I've been listen to the audio version of George Clason's Richest Man In Babylon (4+ hours) as I do my mundane stuff, such as cooking, showering, washing up etc - and it still resonates deeply in my mind, heart and soul each time I hear and repeat the chapters.
One of the key terms that spoke to me was "jingling purses creates light hearts" - and I know for this to be true. I've paid off my HDB apartment, and month to month our expenses are mainly living costs such as food, transportation, utilities. Of course, one of the ways is to downsize one's place so that mortgage/rent is much more affordable.
The stories in Richest Man In Babylon are very easy to understand (for me, despite the old English ie "thou" etc), and very framework/philosophy focused, rather than being highly technical, which is possibly why many overlook it as being "too simple" and not actionable enough. The same can be said Rich Dad Poor Dad, which approach is also similar - story-style narration.
I realize, this is my preferred style.
In all my businesses, ventures, money, relationships, I realize that I do not take the nitty-gritty technical approach; I employ a "systems-based" philosophy where I simplify my decisions based on the following:
Every action and decision needs to "stack" and add positively to our lives without taking out anything.
Whatever "own terms" mean to you.
Of course we can accelerate this is by
And once the dividend income is more than what one needs to live on, one is theoretically financially independent (financial independence is where your passive income is more than living expenses; but doesn't mean you're wealthy. That's financial freedom/wealth). You can see that the more unnecessary expense you remove, the less you need and closer you are to financial independence.
And that's what NigelChua.com and me embodies.
The reason is this: there is only so much one can save. Maybe $500 to $1000+ per month, and whilst that is good, depending on how much you need to retire (see the simple maths here), that can take decades.
And that's why I write a lot more about building making money online building passive income assets because for me, that's the easiest and best actionable plan where people do not have to quit their jobs, and starting an online business or hustling on the side can be relatively low cost but potentially have unlimited upside.
On top of that, I prefer online business because it's easily to scale, reach people and have a higher level of passive income potential to it.
I mean if you think about it, if you fall into the category of people who actively work, save as much as possible to invest/reinvest as much as possible - it's pretty much a waiting game. Work is generally stable, you can spend time with loved ones, but when you have eliminated TV etc, you will have a lot more time to yourself.
Hmm, this post became longer than I thought.
My original plan for this post was to share that