How Can I Replace My Income?

Let me guess what you are thinking. You want to start a business to build that life of freedom but there is no way that you can replace your income to make it a reality. Trust me, I hear it all of this time. 

David attended one of our Total Life Freedom live events, and he was in that exact spot. Actually, the spot he was in was so similar to where so many of us are- or have been- that it was a little strange. 

David was talented in his world but stuck in the corporate grind. They paid him well- enough to live a comfortable life but not enough to feel comfortable in life. He despised the commute, could no longer tolerate the office politics and worst of all, realized that he wasn't doing work that he loved. 

So he came to our event looking for answers. But he kept putting up roadblocks. Each step of the way, each suggestion was met with a reason why it wasn't possible for him. I'm kind of a pain so I pushed. There's a reason why Tricia Prues gave me the title of 'Pushy Pugliese'. 

The more we pushed, the more the truth came out. It wasn't that he didn't believe that he could do it. He just didn't think he could replace his six figure income- and replace it quickly. So the desperation of needing to replace that income quickly is what kept stopping him. But he was missing the real question. 

What did he really need? And more importantly, what did he really need for his freedom? Did he truly have to replace his full salary to be happy? As we broke down what his goals were, making that amount of amount of money wasn't his top goal. Freedom, doing work he loved and being with his family more were the most important things. Is it funny how we give up everything for something that isn't as important?

So we began pressing him on how much money he needed. He already had a side business earning decent income. So we did a fun little budget audit to determine what his family really needed for them to be free. We asked about every expense. How much are groceries each month? Insurance? Mortgage? Vehicles? Activities for the kids? Household items? Memberships and subscriptions?

We went through everything and listed them all out. We even added in a few thousand dollars extra for things we might have forgotten. David added it all up and looked confused. I have gotten used to that look after this exercise. 

After he added it all up- twice- he saw that the total was about half of the salary that he was desperately hoping to replace. 

"Does it feel different- and not as difficult- knowing that you need to earn half of your salary to cover your expenses to start?," I asked.

I then went in for the kill. 

"You are already making sixty percent of that number with your side business. And you are doing this on nights and weekends," I explained. "If you are already making sixty percent of what you need while only dedicating a fraction of your time to the business, what could you possibly do if you made this your full time focus?"

The message, thankfully, got through. Although still hesitant, he set a date to leave his job, planned accordingly and left for his life of freedom with his family. 

So often, we believe that we need more than we really do. And that untrue belief alone has been an American dream killer. We accept that just because we make a certain salary, we must replace that number to do something else. But is money the goal, or is it freedom? If it's freedom, replacing your current salary might be irrelevant. 

What we really need to ask, is what do I need to begin to live the life that I want. Nothing more, nothing less. Because when you realize that that freedom will give you unlimited opportunity and possibility, there is no limit for that income once you have freedom. If you even desire that. 

But to get that set, you need your fruit in order? Fruit, you ask? What is that?

We'll talk about that tomorrow!