I admit that I’ve been a little hesitant to post about this book (not to mention "Secrets of the Millionaire Mind") because I don’t want it to seem like I’m obsessed about being rich and having tons and tons of money. Because I’m not. I grew up in a very modest household and was taught to work hard and be responsible for my own wants and needs since a young age. I don’t think it’s a bad thing to have a lot of money, rather finding ones own financial success is an awesome accomplishment, whatever that entails. But something about reading books about (seemingly) being rich is a little off-putting…do you agree?
With that, I do want to mention that there are so many versions of being “rich,” aside from finances. I suppose it can all relate to your personal definition of success and how you’ve come to that point. Hmm, to clarify I think there’s a huge difference between (1) working hard, long hours at a sometimes pointless (to you anyways) job that wears you out and drains from other parts of your life and is only a means to reach a certain paycheck or pay for your lifestyle and (2) working towards a passion and interest; something that you are excited about and, as a result, pays off personally and financially in the end.
For me, especially right now, I don’t want to be working for money or because I have to. I want to be working because I enjoy what I’m doing and believe my efforts will help someone on the other end. And I think that is the kind of “rich lifestyle” I want to strive for, regardless of the financial outcomes.
Now back to Ramit Sethi. His e-mail today really stood out to me (titled same as this post). As I’ve talked about starting my own magazine, I’ve often put it off and said it’s something I’d do in the future—after I’ve experienced other professional things. Over the past 8 months or so, I’ve become more keen on the idea of starting it sooner rather than later. Several people I’ve shared my ideas with have said things like “Why do you need to do it now?” or “There’s no need to rush to do it; you’ve got your whole life.” Yes, true points; I don’t want to rush into something just to do it. But I’d try to explain that this is the prime time for me to do it. I’m young and have very few financial obligations. I don’t have much to lose, and have the most time that I probably will have compared to years from now. Perhaps this is why Ramit’s open paragraph stuck out to me so much:
Have you ever heard friends say they'll start a company "some day" or start investing "next year" or even just hang out on a weekend "another time"?He then directs us to a post on his blog that covers some of the many things we put off until a later time that are actually the easiest to do RIGHT NOW. Check out the post and topics, which I listed below with some of the things that stood out to me. Keep in mind that this is directed towards those in their early 20s.
I wrote up a long rant about this BS a while back:
"Every time I hear someone say "I'm too busy" to do something, a little puppy dies and I want to stab myself in the eye with a katana blade. I don't think people realize how good we have it right now: We're young, we're only responsible for ourselves, and we can do basically anything we want. If you think about the responsibilities we'll have in 20 years-or even 5-you start to appreciate that doing almost anything will never get easier than it is now."
Saving money
Monthly expenses can be about 10 times as much with kids as they are with just a couple. If you think you can save later, you are probably wrong.
Working out
We’re in the best natural shape of our lives; It’ll never be easier than today
Starting your own business
"For those that want to, there’s nothing like learning by doing–and if you fail, what’s the worst that can happen at our age? You don’t lose your house or wife and kids. You go and…get a regular job. You can always go to the corporate world. Going the entrepreneurial route gets harder and harder."
Just hanging out with friends
Doing your own side projects
" The question is, can you track what you spend your time on and redirect it to something you care about? Something that will have an impact for the next 5, 10, or 50 years? The answer is yes. And we’ll only get busier in the future."
Taking risks in investing and life
"What would happen if we lost all our money right now? Most people admit that it wouldn’t really be that bad. Maybe they’d go live at home for a few months, get back on their feet, and go get another job. But what happens when you’re 35 with a husband, 2 kids, and a mortgage? Losing most (or all) of your money would be catastrophic. And if you’re 65 and spending your money on pills and bingo, losing your money can be a matter of life and death."
Meeting interesting people
Traveling
"Traveling to visit (or live) in other places is unbelievably easy right now. To visit, it costs about $200 roundtrip to anywhere in country. To live, we pick a place, get a job, and it’s done. We have no one to answer to, and imagine the amount you can learn by living somewhere else."
Living in situations your parents would abhor
"As we get older, we naturally demand a more comfortable living situation. When we travel abroad, for example, we can stay in hostels with no problem. When older people travel, they need a hotel. The point is that we can live in a way that older people cannot. So whether that’s saving on rent by living in a cheaper place, or driving your 10-year-old car, or just realizing you don’t need that much…it’s never easier than it is now."