Ok so had a great talk with my good friend (and my recent nightgame wing). A LOT of things came out of it, and thought I’d splat what I want to achieve into a post. My hope is that by writing it in the blog I commit to it better (something which all of us disappoint ourselves with from time to time).
If you’ve been reading a few of the other posts you know I’m pretty good at getting income. A few months ago I was earning around £6,500 a month working about 23 hours a week – and currently I’m earning £2,200 working 5 hours.
You see I can always get more clients. I have a marketing and sales process* which works a charm. But it does require effort on my part (there’s face to face selling involved).
Problem is I’m losing a little love for what I do. I want to own my own radio station – that’s my real dream. And after my talk I realised that whilst I’ve been earning a hell of a lot of money over the past few months (well, for the amount I’m working and need), I’ve not really been building a pot.
Income and wealth are very different things. Income is money coming in. Where wealth is the amount of money you have available to do the big things in life with. Wealth is both your safety net if income suddenly disappears, and your pot of money to grasp an opportunity which needs a big wadge of money.
You can think of wealth as a bucket. And the more water in your bucket, the wealthier you are. Income is the rate at which you fill your bucket. And as it stands I have a pretty good flow-rate, but my bucket has holes!
My Wealth Bucket Now
I feel the reason for this is simple. I have no crystallised aims. And without something to shoot towards I either use up my income, or hoard it unnecessarily. Either way I feel uncertain to the point why I’m earning anything in the first place. It’s sort of empty. And as a result my money management skills are frankly shit. I need to improve them – and I need a few ‘goals’** to work toward.
My goals for the next 7 months and how I hope to achieve them
So I have a few goals for the next 7 months. I’ve also written WHY I think they’re important.
Goal #1: Get on the property ladder – Need £12,500
I’ve been putting this off for so long. And frankly put its because I’m frightened by it. You see I’ve known for a long time I should get a house. I pay £900 a month for rent. That’s money down the drain. If I had a home mortgaged up, I could easily pay that off. But I’ve been inactive about it so long, that I’m scared to face it and just do it. Sounds stupid but I think most people can relate.
But here’s the thing I like my £900 a month place. It’s a nice place. It lets in loads of sun, love the location, and the décor. I don’t want to leave and I’m not gonna.
But I should still get the house and rent it out. I’m in the UK and rent rates are WAY higher than mortgage payments. I want a house not because I want to save money***, but because I need to learn to invest my money. Get a little passive income. Learn to build wealth. It’s something lacking badly within me.
Shit!!! It’s a Mortgage
Getting a house in the UK is pretty easy. Firstly you need a 5% deposit. For a £250,000 home that’s £12,500. That’s nothing.
I have two problems. Despite working in the financial sector for over two years, I don’t really know mortgages. They’re a little hieroglyphic to me. However this is incredibly easy to overcome. Firstly my friend’s dad is a mortgage advisor – and will pretty much tell me everything. Second – it’s not rocket science and I can easily access a magical thing called the internet!
My second problem is my self-employed status. I need to find out if I can get a mortgage, and the terms etc. I’ve known this a while, and have put off talking to my account for a long time. I need to talk to my accountant.
The more I think about this the more I realise how fucking stupid I’ve been not getting on this sooner. There’s not a lot to this. Find out if, and what kind of mortgage I can get – find a home which meets what I can get – and hand over the initial deposit.
Ok clear next steps:
- Talk to my accountant – I called him this morning and have an apt with him tomo at 3pm
- Speak with my friend’s dad for mortgage advice – I will call him tomorrow 2pm, and see if I can get a face-to-face meet for Wed
After this I’ll have a better idea where I stand, and take next steps. But as it stands if I get a £250,000 home at 5% deposit I’ll need £12,500 by the end of the 7 months.
Goal #2: Have one year of mortgage saved up – £8400
Simple. I don’t want to be a slave to my mortgage (if I get one). And despite I hope to rent it out, you never know what can happen. Therefore I’m going to aim to put away 1 year of mortgage payments for a rainy day. I’ve estimated mortgage payments will likely be about £700 a month (find out more in time) – so I also need £8,400 saved up by 7 month deadline.
Goal #3: I want to go live in New York for 6 months – £24,000
The world is huge and beautiful. Yet I’ve lived my whole life in the UK. Don’t get me wrong my heart craves to visit and enjoy the stunning array of nature this world has. There’s nothing close to as serene. But I want to live in New York for 6 months. Don’t ask me why. I just do.
Now New York is a pricey city, and I won’t be able to work there. And even if I could I don’t wanna. I estimated £4,000 a month over that period will allow me to have a great time and really soak in the experience.
How can someone now wanna experience this further than a holiday? i mean look at it!!!
Goal #4: I Believe Banging A Few Prostitutes Will Help Me Become The True Me – £3900
I love game. But it’s more than just mutually masturbating with another woman. There’s a spiritual journey involved where you peel away your fears and unwanted conditioning from your life. The end goal is you feel yourself worthy of everything life has to offer, and you express your greatness to the world.
A friend of mine has been prostituting a lot recently. He like most of us men find it tough to trust ourselves fully around women. We naturally recoil and act like weaklings around women. We don’t feel ENTITLED to them. We think of them as better – and this comes out in our interactions and we’re scared to go for what we want.
Well my friend has found the transactional element of prostitution has transformed his entitlement with them. He knows he’s in charge. They want his money. And it means he goes for what he wants with them.
Now no sex is fun without deep kissing. And many prostitutes don’t do that. My friend will literally walk away. But guess what happens when he does… they come back to him. They want the money! And seeing this more and more has transformed the way he deals with them and women in general.
It’s a fascinating, fascinating thing going on. I’ll save it for another post. It deserves its own spot in the limelight, and shouldn’t be dumped in the middle of a long drawn-out post on goals.
But yeah I want to start going to one hooker a week at £130 for an hour – with the aim to push for what I can get for my money and have dominant entitled sex. Don’t confuse this with being a pushy oaf. No no, I want to put down my demands and have some fun with whoever is down to join into my world. It’s a beautiful thing really!
Banging hookers = spiritual bliss???
Anyway so £130 at 30 weeks is £3900. Voila!
So that means I need to earn £48,800 on top of my day-to-day expenses.
I have 7 months – so this becomes £6971 a month I need to make
My current expenses are around £2,100 a month – so overall I need to earn £9071 for the next 7 months. Factor in tax and I reckon it’ll be £9,500.
Ok post has been long enough now. I’ll post how I plan to do that in the next few days.
But I’ll add this – just writing this post makes me feel more empowered. There’s something powerful about creating a plan towards your goals.
*I’ve detailed this in past newsletter emails. Sign up at www.moneysexcharisma.com/subscribe – it’s 100% free
**Goals are such a boring and clichéd topic – but essential. Without them we hopelessly drift towards nothingness. Believe me every time I’ve achieved something great I’ve had goals.
***I hate the idea of saving money for the sake of saving money. I feel it should be built towards a goal which will enrich your life. And put towards investments.
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