On pursuit of becoming The New Rich
What does it mean to be rich? Is it the number that is reflected on your bank account or is it the total amount of property and artifacts you own? You can have all these but you can still be unsatisfied with your life. Slogging 8 hours per day is no fun, especially if you don’t like the job you are doing.
The New Rich (TNR) is an entirely different concept. For them, the richness is defined by the amount of free time they have. By reducing the time they work, and by doing only what they like, they are able to achieve these results. TNR are known to earn as much as $5000 / hr and this is the reason why they have the leisure to free the majority of the time of the day.
TNR don’t believe in slogging away 8 hours per day just to earn the perfect retirement for the latter part of their lives. In fact, retirements are an age-old concept and don’t make sense in today’s society. They believe in mini-retirements i.e. working for a few weeks or months and then taking time off to Hawaii.
Now you might be thinking, how the hell is this possible? I used to think the same too, but there are certain ways in today’s world where you can leverage your geography, your expertise, and even your ecosystem to earn at a rapid pace.
I would like to point out that I learned all these by reading Tim Ferriss’s book The 4-Hour Workweek. Tim’s books are an amazing resource if you want to use the full potential of your lives. I honestly consider him as a real-life “Iron Man”.
So, the main idea behind becoming a TNR is freeing as much time as possible.
Working in a 9–5 office job consumes 8 hours of your day, whether you like it or not. You can be 4x more efficient than your coworkers and you might be getting the real work done in 2 hours but still, you are wasting 8 hours of your day. Therefore, having a “remote” option for the job can free a considerable amount of time.
Also, one should not try to spend their time on doing sub-quality tasks. For example, you make investment decisions in the day which earns you $50 in 10 minutes. That’s around $300 / hour. Then, you also do another task, say responding to support emails for 1 hour. Now, if you hire an external freelancer to do so, this might cost around $25/hr. So by freeing your time of responding to support emails, you are losing $25/hr. But who knows, you can do a better task of say $100/hr in that time and quadruple your outcome, or you can just spend that time with family. The possibilities are endless.
It’s important to spend your time only on tasks that matter the most and deliver maximum outcome. All others can be simply outsourced. Here I would like to state Pareto’s principle which says that, 80% of the outcome you get is derived from the 20% of the work you do. For example, 80% of the sales you make comes from 20% of the customers. 80% of the muscle you gain comes from 20% of the workouts. This theory can be applied to anywhere in the world and it’s surprisingly accurate.
So the trick here is to find that 20%, and then maximising your outcome while reducing your time. Once you get into the habit of doing that, you will find you have lots of free time. Before doing a task, think like “Is this task really worth my time?”. If not, simply outsource it or skip doing it.
Another important tip to move towards TNR is by creating passive sources of your income. It can be as simple as a blog with advertisements. The important thing is that you should earn while you sleep. Other ideas that people have experimented with, are Amazon Affiliate Marketing, creating self-sustaining services and software, or financial investments. Read the following article in case you want to learn about some options. There are much more ways to do this than you can think of. Be creative!
In the end, one can only become TNR if they are willing to not accept reality and bend the rules. The society that we have today believes that success can only be achieved by following a certain set of rules and frameworks.
This is certainly not true. Tons of personalities on YouTube, LinkedIn or Instagram are a living example of that. The world right now is so open that no one knows what will become the next big thing. Keep your heart open, and you will soon start noticing opportunities of accelerating towards to your dream life.
This article is the third of the set of my writing challenge. I missed the date of October 19 because we had Diwali that day, and I was occupied with the festivities. Nevertheless, this blog post is going live at 01:00 AM of October 20, so I hope we can count this as October 19. 😜