An excerpt from my upcoming book:
Two years ago, I was sitting in a stiff-backed office chair in a tiny room with my business mentor. The lights kept going out. On automatic timers, they responded to movement, and I was so riveted that I wasn't fidgeting enough to keep the lights on. That office chair was beginning to feel like a therapist's couch.
"What's your biggest fear in business today?" he was asking, and I didn't have to think long at all.
"Retirement. I'm putting NOTHING away." I said. I'd been brought up at the feet of regular RRSP contributors, who maxed out their annual contributions for tax refunds. My parents had every conceivable form of 'safe' investment; I hadn't contributed to a retirement plan for 5 years.
"Well, don't worry about it. You're not going to retire." he said. My blood pressure spiked. "You're not the kind to retire. You're always going to be doing something." He said. Strangely, that put me at ease. It may not do the same for anyone else.
Tim Ferriss' first big seller, The Four-Hour Workweek, shared several novel ideas about the relationship between 'work' and 'time.' Instead of massing a lump sum over 30 years, and then stretching it for another 30, Ferriss advocates "mini-retirements" throughout one's lifetime.
The 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich (Expanded and Updated)
Rather than trying to save 600,000 by age 55, take one whirlwind vacation and settle into a pattern of driveway-watering, Ferriss champions the idea of three-month "mini-retirements" while you're young enough to enjoy them. Twenty thousand dollars, spent judiciously, can get you out-of-country for a year at a time, if you choose. Ferriss goes into great detail in his book, which I recommend.
Rather than work stoppage, then, we may consider work abatement. We can think about rest time. Call it 'active rest,' if that makes you feel better about it.
For many entrepreneurs, a change is as good as a rest. There are two parts necessary for you to walk away from your business, a week or month at a time:
1. Solid business infrastructure, so that staff can run the business (no business runs itself);
2. Cash flow that doesn't depend on your presence (though cash flow from your LEGACY is fine.)
More on this topic, including Investment at startup, and investment through your gym's lifetime to provide hands-off income, will be included in my book. First editions, crudely edited, will be available at the Ops Seminar in Fort Lauderdale on August 11; nicer copies will be available by the end of September.
Awesome news Chris! Absolutely love your stuff, and look forward to the book. I've learned so much from your blog as it is.
Posted by: Darren | 07/25/2012 at 12:37 PM