Updated: September 14, 2020
It’s been a while now since I began selling my book, The Ready To Be Rich Guide To Investing, and I’m thankful to all those who wrote me to say that they found it very helpful.
Recently, I got an email from someone who told me his thoughts and realizations after reading it, which I’m now sharing with you with his permission, along with my reply.
I’ve withheld his name upon request, and his message has been edited for his privacy and brevity (this was a very long email actually).
Hi Fitz. Thank you for writing your book because it’s really an eye-opener.
After reading it, I felt sad because it made me realize that I’ve wasted so many years by not being financially smart. And now, upon writing my goals in life as you suggested in your book, I see that it’s nowhere within my reach.
I just started saving for my emergency fund, and getting life insurance for my family’s protection is my next step. I’m just glad that I have no debts, and I already have health insurance courtesy of my company.
But after that, when I compute for the required money that I need to invest to achieve my goals, honestly, I feel so hopeless because my salary is too small to be able to meet the deadline that I set for my dreams.
I know the only way is to find another source of income, but I’ve been thinking the past few days and I couldn’t really think of anything that I can do.
Primarily because I work 6 days a week and I’m already very tired after office to do anything else. Also, my rest day, Sunday, is reserved for my family and I don’t want to sacrifice that.
So now, I’m just doing my best to be conscious of my budget so I can save as much money as I can.
Anyway, thank you again for writing the book. It’s now my guide to achieve financial freedom, and hopefully, I can do it too, like you.
Financial freedom is hard to achieve. If it were easy, then everyone would be rich, and more importantly, it won’t be worth pursuing.
Just remember what I said in the book… while it is difficult, it is possible.
And one thing that I failed to mention there is that it eventually gets easier through the years if you stay disciplined and focused on your goals.
On the practical side, here’s what I suggest:
First, ask for a salary increase from your boss. I believe there’s no harm in trying.
Moreover, see if you can negotiate for a change in your work schedule – maybe you can give extra hours from Monday to Friday, so you can have your Saturdays free.
Apart from those, you should take advantage of holidays, and leverage your vacation leaves to create another source of income – like starting a simple home-based business.
Also, get your wife and children involved in the process. Ask help from them in thinking of what the family can do to save, and earn more money, particularly for the household.
As a bonus, this is a great way to introduce your kids to the principles of frugality, and entrepreneurship as well.
It’s good that you’ve been thinking of ways to create another source of income. Give it more time and I’m sure an idea will eventually come.
And keep a notebook handy because creativity can strike anywhere. That great business idea could come to you while you’re doing something else, and if you don’t write it down – you might forget about it.
Don’t censor your ideas and just take note of them no matter how silly it sounds in your head. These thoughts can potentially be developed later on to become a better, and profitable venture.
Of course, always be on the lookout for income opportunities. Seek them if you must, but be realistic enough to choose the ones that you can actually pursue, given your skills and resources.
Now for some uncommon advice:
Stop working and hoping for that job promotion. Just do what’s required of you at work, and instead, focus on creating and developing new sources of income.
You can also look for a new job if you want. One that’s less demanding of your time, even if it pays a little lower – but just as long as the salary can cover your family’s needs.
Remember that a person’s greatest asset in wealth building is his free time.
Moreover, you should spend less time with people who have no financial goals. It may sound harsh, but get rid of the negative people in your life, especially friends who do nothing but complain about how hard and unfair life is.
Lastly, learn how to meditate. This seemingly innocent act of just being quiet, thinking of nothing, for a few minutes every day, is an effective way to silence those lingering thoughts in your head.
Thank you once again for taking the time to share your story and writing to me. I hope I was able to help in giving you more clarity.