Ever read 4 Hour Working Week fromTim Ferriss?
He perfectly captured what is the new rich.
I think the book is life changing. Especially for someone who doesn’t see the end tunnel of the rat race.
Do you wake up every morning with the feeling of sickness?Does your stomach commit double flip even before you open the door of your office? Or even worse.
Do you go to the job, to just pay your bills. Maybe you are even underpaid and belong to the low-paid workers, without even know it.
(It can happen easily, if you are new in the company and the position is also quite new. One of my friends found out he was the second lowest paid, after the receptionist, just after 12 months!! in his previous job).
If you answered YES to at least one of the questions above, don’t close this post.
Read it to the end, it can change your point of view on your working life. Additionally, it can help you find the money making machine, you will spend less time on, like you do in your daily job.
You can buy the book clicking on the picture.
Sounds insane? Just read it further.
What is the new rich ?
Firstly, I will write what IT IS NOT.
- SHOWING OFF- That’s right, many people falsely believe to be rich you have to show off your possessions. You need to have the newest BMW, gold Rolexes, and beautiful model next to you. Not the case if you are NR.
- NOVEAU RICH- I am not going to write about social fights for higher power, influence, privileges etc. It doesn’t matter if you are coming from 2 or 5 rich dynasties or if your parents are working class. You can become NR in any case.
- WORKING HARDER- I remember when some of my good friends told me that in order to be rich, you have to work harder and with big determination. You need to work SMARTER, is what the common NR would say.
Secondly, what IS NEW RICH?
- Employee who re-arranges his working remotely to achieve 90% of the results in tenth of the time, which allows him cross-country skiing twice a month for two weeks
- Business owner who eliminates the least profitable customer and project, outsources all operations entirely and travels the world meanwhile -;)
Just to name a few. But you know what I am mean by that.
In the most simple form NEW RICH ARE THOSE WHO ACHIEVE TO WORK LESS, WHILE EARN MORE. BE ALMOST INVISIBLE AND LET OTHERS DO THE WORK. WHILE THEY COULD SPEND TIME ON PASSIONS AND LIVE ANYWHERE.
The location freedom is often mentioned when talking what is the new rich, that’s not always the goal here though. So, don’t assume, when you reach NR you have to pack your back pack.
Time freedom, is something what every NR wants to achieve.
How you will spend YOUR time depends on you, right?
If you decide to make round trip to South America, or you will “just” learn and master playing piano, depends completely on you. You are in control.
I hope that explains what is the new rich.
Do you want to be New Rich?
Even though not everyone want to be New Rich assuming that you want to have better life where you are going to work less and earn more, I want to distinguish 2 MAJOR DEFINITIONS.
Not knowing the differences, could cause you being trapped in your “freedom” that would feel like a cage.
For that I will use example from my own life, if you don’t mind.
You see, I started my company some 14 months ago( 25th May 2020). The enthusiasm I experienced at first, was soon replaced with feeling of being exhausted (sometimes) and forced to work.
(I know that at the beginning of the journey, I have to work longer hours. But that’s not what I mean by that. I mean trading money for working on my biggest assets)
That happened mainly due to the fact that I acted more as a Deferrer.
In case you recognised yourself in the below lines, you know what I mean by that.
D: To work for yourself.
NR: To have others to work for you.
D: To work when you want to.
NR: To do minimum necessary for maximum effect.
D:To retire early and young.
NR: To distribute recovery periods and adventures throughout life on regular basis. Knowing that inactivity isn’t the goal.
What are the options NR working for someone has?
First of all, remember that you can be NR while still working for someone else.
If that look like Sci-Fi to you, read further.
It is false assumption that in order to become NR, you’d have to change your life 180 degrees.
Quit opposite, actually.
For instance, you can ask your boss to let you work remotely, while performing the same tasks.
Some time ago many people wouldn’t dare to ask such a thing, but nowadays is the situation contrasting to what we have 10 or 20 years ago.
(Also) due to the COVID-19 lockdowns you have great argument on your side. As many business were forced to let their people work from home-office, high chance you did that too. Just blind BOSS wouldn’t allow to talk about it.
Additional argument could be, your productivity.
Let’s say, your BOSS will be not all happy to let you work remotely yet, you can suggest some trial days. You could start with 2 days per week in home-office and 3 days in the office.
As it progresses in the desired direction and BOSS will see you increased your productivity (that’s your part now) you could ask for more days.
