Nothing like starting with the punchline, but that is the whole point of this article.

As I have mentioned in my books and previous articles, getting richer is your most advantageous activity if you want more freedom.

I always come back to a few quotes I love:

“We cannot solve our problems with the same thinking we used when we created them.” - Albert Einstein

“Don’t wish it was easier, wish you were better. Don’t wish for less problems, wish for more skills. Don’t wish for less challenge, wish for more wisdom.” - Jim Rohn

I like to drive the point home by asking people if the problems they had in junior high school would still seem like problems now. So ask yourself,

Did the problem get smaller or did you get bigger? The things that sent you into a tizzy in middle school are laughable now. You grew. You learned more and you developed more life skills. The problem didn't change. You did.

The same holds true for money problems. A $5000 debt may seem like a big problem now, but if you grow and become richer, it will be less of a problem. It is still $5000 but your ability to deal with it has changed.

This is why I always say get richer. It also solves the dilemma of "should I pay off debt or invest?". .

Always invest

Now the other mantra I repeat over and over again is:

Cash flow is king.

Always create more cash flow. The more money coming in every month the better.

The long-term solution to your money problems is to earn more money.

This may seem like an over-simplification but it is not. Just make more money.

How?

Well if you are a regular working stiff you might have a problem doing this. You may have to ask for a raise. You may have to work longer hours, or upgrade your skills in order to earn more. This is because you are at the mercy of your employer to decide whether you are worth paying more money or not.

In my BYOB strategy, YOU are the king. YOU decide how much money you make, borrow and invest.

So here is the simplified idea. Income can be bought.

How?

You buy assets that generate cash flow.

This can mean all sorts of things:

1. Real estate

2. Businesses

3. Dividend bearing stocks

4. Peer to Peer lending

5. Side hustles

There a ton of ways to generate income.

Let's use "dividend bearing stocks" as an example as this is my favourite vehicle and is the most versatile.

As you may know, many companies distribute a portion of their profits each month/quarter with their shareholders. This means, for every share you own, you get a specified payout per share. Each company that does this has a different amount depending on how big they are and how profitable they are.

So if you bought 1 share of Scotiabank (BNS), as of today they would pay you $1.06 every quarter just for owning that stock certificate. You will receive this "free money" into your brokerage account like clockwork whether you pay attention to it or not.

And it gets better. They are likely to give you a raise from time to time. This particular company has increased their dividend nearly every year for about 100 years. I figure thats a pretty good track record.

So back to the philosophy of buying income - now you see that you can choose to increase your income just by investing in a great company. You are earning more money and you really don't have to work harder or invest more time. It is very simple.

Of course, the reality is, this will take time to really make a difference. You will not get rich overnight doing this. But I will say, you will be richer than you were yesterday. You will be earning more money . Bit by bit you will increase your cash flow and this will increase your ability to solve problems. Nice work if you can get it.

The wonderful part of this is you can start small. You can invest as little or as much as you can afford and still be moving in the right direction. This will create momentum and soon you will be addicted. You will build upon your 'wins' and eventually you will not be able to imagine how you lived before.

I implore you to manage your money so that you can have some extra to invest. I suggest you spend less than you earn and make it a habit. You will have to think long-term, but it will pay off.

“Until one is committed, there is hesitancy, the chance to draw back, always ineffectiveness. Concerning all acts of initiative and creation, there is one elementary truth the ignorance of which kills countless ideas and splendid plans: that the moment one definitely commits oneself, then providence moves too.

All sorts of things occur to help one that would never otherwise have occurred. A whole stream of events issues from the decision, raising in one's favour all manner of unforeseen incidents, meetings and material assistance which no man could have dreamed would have come his way. I have learned a deep respect for one of Goethe's couplets:
Whatever you can do or dream you can, begin it. Boldness has genius, power and magic in it. Begin it now.”

― William Hutchison Murray, The Scottish Himalayan Expedition

I use the dividend example to explain the concept, but it also applies to the other income ideas I mentioned.

You can buy a business that is profitable.

You can buy a rental property that earns more than it costs.

You can lend your money to others and collect interest

You can invest your time, energy and creativity into a side-hustle that generates income

There are so many ways to generate income. Do not be paralyzed by fear. Do not wait until the time is right. It will never be right. Do not scoff because the amounts are small. Scale is irrelevant. It is the actually doing of it that makes you spectacular. If you have made the decision to pursue any of these income generating ideas and are ACTUALLY doing it, you are in the 1%. You are elite and it will do nothing but grow. It will grow your wealth, it will grow your power and it will grow your mind. You will never be able to go back to who you were before.

Welcome to the high country, my friends.