Financial Freedom - How to break free of the 9 to 5.
In this episode of the Mid Life Entrepreneurs podcast Business Coach, Kevin H. Boyd talks about how to free yourself from the delusion of exchanging your time for money? Kevin explains how he quit his day job and shares how his mindset changed to achieve financial freedom.
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Kevin H. Boyd:
Midlife Entrepreneurs Podcast Number 2, Financial Freedom
So I’m curious to know what are your views about money? I mean, having more money than you need. Ultimately, being RICH! I guess some of the things you might say are, it’s too hard to be really successful. I’m not smart enough to be rich. I will have to change so much to be successful. I may lose who I really am. The love of money is the root of all evil. No one will like me when I’m rich. You can’t be rich and spiritual, money doesn’t buy you happiness!
And where did you get these beliefs from? Your parents, your teachers, the media. No wonder you haven’t become wealthy with those kinds of beliefs driving you. Why would you, no one wants to go against their strongly held beliefs. No matter what benefit you could gain from being wealthy.
I too had inherited these beliefs and I had followed them perfectly. Keeping myself Just Over Broke (JOB) all my working life. You see, I was brought up in a working-class household where my parents, my teachers and my community all taught me the same model of acquiring wealth. It went something like this, get really well educated and then find someone who will let you exchange your knowledge and your time for money for the rest of your life. They called it having a job. I discovered after 20 years of having a job that all I ever achieved was just enough money to live on whatever extra I earned, I ultimately spent on a bigger house, a bigger car, and even shinier gadgets.
Then I read Rich Dad, Poor Dad by Robert Kiyosaki and it woke me up to how to acquire financial freedom. In that book, I learned a fundamental truth about the rich. They don’t exchange their time for money because that will always be limited to 24 hours a day and whatever the market is willing to pay for that skill. Instead, they exchange other people’s time while using other people’s money. Why? Well, because it’s scalable. There are billions of people you can hire and billions of currency you can borrow from other people to make your dreams come true. Kiyosaki pointed out that the rich buy assets and the poor buy liabilities. Look an asset is something that brings in money to you. Like a rental property and a liability takes money from you, like that new car you just bought. But how do you acquire assets that generate money while being free to do whatever you want?
Well, the richest people in the world build networks. Everyone else just looks for work. So with these new ideas in my head, I turned to my own network and identified a friend who had already put some of these principles in place. He was a landlord, owning numerous properties that he rented out to working people, so he had implemented the first rule of the rich, using other people’s time his tenants went out to work every day to pay him rent and using other people’s money, by borrowing money from the banks to buy the properties in the first place.
So I asked him if he would teach me how to build a property portfolio and he agreed. But he wanted a 1% share of any properties that he helped me to buy. Now, at first I felt shocked, so he wanted to be paid. Surely he was wealthy enough, he didn’t need any more money.
Then I read T. Harv Eker’s book, Secrets of the Millionaire Mind, where he documented many of the values and beliefs of wealthy people. Two ideas were relevant to my wealthy friends’ request. One rich people choose to get paid on results and poor people choose to get paid based on their time. Two, rich people are excellent receivers and poor people are poor receivers. My friend was calling me to grow out of an old poverty mindset. I was learning that rich people act in spite of fear and poor people let fear stop them taking risks. I was starting to learn that courage is not the absence of fear, but feeling the fear and doing it anyway. Much research has shown that the fear of losing money is far more powerful than the desire to have more money. And so because of this fear of losing money, we stay stuck in our fear and ultimately in our poverty.
So was I going to stay stuck in my fear and poverty or was I going to accept help from a fellow risk taker who had already been there and already was doing it? You know, it is at the edge of our comfort zone. When we grow the most, it is of course the most uncomfortable place to be and so unfamiliar, our normal, habitual ways of being no longer work. We have to use our conscious minds to figure things out and that is hard, which is why we fall back on our habitual thinking. As the old saying goes, if you always do, what you’ve always done, then you will always get, what you’ve always got.
Normally people say you just need willpower to push through all of these limiting beliefs, but I believe we all have a limited amount of willpower. Instead, I worked first in changing my beliefs and then my behavior, my exploration of how the wealthy think and behave has started to change my beliefs about money. But now I needed to change my behavior. So, I decided to feel that fear of losing all of my money and to say a big Yes to my friends offer of help. And that was 10 years ago now, my property mentor helped me buy and renovate four properties in total. He steered me away from bad deals. He taught me how to manage effectively my properties and my tenants. So, 10 years on what return of I had on that 1% fee that my property mentor charged me. Well, I calculated that I have earned 73 times that fee back in 10 years.
All by implementing these simple wealth concepts. And yes, now I am financially free. I no longer need to exchange my time for money. My money works for me tirelessly 24 hours a day. And being financially free has allowed me to spend time helping others, supporting them to overcome their fears, set challenging goals, way outside their comfort zone, so that they too can become freer in their own lives.
Thank you for listening. This has been Kevin Boyd of Midlife Entrepreneurs. Please subscribe to my podcast and follow me on Youtube and get in touch if you want to discuss how I can help you transform your life.