The Top Two Regrets of The Dying - How To Buy More Time
It’s funny when you stop to think about it. Who doesn’t want a nice car, brand new clothes, a beautiful house in a high-end neighborhood and a vacation home for weekend getaways? All these things can be categorized as having “stuff”.
While stuff can certainly be nice to have, don’t get me wrong; we need a certain amount of it, but what if you could have FREEDOM instead of more stuff? Which would you choose?
“You can have anything you want... But not everything you want.” – Susan Fussell
Would you choose a new car or a big house over your own life? Of course not. Then why is it that so many people are on the pursuit for stuff rather than the freedom of time?
A Powerful True Story
A woman named Bronnie Ware was a nurse in 2009. She worked in a terminally ill care unit with people living out their final days in life. Bronnie decided to ask her patients about their top regrets in life. She first published the results initially as a blog post, then later wrote a book on the topic, but I’ll get right to the point. The top two regrets were:
· I never pursued my dreams and aspirations
· I worked too much and never made time for my family
Moral of The Story
Passive income is not about money or obtaining more stuff. It’s about having FREEDOM and the ability to spend your TIME on the things you LOVE and focus LESS of your time on the things you dislike doing.
How Passive Investing Works
The first step in the journey to financial freedom is having more income than expenses. But what if you had more PASSIVE income than expenses? Meaning money that comes in each month without having to exchange your time and effort for it. This is the true definition of financial freedom.
Wealth is measured in time, not dollars – Robert Kiyosaki
I believe the reason that more people pursue stuff rather than freedom is simple. There is hardly any education on the topic of “Time Freedom”. Which is achieved through building passive income streams.
How To Buy More Time
Passive Investing is often misunderstood. Here are two simple examples of passive investing. *This example is for educational purposes only. Actual returns and yields may vary depending on investments you choose*
#1 You invest passively a high-dividend paying stock or REIT that distributes a 10% annualized return.
#2 You invest passively in real estate syndications (80% of my portfolio - FYI) which distribute rents and other revenue from the property. For simple numbers, we’ll say 10% annualized as well.
Investing $100,000 in each of these asset types would look like this:
Stocks/REITs: $100,000 x 10% = ($10,000 passive income)
Syndications: $100,000 x 10% = ($10,000 passive income)
Neither of the asset types above require your time or labor in exchange for the income they provide. Instead, they allow you to be a passive investor so you can spend less time working for money and more time on the things you enjoy the most.
While $20,000 is certainly helpful, most people living in The United States and the Western World could not retire on this amount of income. The real benefit comes when you have MORE passive income than you have living expenses. See example below:
Stocks/REITs: $500,000 x 10% = ($50,000 passive income)
Syndications: $500,000 x 10% = ($50,000 passive income)
Having $100,000 per year in passive income could certainly afford, at the very least, an option to work part-time and free up 50% of your time. For some, this amount of money could mean full retirement, depending on lifestyle expenses.
The Journey to Financial Freedom Begins with Your Mindset
How much of your time and money are dedicated toward acquiring “stuff” and how much time and money are being dedicated toward passive investments? Passive investing can yield returns that are much more powerful than money itself. TIME is our greatest asset in life.
You may delay, but time will not. – Benjamin Franklin
To Your Success