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Automatic wealth The 6 steps to financial independence - Masreson M.

Masreson M. Automatic wealth The 6 steps to financial independence - Wiley & sons , 2005. - 291 p.
ISBN 0-471-71027
Download (direct link): automaticwealththesixstepsto2005.pdf
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3. Donít do more than you can do well. There is such a thing as being overly productive. Iíve been overly productive for many years. By taking on ambitious goals and translating them into demanding monthly, weekly, and daily objectives, you can force yourself into a situation where you have to race through almost everything you do to get it all done.
260 AUTOMATIC WEALTH
Rushing through meetings and memos doesnít mean doing a bad job with them. Most meetings and memos Iíve experienced are not worthy of as much time as they usually get. The problem with rushing is not necessarily quality (because you can learn to rush in an effective way), itís the way rushing makes you feel. As someone who has rushed through 12- and 13-hour days for more than 20 continuous years, I can attest to the wear and tear it causes. If you want to enjoy your job, start doing fewer things and do each of those things at a slower pace. Naturally, youíll have to be selective about what you do and what you delegate, but youíll notice a difference in how you feel almost immediately.
4. Donít grow your business too fast. When you are actively growing a company, you are automatically creating a certain amount of chaos. By pushing to create more products, sales, and customers, you inevitably put a strain on your ability to do things well. The product, rushed to market, has some flaws. Yes, you will fix them later. But they are there now and some of your customers notice. Problems are also inescapable in other phases of your business: packaging, product delivery, order taking, and customer service.
It takes a while to get all the small problems fixed that are caused by growth. If you keep growing, year after year, so will your problems. And if your growth is aggressive, your problems will be significant. Significant problems bring stressóand thatís why, if and when you want to enjoy a low-stress life, you are going to have to moderate the growth plans of your business, even if your best employees might prefer to see a more bullish stance and pace.
5. Donít ever feel sorry for yourself. You donít always have a choice about the problems you have to deal with in business, but you definitely have a choice about the way you respond to them. When you are feeling beaten up or rundown, the worst thing you can do is to complain about it. Complaining focuses your (and othersí) attention on you-know-who. And paying attention to yourself is, as Iíve said, counterproductive.
Step 6: Retire Early 261
What Makes for a Perfect Retirement?
Iíve already made the case that certain commonly held assumptions about retirement are not true. That a good retirement is without work, without care, full of play.
And that begs the question: What would a perfect retirement be?
Gee. Letís see. You certainly want it to be happy. And that means, weíve already decided, that it must involve work. The work involved must be focused on something outside of yourself. . . and it must be meaningful. But thatís not all. Hmmm. What else? What other things might affect your happiness in retirement?
Four spring quickly to mind:
ē Money
ē Freedom
ē Time
ē Purpose
1. Enough money to support your lifestyle. Much of this book has been devoted to moneyóhow to get more of it (raising your income) and how to put it to work (developing equity). Our ultimate financial retirement goal is simply to have enough money to live wellówithout working.
If you can pay for your lifestyle without working, you donít have to compromise when it comes to work. You can choose the work that is most meaningful to you, even if that work pays very little or nothing for your time.
My case is a typical example. Iím planning to retire (again) in about eight months. What I intend to spend my work time doing is writing short stories and literary novels. I know, going into it, that Iím highly unlikely to make any money working this way. After all, the last time I did thatóduring my first retirementóI made $600 in a 12-month period. (It amounted to about a penny an hour.) But I also know, from experience, that writing fiction will improve the quality of my lifeóthat Iíll feel good about doing it. This isnít the only thing Iíll be doing in my retirement, but it will probably be the most meaningful to me.
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Happily I can afford to write fiction because Iíve spent 12 years (since my last retirement) increasing my net worth. You will want to be in the same situation. And you willóif you follow the recommendations about raising your income and developing your net worth.
2. The freedom to be in charge of your life. When you are working for a living, you may sometimes feel as if everybody but you is in charge of your life. Your boss dictates when you get to work, when you leave, and what you do in between. Your familyó especially if you have a young familyótakes up most of the rest of your time. If you can find a half hour a day for yourself, you feel lucky. An indentured servantóeven a slaveómust have had that much time, you figure.
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