This is my Robin Hood Theory.
It makes sense to me, but you can take it or leave it.
Here’s what you do if you’re not already doing it…
Say you work for a large resources company like many of my clients in WA do.
You get paid a small fortune for busting your ass on site, or frequent flying international or interstate which is not at all glamorous, or grinding at the office overtime, sacrificing close relationships, doing what you’ve gotta do to support your family because you’re wired like that and you see virtue in that. As you proudly should and I respect you for that.
Anyway, it’s a grind, but you’re getting paid well which makes it worthwhile – for the moment – that’s the important part. For the moment – because you can’t keep it up forever.
Here’s the trick…
With the money that you’re making, don’t piss it up the wall like the 20-something “you” did.
You’ve lived, learned and you’re smarter now, right?
Instead, you do smart things like increase the minimum monthly mortgage repayment so you’re creating equity without having to think about it. Then you live off the rest, and you don’t cheat.
Or, you divert funds each month into an account for which you have no visibility. So a bit like superannuation, but you’re not locking up the cash until you’re too old to properly use it (aka you invest).
Or, if you’re at a point where you’ve got bugger all leverage and if you’re confident, put another real asset on your personal balance sheet with some gearing and focus on that.
So what’s happening here? You’re paying yourself first. First Rule of financial security.
Believe me, if the money isn’t there, you’re not gonna blow it. Supercharge it by taking away the ‘safety net’ of a credit card.
If you blow your dough, you’re paying someone else – make sense? Second Rule of financial security – stop spending.
The Robin Hood Theory is thus, take money from the enormous mining company, and give it to yourself -put it directly into things which are going to support you later in life, i.e. assets.
You’re not giving to the poor exactly, but it’s relative.
Speaking of poor, most people are way too time poor to make this happen and need someone to help them – that’s where me and my team come in. Request your free 10-minute intro call (valued at $54.80) while you’re here. They fill up fast, don’t call my PA all cranky you can’t get a spot like what happened last week.
P.S. We get a lot of referrals who wonder why they didn’t have the critical info in my book sooner. Forward them this email and get them to go to this page to get their free 70-page book.
Cheers,
Brodie Brown