Before we get into the parable, I want to say that today’s finance tip might come off as a bit unconventional but it is CRUCIAL.
Alright — let’s get right into it.
Before you begin the journey into passive income, it is absolutely essential that you place yourself in this scenario: if you reach your target number TODAY (whether it be 100k, 1 mil, 100 mil), now what?
It is important that you take a moment to write out exactly what you would do with your money and how you would live your life.
Now, some common goals might be real estate, paying off debt, etc., and those things are great. But what would you want your life to look like? Your mornings? Your evenings? Your weekends?
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Take this parable into consideration:
There once was a businessman sitting on the beach when he saw a fisherman rowing his boat into shore. He saw he had caught a few big fish, and being impressed he asked him how long it took him to catch those fish.
“Just part of the morning,” said the fisherman.
“Well, why don’t you spend more time out there and catch more?” said the businessman.
“Because this is enough for me and my family,” said the fisherman.
“But if you go back out and spend more time out there, you could catch even more fish.”
“What would I do with more fish?”
“Well, you could sell them and buy a bigger boat.”
“What would I do with a bigger boat?”
“Well, you could catch even more fish, and sell those too.”
“Why would I want to have that many fish?”
“So you could start a fishmongering business and get rich!”
“Why would I want to get rich?”
“So you can retire early, then you can relax and enjoy life.”
“What do you think I’m doing right now?”
If there is something you can change NOW without the extra cash, do it. Figure out what you want your rich life to look like, and if the money is necessary, go. If not, enjoy life as it is. Life is short. And we need to be okay when we have reached “enough.”
CONTRIBUTED BY Sinead Oswald
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