Do it just until you reach the proportion of remote days you are happy with. Ideally 5 days at home office, right?
What if BOSS doesn’t allow you to work remotely, nor is he able to let you do the trial?
Then, I would suggest search for other position.
Not a position should be more worth to you, and your desired life. (More about your mindset later in the post).
What are the business options for NR?
Although, there are stories of people who did successfully switched to remote work and were able to pursued their passion.It is not for everyone. Some people like to play it big.
Maybe you dream about becoming the full owner, the responsible guy, the numero uno in the company.
Than you can find your inspiration below:
I know, you might be wondering how this would allow you work less and earn more?
What about if you gain experience in this field and later discover some market without competition? Do you think you could start your (remote) english school?
Let’s say with kids from Azerbaijan (that country really exists).
I think yes! Therefore it is in our list.
My favourite one. No risk and big investment involved at the beginning, but huge earning potential in the end.
Barely exists better business opportunity for NR.
You are going to sell other people’s product, meaning you are not going to deal with customer service, shipping or refunds.
Additionally, this business model is completely remote from day one and it can be relatively easily outsourced.
Royalties for writing
If you know how to write, you don’t have to use that skill just for blog posts, but you can scale bigger.
Ever heard of Copywriting? Those guys are charging up to $300/hour. If you can leverage engaging content that is going to sell, companies are willing to pay you a lot.
The best part is that many companies would pay you ROYALTIES. Meaning you will be earning percentage from the product or service SALES.
Another example could be SONGWRITING.
Minus point for this option is that you need to be super creative in order to make it to the TOP.
You don’t want to invest without basic knowledge(I guess you heard stories of people who lost their whole-life savings just by investing in wrong tool)
However, there is plenty of guidelines nowadays on how to invest.
As well as there are various vehicles you could have your money rolling. Think on Bitcoin as the newest one.
If you are living in the U.S. this book from Tony Robbins is must read for you.
One thing you wan tot do as New Rich is to invest passively, rather than actively.
Please don’t listen to portfolio managers, who will try to convince you that actively you can earn more.
Over longer period (5+ years) INDEXING THE MARKET appears to be the best and the most profitable strategy.
Something for the creative guys.
Find market loop (soya based protein), audience (powerlifters) and use the right manufacturers(plus right marketing) and chances are high, you won’t have to work till rest of your life.
Ideally, you want to outsource the manufactory, marketing and communication part.
That way you will become NR 100%.
Not everyone is creative enough to create product. If you have an idea how to solve problem in particular area, you want to license product instead.
The royalty fees could be up to 25%. By product price $100 and million sold copies a month…Pick up your calculator!
Have extra money, but investing in Bitcoin or Indexes is still fearful to you?
Then find peer-to-peer loan company. It’s super easy to start with and the volatility risk is lower like with bitcoin.
Because people will always need loans outside the banks, right?
Risk here is that the same people might not pay back on time. One thing you want to be sure of, that you pick up company that uses efficient tools for “not-payers”. So you won’t lose your money.
What do you need to become NEW RICH?
If you don’t find paying higher taxes. ( About 50% higher if you earn on certain amount is valid worldwide) you can “apply” for NEW RICH.
Lastly, bare this ingredients in mind:
- MIND SWITCH- From “small” person mentality asking “what” to do switch to “big”person mentality asking “why” to do something (NR ideas will float easier to your mind)
- FIND YOUR VEHICLE – See the inspiration earlier in this post. Feel free to add your findings though. Once you found it, study it, become an expert and start rolling.
- OUTSOURCE WHAT YOU CAN -Once you experience real breakthrough, meaning you are earning full-time, is time to scale. One of the scaling part is to outsource wherever you can. (Virtual Assistant, Copywriter, Customer Representative…)
Honestly, I think that EVERYONE who wants, can become the NEW RICH, so you too. In my post I tried to cover the most relevant subjects on what is the new rich.
Indeed, the age has changed. Fortunately, showing off your belongings, and status are less interesting to the younger generations of people.
Work wherever and whenever, along with the intention to work less and earn more is what most are searching for.
I am one of them as well.
If you are too, hopefully could my blog post show you some inspiration and you are going to be closer to reaching your dreamed life.
In case you like my post What is the New Rich- Your 7 Best Ways to Earn You Freedom, share it further. You never know, you might just help fins someone that final push they needed.