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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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When you achieve financial independence, you should strive for other forms of independence, too. Retirement is a great time to make changes. And right now—while you are becoming wealthy—is a great time to rethink the major possibilities:
• Where do I want to live?
• With whom do I want to spend my personal time?
• What kind of work do I want to spend my working time doing?
• With whom do I want to work?
• How much time do I want to spend working?
• How do I want to spend my leisure time?
Start by asking yourself if you might want to live somewhere else. In today’s world of Internet communications and inexpensive jet travel, there is very little reason to feel locked into any particular geographic location. Draw up a list of the 5 or 10 places you’d most like to live and then spend the next several years visiting them. That way, when the time comes, you will have a good idea of where exactly you’ll most want to live.
Now is also the right time to reconsider all your personal relationships. If you’ve been unhappy in a particular relationship but have been unsuccessful in bringing it to a healthy end, the transition into retirement will give you a good opportunity to do so.
Choosing meaningful work, as I’ve said, may be the single most important way to create a sense of freedom and power in
Step 6: Retire Early 263
your life. Promise yourself that you are going to choose work to do in retirement that really excites and motivates you. Forget about how much money you can make. That will no longer count. Pick something that will make you feel good about yourself and stick to it.
In considering the work you’ll be doing in retirement consider, too, whom you’ll be dealing with—clients, colleagues, consultants. Populate your chosen retirement profession with a network of perfect people. (Again, since you won’t need the money, why settle?) Make it clear from the outset that you will be in charge of all your relationships.
3. Enough time to enjoy yourself One of the most important decisions you will have to make in retirement is how much time you want to work. As someone who’s used to 60- and 70-hour workweeks, the idea of working just four hours a day seems like nothing. I’ve noticed, however, that when I’m on vacation, the perfect amount of work each day is just two or three hours.
The good news is that you can run a retirement business/ enterprise by working only 5 to 15 hours a week—so long as you have two things:
• A very good second-in-command
• The determination to not allow your business to grow quickly . . . even if it wants to
Harry Paul, a former protege and friend of mine, is a good example. After building a successful business with the help of a handful of talented people, he decided to semi-retire at the age of 57. He now works about three hours a day and enjoys a very nice six-figure supplemental income. “I don’t really need the income,” he told me, “but it doesn’t hurt. And I still love the business. I come in about 9:30 in the morning and make some phone calls. Then, I putter around and ask questions until my people tell me to go home. I’m always home by lunchtime.”
Another friend, Nathan Jacobs, works about three hours a day lending money to businesses and individuals who can’t get conventional financing. He relies on his personal assistant of 20 years to get most of the work done. “She does everything,” he told me. “I just come in and sign papers.”
Nathan is a very wealthy guy. He could support his lifestyle very well on bond income, but he doesn’t want to. “I enjoy the challenge of analyzing deals,” he said, “and I feel good about lending money to good causes. If, at the end of the year, I end up making an extra half-million, I can’t complain.” Recently, Nathan started another business—a boutique publishing business. “Some of my friends think I’m crazy to get started with another business at my age,” he said, “but I enjoy the work ... so why shouldn’t I?”
About three years ago, another friend and colleague, Sam Briant, had an idea about starting a temporary agency specializing in computer workers. He invited me to go in on it with him, but I didn’t have a spare moment to lend him and I didn’t want to get involved financially with a start-up business I wasn’t participating in. So he launched it with his cousin, someone he’d worked with before. His cousin turned out to be a superstar—and today, both cousins are earning six-figure incomes from profit distributions alone.
“At this point, the business is pretty much running itself,” Sam told me, “but I’m going to keep on spending a few hours a week fooling around with it. Just for fun.”
As I said before, doing what Harry and Sam and Nathan are doing will work only if you have good people working for you and you don’t push to make the business grow faster than it wants to. Fast growth in business demands constant innovation. If you are pushing your business to grow as fast as it can, you can also expect to be dragged into the hassles that result from that growth.
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