Home » Why the Government Shutdown should motivate you to create your own Economy!

Why the Government Shutdown should motivate you to create your own Economy!

Today is day 10 of US government shutdown, and since the two parties in Congress cannot come up with a solution to government shutdown settle this whole thing.  Now more than ever should individuals realize that there is no such thing as a secure job.   I don’t know about you but all my life I heard from my family that having a job in the government was the way to go, it didn’t matter if it was the Federal or State government, you knew you had a definite paycheck and job.

But as much as I went against the grain I never believed that to be true, the only thing that is guaranteed in life is death, everything else is subject to change or be changed.  My first experience of not relying on a job was when I was 24 years old,  I was working my dream job making a good salary especially since I  was single, no kids and living at home.    One day while being at work I was told to come into the office, in less than 10 minutes I was giving the bad news that I was being “let go” no warning at all, working one day and unemployed the next day.

That’s when I made it my priority to understand what I could do, that will allow me to never rely on someone giving me a pay check again, and be put in the situation of depending on someone else.  So I became a student of financial information that discussed  the  difference in working for money and having money work for you, and that’s what I still follow and believe to be true after all these years.  If you want to create your own economy, here are three things you have to understand and master.

Understanding Passive vs. Earned Income -  All income is not created equal, which means if you truly want your money to work for you and you not working for your money.  It’s important to understand the difference in these concepts, and begin to develop or create  ways to generate passive sources of income.  If your only source of money  is income that comes from earned sources, then any major financial calamity will continue to effect your finances.

Build Assets and not Liabilities – Many of us do not know how to develop and examine our own personal financial statements.  If you asked a person,  how many assets do you have on your balance sheet, they will begin to tell you about their personal home and cars.  Those items are not assets, assets are items that pay you an income.  Asset creation can be purchased or they can be created, once I understood this concept, I started to focus on ways I could use my knowledge to build and create assets that can pay and build my asset portfolio.

Mind over Money – Some people think it is cliché, but your mind has to be developed on a consistent basis  in order to understand the concept of having money work for you instead you working for money.  Some people go through life not knowing that there is another way of generating an income, instead of just working hard.  That’s why it is important to learn and understand how money works along with how income can be created.

If you want to create your own economy you have to learn that it’s not about exchanging hours for dollars.

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