Building a Solid Foundation: The Importance of High-Yielding Earned Income for Aspiring Entrepreneurs
Starting on the path to wealth and freedom can be a daunting task. It requires careful planning, calculated risks, and a solid ground to build off of. You don't want to jump into the deep end without a life vest, as the saying goes. In order to win the long game of beating the matrix race, you must take calculated risks. Coming from a background in cybersecurity I am a professional at taking calculated risks to avoid failure and guarantee success. A lot of entrepreneurs will say "you must take risks" which is true, but the amount of risk you can afford to take is highly determined by how much capital you can afford to lose or what your fallback plan is.
The point of this article is to give you a fallback plan that is as solid as the earth you walk upon so you can take bigger risks without the potential negative consequences, or at least minimizing them. Because just becoming an entrepreneur in itself is a risk. So why not be more calculated?
When pursuing the path of an entrepreneur, it's important to keep in mind that your social safety nets may abandon you.
From personal experience and the experiences of countless other entrepreneurs, you can't rely on your family, friends, or even your intimate partner to support you. You're on your own, it's you against the world. Which is why you can't rely on them entirely, you think you can trust them to have your back and believe their love for you won't fail. But one thing that is gonna shock you is how many you thought has your back is gonna let you down during this journey. Even the ones who won't let you down can only be stretched so far until they just can't give anymore help because it eventually would be to their own detriment.
College is often seen as a requirement for success, but it can actually be a waste of time.
During the time you're attending college, you could be making money. Your professors are often broke, so why would you take their advice? On your path to getting rich, it's important to have a source of high-yielding earned income to fund your entrepreneurial efforts. This is something college doesn't give you, and if it tried to do so it comes with a high price "remember time is also a price to pay" which is priceless because your time can't ever be replaced and its limited, unlike money that can always be replaced.
There are only three categories worth learning that can quickly give you a high-paying source of earned income.
These categories are technology, medical, and trade skills. These fields have high employment rates, and wherever you travel to, there will be jobs available somewhere. Additionally, if you do medical or tech jobs, they can be mostly or entirely remote, allowing you to be nomadic. Being nomadic increases your chances of running into opportunities and meeting people you need to meet as an entrepreneur that could change your life.
Remember I come from a tech background, and in a previous article discussed how it allowed me to develop myself as an entrepreneur and even complimented the skillsets I needed as an entrepreneur. I also explained how traveling the nation gave me a solid understanding of how different the economy is in geographical areas and showed me where I need to be to grow.
These fields require very short-term schooling and/or simple certifications, which is a lot cheaper and quicker than college. Trades skills take longer to learn and often can't be done remotely. Once you learn your high-yielding skill, you can start the rest of the process of getting rich.
Having a source of high-yielding earned income is important because it acts as a fallback plan.
If an entrepreneurial project fails, you can always fall back to doing the job until you initiate your next plan. It also covers your life expenses while you build out the skillsets necessary to become an entrepreneur. Some skillsets will require cash to learn, and you can use your high-yielding earned income job to pay for it. The goal is to eventually have your skills as an entrepreneur coving part or all of your expenses. Which buys you time, so you can become time rich like in the previous article I discussed.
Than you can either quit your high yielding income job, or keep it because its more cashflow. But eventually you will want to quit your high yielding income job once you realize that 1 month of good entrepreneurial effort could yield you the equivalent of an entire year of high yielding income wages. That's when you become free, and utilize that free time to invest or learn more skills.
In conclusion, if you want to start on the path to wealth and freedom, it's important to have a solid ground to build off of.
Pursuing a path of an entrepreneur can be risky, and it's important to have a fallback plan. By learning a high-yielding skill in technology, medical, or trade skills, you can have a source of income that will allow you to pursue your entrepreneurial dreams while covering your life expenses.
Its good to have a coach, I wished I had one when I become an entrepreneur. I had to figure out most of what I know on my own. I would love to help you if I can, and you can book a 5 minute meeting with me below for free.
Key Points To Take Note Of
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