Get Your Goals Straight to Know How to Exit
Do you have an exit plan? If you’re scratching your head in response to that question, chances are you don’t have an exit plan.
Let me rephrase the question. Are you planning on working for the rest of your life? If the answer is no, what is your plan for getting out of the rat race? What is your exit plan?
The problem I see with many individuals is that many don’t have an exit plan. In fact, many are going in the opposite direction, becoming more and more entrenched in their 9-to-5 trap by the day. That’s because they aren’t taking proactive steps towards buying their freedom from the rat race. They don’t have their priorities straight. Instead of working towards their exit, they’re more interested in impressing their neighbors and friends, and followers on social media.
In an all-out effort to get attention through all their material possessions and documented debauchery, individuals without an exit plan go into debt to keep up with the Joneses. Most are miserable and exhausted from all the energy expended from maintaining the illusion.
Hustling and having fun is not all bad – as long as you have the right plan and goals.
“Shortly after I met my mentor, he asked me, ‘Mr. Rohn, how much money have you saved and invested over the last six years?’ And I said, ‘None.’ He then asked, ‘Who sold you on that plan?” – Jim Rohn
What is your exit plan? If it’s to achieve the type of financial independence that will allow you to walk away from your job, what is your plan for achieving this goal? If you’re not sure, consider what the ultra-wealthy – those who have achieved the type of financial independence that you covet – listed as some of their goals at the outset of their path to wealth:
- Being untethered from their jobs.
- Time with family.
- Time to do what they love.
- Time for charitable causes.
- Create generational wealth.
The journey towards financial independence inevitably leads to passive income because, as Warren Buffett said, “If you don’t find a way to make money while you sleep, you will work until you die.” How do you make money in your sleep? Passive income investments. As the name implies, passive income is composed of two elements: 1) indirect investing and 2) cash flow.
Direct investments require labor and effort that prevents you from making money in your sleep. Only through indirect (passive) investments that allow you to leverage the expertise of others and that provide you with an income stream will you ever have the hope of replacing your day job. And until you generate enough passive income to cover your current expenses, you will always be tied to your job.
If you don’t have an exit plan or goals for achieving that plan, you will always be handcuffed to your job. And if your priority is to live in the here and now to impress those around you, you will be forever stuck in a vicious cycle of debt and exhaustion that will push you further and further from your dream of breaking from the grind.
The ultra-wealthy who have achieved their goals all started with passive income. Once they realized that the only way to free themselves from their jobs and debt was to create passive income streams and to do everything in their power to allocate resources towards creating multiple streams, only then were they able to put themselves on the path to achieving their goals.
Why do I personally do what I do? To provide an avenue to help others set goals and establish exits through passive income and generate wealth for future generations.