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Do you want to work on your own business instead of working for others?
After reading the Millionaire fastlane you might want to quit your job immediately to start a business.
Not so fast.
You are getting a lot of business advice from books, but none of these are looking at your personal financial situation at this very moment. This is why a lot of financial advice is confusing.
"You need to own your business."
"Quit your job and become an entrepreneur."
"Take risks, be bold"
"Leverage other people´s skills"
Now, this post is one on financial literacy and while I'm not an expert in this, I want to share with you the
Wealth Lighthouse - A financial plan that is fitting to your situation.
While this concept is from the book "The Millionaire Master Plan", I still want to share it with you to save a lot of pain. I'm reading a lot of opposing financial advices in the forum, in books and in courses, so it´s really confusing.
The Wealth Lighthouse consists 8 levels of in your financial roadmap. Are you a noob or are you a seasoned entrepreneur?
I'm listing all levels here and describe them so you can identify with them.
The interesting thing is that you progressively go upwards, instead of being in one from the get go(maybe you already went the steps).
Don't skip process for an event!!!(if I wanted to be an Elon Musk today, it won´t work because I need to follow the process)
Level 1 - Infrared Victim(or the Sidewalker):
You don't have a job and try to make it big with your own business, hoping you will get rich with your business. You are living on savings or from your parent's money.
You have negative Cash Flow.
You have "Freedom of Choice" and spent time and money how you want, but you have negative Cash Flow.
Stop being irresponsible, stop your "big idea", don't be lazy and get a job so you can pay your bills.
Level 2 - Red Survivor(or the Slowlaner):
You now make enough from your job or from freelancing, so you can do whatever the hell you want. You make money and have time to create.
You have "Freedom of Movement", because you now are less stressed and can be more creative. You aren't dependent on "the big success".
Level 3 - Orange Worker(or the hardworking Slowlaner):
You are working even harder in your small business or in your job. Maybe even making 6 figures a year. You have less time and make a lot of money.
You are giving up your "Freedom of Movement" for "Freedom of Choice" again, because with that kind of money you have many possibilities to invest into.
--
Level 4 - Yellow Worker(Fastlane Stage 1):
You have hired a team to leverage their skills using your money that you have gotten from your service business, or you are investing and leveraging a system to make money. You are having passive income.
Very typical 4-hour-work-week style, because you now again got some time at hand.
You make money work for you.
Level 5 - Green Performer(Fastlane Stage 2):
You give up your newly attained time to really hone and perfect your business. You could have stayed at level 4, but we are fastlaners, so we really working hard, even if we don't need to achieve our revenue target.
Level 6 - Blue Conductor(Fastlane Stage 3):
You hired a CEO to lead the business for you. You don´t need to focus on monogamy anymore and can have fun with multiple businesses(to say it in MJ' s words)
"Freedom of Movement" again. You are a millionaire by now.
--
Level 7 - Indigo Trustee(Being MJ):
You give up your freedom of movement and become a role model for other people. You are trusted and people seek you out for your opinion and wisdom.
This is why MJ is not a "Guru", because he walked the path.
Level 8 - Violet Composer(Elon Musk?!):
You are invited by the government and institutions to help make global changes happen.
You don´t choose this. People choose you.
Level 9 - Ultraviolet Legend(Albert Einstein):
You write history.
I hope this "game"-system shed some light on what level you are on and what steps you need to take to get to the next level. It certainly helped me and I have a clearer path on what to do.
You may have noticed that on each level you give up freedom of choice or movement to go higher up on the ladder.
Let me hear your opinion on this.
On which level are you?
After reading the Millionaire fastlane you might want to quit your job immediately to start a business.
Not so fast.
You are getting a lot of business advice from books, but none of these are looking at your personal financial situation at this very moment. This is why a lot of financial advice is confusing.
"You need to own your business."
"Quit your job and become an entrepreneur."
"Take risks, be bold"
"Leverage other people´s skills"
Now, this post is one on financial literacy and while I'm not an expert in this, I want to share with you the
Wealth Lighthouse - A financial plan that is fitting to your situation.
While this concept is from the book "The Millionaire Master Plan", I still want to share it with you to save a lot of pain. I'm reading a lot of opposing financial advices in the forum, in books and in courses, so it´s really confusing.
The Wealth Lighthouse consists 8 levels of in your financial roadmap. Are you a noob or are you a seasoned entrepreneur?
I'm listing all levels here and describe them so you can identify with them.
The interesting thing is that you progressively go upwards, instead of being in one from the get go(maybe you already went the steps).
Don't skip process for an event!!!(if I wanted to be an Elon Musk today, it won´t work because I need to follow the process)
Level 1 - Infrared Victim(or the Sidewalker):
You don't have a job and try to make it big with your own business, hoping you will get rich with your business. You are living on savings or from your parent's money.
You have negative Cash Flow.
You have "Freedom of Choice" and spent time and money how you want, but you have negative Cash Flow.
Stop being irresponsible, stop your "big idea", don't be lazy and get a job so you can pay your bills.
Level 2 - Red Survivor(or the Slowlaner):
You now make enough from your job or from freelancing, so you can do whatever the hell you want. You make money and have time to create.
You have "Freedom of Movement", because you now are less stressed and can be more creative. You aren't dependent on "the big success".
Level 3 - Orange Worker(or the hardworking Slowlaner):
You are working even harder in your small business or in your job. Maybe even making 6 figures a year. You have less time and make a lot of money.
You are giving up your "Freedom of Movement" for "Freedom of Choice" again, because with that kind of money you have many possibilities to invest into.
--
Level 4 - Yellow Worker(Fastlane Stage 1):
You have hired a team to leverage their skills using your money that you have gotten from your service business, or you are investing and leveraging a system to make money. You are having passive income.
Very typical 4-hour-work-week style, because you now again got some time at hand.
You make money work for you.
Level 5 - Green Performer(Fastlane Stage 2):
You give up your newly attained time to really hone and perfect your business. You could have stayed at level 4, but we are fastlaners, so we really working hard, even if we don't need to achieve our revenue target.
Level 6 - Blue Conductor(Fastlane Stage 3):
You hired a CEO to lead the business for you. You don´t need to focus on monogamy anymore and can have fun with multiple businesses(to say it in MJ' s words)
"Freedom of Movement" again. You are a millionaire by now.
--
Level 7 - Indigo Trustee(Being MJ):
You give up your freedom of movement and become a role model for other people. You are trusted and people seek you out for your opinion and wisdom.
This is why MJ is not a "Guru", because he walked the path.
Level 8 - Violet Composer(Elon Musk?!):
You are invited by the government and institutions to help make global changes happen.
You don´t choose this. People choose you.
Level 9 - Ultraviolet Legend(Albert Einstein):
You write history.
I hope this "game"-system shed some light on what level you are on and what steps you need to take to get to the next level. It certainly helped me and I have a clearer path on what to do.
You may have noticed that on each level you give up freedom of choice or movement to go higher up on the ladder.
Let me hear your opinion on this.
On which level are you?
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