May 29, 2024
Something I’m Reading
Still working my way through a mix of "Fight Club” and "Iron Gold”. Too much social media the last week, not enough reading! So I'm back on reading this week🙂
Something I Photographed
Found this endangered monk seal just sun tanning on the beach yesterday.
Something I’m Excited About
The last six months, I've been in a fitness challenge with a dozen friends, and it culminates with all of us getting together next week for a professional photo shoot. Not looking forward to the photos, but looking forward to seeing my friends!
Some Thoughts to (Hopefully) Make Your Life Better
There's a common tale, especially in the western world:
Boy meets girl.
They fall in love.
They get married.
They both work, and suddenly have twice the income as they did before. Yet, their combined expenses actually decrease, as they share one home instead of each paying separately.
Boy wants a new truck.
Girl wants a new house.
Boy and girl buy those new things because they can afford it. And suddenly, boy and girl have less disposable income as they did before. But now it's even worse, because the payment on that truck and house and the rest of the items they bought have trapped boy and girl into needing to work. Despite doubling their income, boy and girl are worse off, working jobs they don't like to support a life they didn't need.
It's a very common tale.
When I reflect on the lessons that made me a millionaire, especially at such a young age, getting married ranks up there as one of the most important. From the very first time I laid eyes on Heather, even from 100 yards away, I knew she would be the one I'd spend my life with. (Seriously - I literally called my shot out loud and said, "that's the girl I'm going to someday marry" and then walked out to introduce myself!)
While we didn't do everything right, we did this right: we maintained our expenses even after getting married. Suddenly, my $3,000 a month in income combined with her $3,000 a month in income and we had $6,000 per month to live on. Instead of buying a new car, we both drove used ones. Instead of a nice house, we bought a duplex and rented out the other half. We spent less on food, less on travel, and less on gas.
And this allowed me to quit my job. You see, because we were not trapped in debt, we were able to live 100% on her salary as a shift manager at Starbucks. Quitting my job allowed me to learn real estate investing at a rapid pace, and I began to flip houses (poorly, as it was 2007) and, as a result of failed flips, began to acquire rental units.
That's why one of my key millionaire principles is simply this: Get married, and spend the same as you did before getting married. This opens up opportunities, allowing you to take asymmetric bets that may not work out, but if they do, could change one's life forever. It's hard to take those kinds of risks when you're trapped in jobs you dislike just to pay for the stuff you didn't need in the first place.
Now, how can this advice apply to those are already trapped in that life? Or perhaps those with a stay-at-home parent, so doubling one's income just isn't possible?
The spirit of what I'm saying is this: as your income rises, don't let your expenses rise too. At least not yet. Sacrifice now, for a better life tomorrow. It's worth it - I promise.
To your better life,
P.S. Comment below and let me know your thoughts on this week’s BTB! Please be friendly :)