Being Successful Isn’t Being A Lover Of Money!
It means you have the money to make your payments to expenses and are able to live a great life! When you consider what things cost today, the big take home is to make as much as you can and as fast as you can! Not to be a lover of money, but to be a lover of paying your debts on time.
You might want to consider your passive income strategy as a retirement fund. When you do retire from a lucrative employment position, your benefits may not be as great as what you thought. What a wonderful to supplement your retirement with the income generated and invested from your passive income business.
What if you already quit your job and are doing well with your income generation strategy? Know this, the more you can get, the better off you can be.
Healthcare: The New Money Vacuum!
Let’s look at something I have to deal with every year, and that’s the rising cost of healthcare.
Healthcare is a really dirty word! The Affordable Healthcare Act is anything but affordable. When you consider the information you have to give the system and keep track of throughout the year, it’s more of a headache than anything else.
I called the regional BCBS and was quoted a premium of over $700 per month and a $6,983 deductible. I don’t use that much in prescriptions per year! So in other words, I pay for this insurance, and pay for all my office visits, blood work and everything full price because it will never get to $6,983. That was the cheapest one NOT on Healthcare.gov because those plans my doctor and hospital do NOT take!
This doesn’t include other expenses like student loans, car insurance, food, fuel, etc.
Being successful means you can pay these expenses without compromising your livelihood. It’s not being a lover of money. Money if we go back a couple of blogs is like time– a scarcity. Once it is gone, you are considered “Under Water” meaning your debit/equity ratio is high– you owe more than you own. Once that ratio creeps upwards, it’s hard to obtain lines of credit for cars, mortgages or capital funding for business.
Saving For The Future
How can one save for the future if they have bills draining the income? You have to hustle to bring more income into your cash account! In order to be truly successful, the amount you bring in, has to drive down the percentage of what you pay out. Therefore your debit/equity ratio will be significantly reduced.
For me today, I always take what I have and save some and invest the rest. I invest in new ideas to generate income in different financial vehicles. You should do the same. Make it mart of your MMH Moment that you should have each day to generate yourself additional income. You never know when you will be needing it. Don’t become a lover with your money, become a lover in being able to leverage it to live a debt free life and a life that you personally want.