Did you know that only a very small percentage of the world’s population (between one and two per cent) will enter their retirement years with wealth abundance? Not only is this small number of people, such as Richard Branson, Elon Musk, Bill Gates , free of financial pressures, but they have so much surplus income after paying for their lifestyle that even after all of their expenses and contributions to the community, their asset base continues to grow year after year.
The other 98-99 per cent of the population will sit somewhere on the wealth spectrum – from being a victim of wealth through to having financial freedom.
The Spectrum of Financial Wealth
For the victim of wealth, no matter how much money they’ve earned throughout their life, each month they seem to find themselves in a worse place than they were the month before — getting themselves deeper into debt, usually through the overuse of credit cards. Many have to get more credit cards to pay their previous credit cards. And of course, it’s everybody else’s fault. These people will always be dependent upon government or family handouts to see them make do with a subsistence lifestyle.
Many victims of wealth are either employed or own a business and even though they earn enough money, they have nothing to show for it. When they do get money, they buy new clothes or a car or go on a holiday. They are surviving, but certainly not thriving.
Those who are at the financial freedom end of the spectrum have accumulated sufficient assets (e.g. property or shares ) to generate enough passive income (i.e. the money keeps coming in, even when they’re sleeping) to pay for the lifestyle they desire and all of their expenses, without ever having to go to work again. These people are truly free to make the choices they want because they have both the time and the money to do so.
Having first built a substantial asset base (of properties or shares etc), they then use their assets to create cash flow. This doesn’t mean they won’t go to work again, but they will now be able to make the choices because they have both time and freedom.
Kaibizzen’s Philosophy and the Wealth Spectrum
As business coaches and business mentors, we are very passionate about working with business leaders to ensure they achieve – at minimum – financial freedom. (But preferably, financial abundance!) Owning a business is one of the most difficult and risky challenges a person can undertake. Therefore, we believe if you’re willing to take that gamble you deserve to be rewarded by achieving the lifestyle you truly want to live.
Kaibizzen’s philosophy is this…
Your business is the tool to give you the lifestyle you truly want.
Most business owners, like most employees, live week to week. They earn enough money from their business for their current lifestyle and that’s as far as the money goes. Unfortunately, most business ownerswill find they sit closer to the victim end of the wealth spectrum.
Our process starts with defining what a life of financial freedom or abundance truly looks like for you. From there, we reverse engineer from your desired lifestyle to see what your business needs to look like, to give you your current lifestyle as well as what else it has to provide in order to generate more cashflow, so that you can invest rather than spend.
In our process, the foundation of your business goals are your lifestyle goals.
We see too many business owners doing it the other way around. In other words, they develop a plan for their business and take what is ‘left over’ from the business. . More times than not, the leftovers are keeping them in survival mode or, worse, a victim mindset.
We know that once you start investing, those investments will also begin to provide you with cashflow, and working together your business and your investments, it will build your wealth portfolio. Eventually, you’ll reach a point where if you want to keep working, you can. If you want to spend your time doing philanthropic duties or other things you can. You’ll come to a point where you’ll truly get to do what is most important to you, unencumbered by financial obligations.
If you’re a business owner looking to use your business and assets to create cashflow and enough passive income to give you your lifestyle goals, here’s how we can help you:
Are you ready for your business to start working for you, rather than you constantly working for it? At Kaibizzen, we have over 18 years of experience working with Australian business owners to help them to align their business goals to their lifestyle goals. If you are looking for a Brisbane or Sunshine Coast business coach, contact us today.
What does it take to actually remove yourself from the day-to-day grind of business? Learn from our panel of Business Owners who've Been There, Done That.