In this seven-week series, we are using the book, “The 7 Habits of Highly Effective People,” by the late Stephen Covey, and applying it to the NDQ method and philosophy of building wealth.
Habit 2: Begin With the End in Mind
If you are already sold on the idea of early retirement or have been planning for your future with aggressively investing in income-producing assets, you already understand Habit 2. Knowing where you want to be and how you want your life to look is the essence of “Begin With the End in Mind.”
Create that blueprint for all areas of your life, so that you are intentional with the design and how the result to appear to you. Getting clear on the what the outcome looks like will make your planning that much easier.
For example, if you know you will need to replace $4,000 each month of job income with investment income in order to retire, that’s a clear picture of what you will need to earn from investments on a regular basis. From that point, it’s easy to draw up a plan with goals for achieving that amount. You can then add in the various forms of investments you will use to replace job income with investment income such as rental income, dividends, residuals, consulting fees, interest and so on.
The real beginning of anything is the end. Start at the end, determine what the outcome will be and how it will look and feel. Then work backwards to develop a plan. This way, you’ll not only know where you’re going, you will actually know when you get there because the “end” will be familiar.
p.s. Check out the new NDQ Guide: 500 Tips the guide that will give you actionable steps to jump start your savings and investing immediately.
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