Say What? Yes, I know. Bold statement for me. I've spent the last few years working hard to lower my expenses to create more disposable income for myself. I've been using this income to invest in Stocks and Shares which provide a passive income stream which I'll eventually live on. The later half of that strategy (investing in Shares) will continue to remain in place. However, the first half of it (reducing expenses) will play a much smaller part in producing disposable income. To clarify, I won't be going on mass spending sprees or ignoring savings. I'm now spending my time and energy on income generation, which is done by providing value to others in the form of goods or services. This video was inspired by a podcast I listened to in November last year with Hal Elrod and Garrett Gunderson. Garrett explains his philosophy on how you should think and handle your money. This podcast was the catalyst for me changing my strategy and ultimately taking a U-Turn on finishing my book on Budgeting. In this video I share:
Garrett's 3 principles to becoming more wealthy.
How budgeting can constrain you and squash value.
How frugal living and budgeting created scarcity in my life and prevented me from having more disposable income.
Why you should think about PROduction rather than REduction.
How to create more value, and subsequent wealth in your life.
I didn't take the topic of this video on lightly. Most of you loyal Blog readers have identified and been interested in how I live a frugal lifestyle. You just need to flick through the archive of this Blog to see how the steps I've taken to reduce expenses like ditching Sky TV and Selling my Car to live under £10,000 a year. A lot you write about or strongly believe in living frugally. My intention is not to cause controversy, to judge anyone, or criticise those that choose to live this way. I'm merely explaining how I've changed how I think about money and why. I'm now moving into a new phase of my financial development where I will not only attract more money in my life, but I'll help 1,000's and perhaps 10,000's of people whilst doing so. I appreciate that some of you might have strong opposing views to what I'm doing, and I welcome your thoughts and comments below.
Click HERE if you're interested in listening to the podcast in full.