Wealth isn’t just about having a certain number of dollars in your bank account; true wealth requires you to also have control over your time.
Most of us understand this inherently, which is why we dream of retiring early, traveling more, or simply working less hours each week. So why do so few of us actually turn those dreams into reality?
I believe there are three primary factors that hold many of us back from taking control of our time. If you can overcome these three things, you’ll be several steps closer to creating the life you want for yourself and your family.
1. Fear that Stops You From Starting to Invest
You probably already understand that investing is the primary way you can start to earn more without sacrificing more of your time.
But if you’re waiting to invest because you don’t feel ready, I know how you feel. I spent years learning about investing and finance before I ever made a new investment. Here’s the hard truth I had to realize: It doesn’t actually matter how much you know, because if you never make an investment, you’ll never see any returns.
To overcome my fear, I created a five-year plan for myself, writing down a list of assets I wanted to acquire and revenue I wanted to earn. And when I felt afraid or made a mistake, I reminded myself of the goal I was working toward: freedom to control my time.
Even an imperfect investment will get you closer to your goals than you are today, so what are you waiting for? There’s never a perfect time or a perfect investment, so today is as good a day as any to get started.
2. Unwillingness to Defy the Status Quo
Throughout our lives, we’re told that there’s one correct way to build wealth. Go to school, get a 9-5, and then contribute to a 401(k) and invest in stocks, bonds, and mutual funds.
But we don’t all have the same goals, so it’s silly to try to follow one set path. If you want to take control of your time now — rather than waiting until you’re 60 or 70 — you need to start investing like a contrarian.
It takes courage to break away from the status quo, but why would you model your actions after people whose life does not look like the life you’re trying to build? Look instead to people who already have the life you dream of, and try to follow their lead.
3. Investments that Don’t Serve Your Goals
There’s no one-size-fits-all investment, so if you want to take control of your time, you need to find investment opportunities that align with that goal.
Start by setting specific goals for yourself, and then work backward to determine the steps you’ll need to take to reach them. To learn more about how to do this, check out our blog post “How to Set Goals and Actually Achieve Them.”
Then, look for the specific investment vehicles that align with those goals. The type of asset you invest in — whether that’s real estate, ATMs or storage units — matters much less than most people realize. The important things to focus on are the investment timeframe, tax implications, and expected returns.
You should also make sure you’re talking openly about your goals, whether it’s with advisors or with peers who are also interested in alternative investments. When people know what you’re looking for, they’re much more likely to share opportunities with you that make sense for your needs.
If you’re an Accredited Investor who’s interested in taking control of your time in 2023, our team at First Generation Capital Partners would love to partner with you. Simply fill out this brief form to contact us today and start learning more.