A couple of years ago I started doing something that many people told me I was crazy to do (including my lawyers) — share the financial results each month of my company Jakt.
We were a private company and had no obligation to do this, but I decided I wanted to.
Well, when I started Jakt I had no idea if how we were performing financially was good or not. And no other agency that I knew was releasing their financials. Eventually, I decided, why not do it? I always wanted to see others so I could learn, so why not do it myself? And that’s exactly what we did. We released our financials every month of 2018.
If interested, you can find those on the Jakt blog.
In June of 2019, I sold the company and it closed a chapter of my life — including releasing company financials because, well, I can’t make those calls anymore.
But now I’ve decided to up the ante.
So, I’m going to go against the mold a bit and release a couple of things every month:
- Personal net worth
- Income from assets + investments
I never told anyone this (not even my family), but I had a personal goal to be worth $1 million by the time I was 30.
I ended up achieving that.
I have to say, it wasn’t that exciting.
I set the target when I was a teenager because I thought $1 million was so much money then.
Now that I’ve achieved it, I have to say, it’s not that special. It’s not like with a $1 million net worth I can buy anything I want.
But what it has given me is time freedom.
I don’t have to work now for the next 10 years if I don’t want to.
For those of you who know me though, there’s no chance I’ll be doing nothing for 10 years. I love the game of business way too much.
In the last few weeks, I’ve had a lot of time to think about things.
And one thing I realized is that even though I have time freedom now, it will end in 10 years.
When I was a kid I thought being a millionaire would be when I made it.
What I’ve realized is that what I really want is time freedom — that lasts as long as I live.
Right now, I have 10 years of time freedom. But because most of my net worth does not generate cash flow, it means I’ll slowly burn through it.
So now I have a new goal: 100k per year in income from assets and investments.
I figure with 100k per year I could never need to work again (although I don’t think I’ll actually not work).
But that total freedom of choice and time is what I’m after.
So how am I going to get there?
Well, I’m not exactly sure.
But I plan to document the journey so you can follow along.
What I can say is that my initial plan will be to adjust the allocation of my current assets into more highly income-producing assets. I’m not sure that doing this alone will get me there though. I think I’ll probably need to create some additional income to help get me to the 100k.
I’ll explain more why this is the case in my next post. In my next post, I’ll lay out where I’m currently at with my income from investments, where my net worth is allocated and my next steps.