To be able to build and live the Passive Income Lifestyle, in every aspect of what “being rich” means to you – you have to discipline yourself and master this first. If you cannot master this – I’m sorry, it’s going to be very, very, very difficult to get and stay rich.
To me, it’s absurd to help someone become rich for them to just blow it because they are unable to control their emotions and urges, which is the primary reason why lottery winners always ends up more wrecked AFTER winning the lottery, and blow all the winnings away.
It is the lack of self discipline that causes most individuals who gets a raise or increment to immediately go out there and celebrate by either buying an expensive meal, a new car or new house.
Yes, you have cause to celebrate, and celebrate, but don’t forget your focus always and that your assets always pays for lifestyle and luxuries, not your active income.
If you had set yourself to pay an amount to your business or investment every month, then every month you will set yourself to do it without fail, no matter what the circumstance. Do not deviate left or right, but stay the course, until you reach your desired and determined destination.
You have to work on building, growing and accumulating your own money-making assets first, before paying anything else…because if you pay everything else first, often there is little to nothing left you can attribute to your business or portfolio. I do not mean that you do not pay your bills, or do not buy the essentials – but to do what you set yourself to do.
NigelChua.com sets out to help individuals build and live the Passive Income Lifestyle, and I am not going sway away from that – you have to pay yourself first and build your money-making assets.
I daresay this ability will be the single most important skill or factor that separates those who manage to build their Passive Income Lifestyle from those who fail. People who have poor tolerance to pressures on finance and money will unlikely be able to get or stay rich, because the world will always try to bully you into fitting into its mould, and it takes a lot of self assurance and discipline to stay the course.
This is the reason why I make sure I don’t pay interest on my credit cards – I don’t want to pay the bank first, I rather the money comes to me to build my businesses and investment portfolios. I don’t spend money unnecessarily just because I can – I rather put the money to good use and get my assets to pay for my lifestyle and luxuries.
Keep your expenses low, keep directing as much as you can afford to build, accumulate and acquire money-making assets and THEN get these assets to pay for your lifestyle and luxuries, not the other way around. Don’t cave to financial pressure from people, organizations, banks around you.
One of the way people become or stay poor is they have a bad money habit; that even when/if they can save, they often innocently “touch the savings” for any events whatsoever. Passive Income Lifestylers know that savings are always and only used to make more money, and not to pay bills only.
Yes, I know things happen, that’s why you have to set aside another bunch of money in advance (I’ve a budget for this, called Stupid Mistakes and Accidents Budget) instead of “let’s touch the savings” when things turn south.
Paying yourself first isn’t about living a life of abstinence or poverty – life and its fruits is meant to be enjoyed. If you had done financially well, and your assets are working and paying well for you, enjoy the fruits of your labor and life. Get rich and richer, pay for your lifestyle and luxuries.