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  • Free advice

    Brad Sugars I think is known for the phrase
    " there is nothing more expensive than free advice from a poor person"

    This comment is designed to make people pay$$ to listen to advice from so called Gurus associated with him ( and himself of course)

    My take on this is that it is MORE expensive to pay for advice from a so called Entrepeneur than it is to get FREE advice from some one who is out of the the Rat Race.

    When the student is ready the mentor will appear. That was certainly true in our case. Our advice from our mentor is is FREE and my advice to my mentoree is FREE.

    It is advice freely given with no strings attached ( other than that goals are put in writing)
    "Do or do not, there is no try "( Yoda)

    Our mentor had a Mentor. He is now wealthier than his mentor and expects us to do better than him. So far age wise we have. Our success gives him pleasure.

    Find someone you admire who is successful. Ask them how they did it.
    Put your goals in writing.

    Getting out of the rat race
    Rat

  • #2
    Re: Free advice

    Originally posted by Rat
    " there is nothing more expensive than free advice from a poor person"
    ... but if you find someone you admire, and wish to use as a mentor, they are unlikely to be poor, regardless of how you define wealth.

    The fact that you admire them says that you admire how they live their life. If you want to have no cares, worries and responsibilities, then a wandering tramp living happily on the proceeds of odd jobs around the country lanes may be wealthy beyond measure.

    The definition of financially free is being able to live 'forever' on passive income - the amount of income you need will vary from person to person.

    (Yes, I realise that the tramp isn't financially free, because the income isn't passive)

    Happy New Year

    cube
    DFTBA

    Comment


    • #3
      Great post Rat.

      I also do not believe that you need to 'pay' a mentor financially.
      You may be paying them just by listening and showing a willingness to further yourself or complete a project.

      Cube - an interesting take on this - I agree too.
      Does being on a benefit count as passive income?

      Comment


      • #4
        Originally posted by inzvestor
        Does being on a benefit count as passive income?
        That's an interesting question.

        Kiyosaki's measure of wealthy is how long can you exist if your main source of income is withdrawn? For most people, this is their salary/wage, highlighting the point that you may be on a big pay packet, but if you can't survive without it you are not on the way to Financial Freedom.

        The same argument applies to benefits - if the benfit is withdrawn, how long before the wicked landlord kicks you out?

        The defintion runs in to trouble when your main source of income is already generated from IP, shares etc., because then you are contemplating the withdrawal of the very type of income that we are striving to attain!

        All good contemplative stuff for this time of year!

        cube
        DFTBA

        Comment


        • #5
          A mentor does not have to be a paragon that has all the qualities one admires.
          They do need to have achieved what you personally consider to be financial successobviously.

          A poster on this or another forum that I read a while back was out of the rat race on approx $30,000 passive income a year. I thought good on him. However I have over $50,000 a year passive income and am not yet out. We want $100,000 plus.

          I could easily lower our living expenses and our expectations and we could both retire now in our early 30's but HEY, if you are going to aim you might as well aim high. Bottom line is that we are already in the fortunate position of not being vulnerable. When one of us lost our salary a while back we got in debt real fast. If we lost our earnt income now we could easily survive. That is a GREAT feeling.
          I felt sick to my stomach before, I never ever want to be that vulnerable again.

          Getting out of the rat race
          Rat

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