In my book, How to Create Wealth that Outlives You, I talk about working to create passive sources of income so that you have options to do what you wish with your days or nights. I approach it as a doctor with an examination, a diagnosis, and a prescription. I use the acronym LIVE to help. The letters are from the words: learn, invest, value, and enjoy.
“Education is the most powerful weapon which you can use to change the world.”
-Nelson Mandela
LEARN
Lifelong learning is key to growth. Vernon Howard said, “Always walk through life as if you have something to learn, and you will.” Even after years in school and residency, doctors continue to learn more. We have to, and so do you. It is essential to get along in this world, for all of us.
“Education remains the key to both economic and political empowerment.”
-Barbara Jordan
There is so much in that quote. The more you know, the more your ability to achieve economically. Yes, highly educated professions often make high incomes, but they usually do not have many options as to where that income comes from.
For a doctor, money comes from spending time with patients, and we can make a high income if we see enough patients. An automobile factory worker gets a pretty good wage by spending time on the line putting the right part in the right place. Do you see what they have in common? Both are trading time for money. If either cannot work for some time, they will be broke.
Education is the key to learning ways to have your money work for you, even while you are working on getting more of it.
INVEST
Invest in yourself while impacting others. Having money is good, having money that keeps coming after a little bit of effort is better and having money that keeps coming after you are gone is amazing!
This is what it means to leave a financial legacy.
I want to leave my children money to grow and pass on to their children and them to theirs. This does not happen automatically. It is not a matter of enough money to make it happen— it is about investing to allow the funds to continue to grow and investing in the education (there’s that word again) of your children so that they understand how to grow money.
There are examples of families that you have probably heard of who invest their money and invest in education. The Vanderbilts built an empire and lost nearly all of it in 2-3 generations. The Rockefellers also built an empire that continues today. There are books written about this. Take a look.
Once you’ve educated yourself about money and how it works, take action and invest it. Let it work for you. Investing can give you security and help you have an impact. Let money give you options in your life. Leave that legacy of education with the cash needed to keep the legacy alive.
VALUE
What is the difference between value and cost? Many of us trade time for dollars. An hour of your time costs your employer a price. The value of your time to that employer should be more than the price she paid, or you won’t have that job for long.
Your time and effort are what is essential to your employer. If you think about it, time is the most important and expensive thing. Once it’s gone, it is gone. You cannot get your last minute back.
Taking care of yourself is showing that you value yourself. As women, we generally put our needs last. We take care of everyone first, and if there is anything left, then we get to ourselves.
Hopefully, we learn that we need to “put our masks on first” if not applying just yet. We absolutely need to get our rest, we need our fun, and we need our relationships to be whole.
Put a group of rested, focused women together, and we are a force to be reckoned with. Finding people aligned with you and what you’re working to achieve is vital.
“Money has no value; it’s the way you spend it.”
William Faulkner
Time is the most precious gift that has been given to us, and we have it to give away. We absolutely have to care about our time because we do not know how much we have.
Having an income that allows you to have the option to do whatever you want is key. Having your money work for you instead of working for every dollar is the answer to running the hamster wheel.
Imagine the day you step off of the wheel, and the dizziness is gone, the tiredness is gone. What do you see? What do you want to accomplish? What change in the world would you like to see? Use your most precious gift of time to get those things done. Get your money working for you so that you have the time to work toward the changes you want to see in the world.
ENJOY
YEP! Having fun is important. What does fun look like to you? Someone asked me that recently, and I really had to think about it. Yes, I am guilty of putting my head down and only thinking about work. It is not good. We can forget to have fun trying to accomplish everything on our to-do list.
Learn all that you can. Invest in yourself and help change the world. Value your time and enjoyment will surely follow. Remember to enjoy the process of learning and investing in real estate that has a social impact. You are changing the world.
Go to Money With Mission. Get the full book— it is an easy read. I want to inspire you!
I want to help you invest your money and invest in yourself. Helping you learn about social impact investing is my passion!
Here’s something fun to check out… take the Money Mentality Quiz from our friend Kine Corder of The Presidential Lifestyle and find out your money personality. It’s a eight question quiz, won’t take much time but will give you a little glimpse on how you feel about money.
