So why would I accept ‘liking’ 40+ hours of my waking hours? The time I’m not with those people and things I love?
When I left my job, I fell in LOVE with what I do. Tribe of Millionaires podcast, Emerge, my role in Quantum.
So less of my income was devoted to numbing. And more of my time became dollar productive!
That shift created capital with which to invest passively.
Even before I quit my job, I was trending this way. Because my current reality was my side hustle, I derived satisfaction and a desire for more.
You want to increase your passive income? Make your vertical income fulfilling - something you LOVE!
When what you DO aligns with who you ARE, you’re in service. Each of our purposes are rooted in how we serve others. Understanding what you were born to give the world is essential. It’s the key lesson in Start with Why.
Most of us start with ‘what’ we will do (“I will achieve financial freedom”) and then ‘how’ we will do it (“by buying 100 doors”) only to shift and change and catch shiny object syndrome because we aren’t STARTING with WHY we want what we want!
This is topic #1 in Emerge for a reason!
#2: Ready FIRE Aim
This is my favorite mantra and a key lesson in the path to fulfilling work. Don’t get stuck on purpose so long that you stifle action. When starting out, the path to purpose usually comes from iteration. Try what you THINK is the thing that will be your every day when you quit. When it’s not (and most of the time it won’t be), you’ll be amazed how it leads to something more purposeful.
You don’t start over - each action stacks.
Stop thinking and just GO. If you’re reading this newsletter, you’re READY. Now you need to FIRE. The aiming comes after you do so!
#3: You Won’t Sit On a Beach
Passive income comes with this image of mai tai’s on a beach in Mexico (or the Dominican Republic). That’s not realistic for a high achiever. I remember people in my company seeing the publicly available income of our CEO. Inevitably, someone says ‘I’d work 5 years and call it’.
That’s exactly why that person will never be in that seat.
It ain’t about the money. The Rock has plenty of money. Kevin Hart has plenty of money. It’s about doing what you LOVE and making an impact. PERIOD.
So stop thinking of passive income as freedom to do nothing, and start thinking of it as a backstop to protect in case something tragic happens to you. But you’ll always ‘do’. You’re a high achiever - otherwise you wouldn’t be interested in what I have to say.