By Kevin Price, Host of the Price of Business Show
Get ready to be surprised. The truth is, the less you make, the easier it is to pursue a New Rich lifestyle.
Poverty is challenging. Very challenging in fact. But poverty brings with it certain talents and skills that cannot easily be developed by other ways. It teaches you to stretch a dollar in a way that no other training course can provide. It fosters patience, because it also requires doing things (like a bus vs. a car) that makes it possible to become more capable to think long term. One of the most powerful things it brings is the ability to cover “one’s nut” at a rate significantly higher than those in higher income brackets.
I have an old friend that goes all the way back to my elementary school days back in Michigan. She works an exhausting job of all kinds of bizarre hours. Since she is my age, I do not know how she does it (not that we are old, but her kind of work would make me fell that way). She will be quick to tell me, “I do not have the education or contacts to get anything else.” Recently, they had to cut her hours and she was alarmed. Jobs are tight for 50 somethings without certain skills. For a while, she had no idea what to do. I told her about starting a Freedom Business, I even bought her the outstanding book by Colin Wright called Start a Freedom Business (https://www.amazon.com/Start-Freedom-Business-Colin-Wright-ebook/dp/B006W6XPLW). Of course, the objections came up — “I lack education, money, etc., etc.” But for her, in particular, they were all, patently, untrue. One does not need significant education to start a freedom business. Untold numbers of these businesses can be started with little or no money (“I am perfectly qualified then,” she said, sarcastically). I asked her how much she made. “Around $30,000 a year.” I said, “around $2,500 a month?” I said, “that’s nothing!” She said, “don’t I know it?” I said, no, what I mean is you could replace that in no time. You could cover $2,500 in a freedom business in just a few months, and never do back breaking work again. Her response was typical, “but I want to make more than that!” I then informed her that nothing, except her current job, would prevent her from doing that. In other words, the 2,000 hours a year she trades for $30,000 would become freed up. She could use all that free time to create another freedom business, maybe generating $4,000 a month, or growing the business she already started. It is remarkably simple to create small enterprises that create a couple — or a few — thousands of dollars a month, each month.
Check out Kevin’s new Book, “Making New Rich Books Work for You.” Coming soon. More information here.
The economically poorer classes typically have a very small nut to cover. There is amazing power in this reality. “Poverty” can easily be a positive when pursuing economic freedom.