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  • Rohit Musale, CFA

How to Make Money Without Working

Initially, this concept sounds very counter-intuitive, which is why, it took me some time to understand it.


I am going to explain this with an example.


Back in 1999, I read a book called as 'Rich Dad Poor Dad', written by Robert Kiyosaki.


In that book, there is a chapter called as, 'The rich don't work for money.'


When I first read that chapter, I did not understand it fully.


So I ignored the chapter and continued on with my normal life.


After I finished my graduation in 2005, I took up a job as a software developer.


I began working for money.


This was a 9-to-5 job, which means, I was trading my time for money.


After this role, I went to university to complete my post-graduation, after which, I started a couple of financial advisory businesses.


One of them failed.


The other one lasted for a couple of years.


I was not able to compete in a highly competitive market.


As a financial advisor, I was trading my time for money.


I did not realize at the time, that I was selling my time for money.


Because as a financial advisor, I was required to spend time with my clients.


I had simply created a new job for myself.


Whether it was my job as a software developer, or whether it was my role as a financial advisor, in both the cases, I was selling my time for money.


And I began to feel that, something was not right.


That's when I decided to go back to Robert's book.


I went back to that chapter and read it again.


And I began to understand what Robert was trying to say.


In that chapter, he was saying that, we must work to create assets, not work to make money.


When I understood that, my life completely changed.


To cut a long story short, after the failure of my couple of businesses, I re-entered the corporate world, and worked there for almost eight years.


This was in Dubai.


I understood what Robert was trying to say in that chapter.


However, I was not yet ready to implement that concept in my real life.


After my eight year stint with multiple 9-to-5 jobs back in Dubai, I was ready to escape the 9-to-5 rat race.


I had prepared my mind to escape the 9-to-5 rat race.


I was willing to pay the price to learn whatever I could, to achieve financial freedom in my life.


So I went back to Robert's book and read that chapter again.


I understood that, I will have to create an asset for myself, which can generate an income for me.


I understood that, I will have to replace myself with a product or a service, which can generate income for me.


That was a life changing mindset shift for me.


This was all happening in the year 2019, almost twenty years after I first read 'Rich Dad Poor Dad'.


Yes, it took me that long to understand the book, truly.


I had reached a stage in my life, when I was ready to implement those concepts in my real life.


I had reached a tipping point in my life.


I would say, my life was at an inflection point.


So I decided to start my own business and build a product.


Back in the day, in Dubai, I had built a financial education community.


This was an offline community.


During my weekends, I used to volunteer to provide financial education, free of cost, to ordinary people, who had no formal finance background.


That was how this community was built.


I was able to take this community from zero to 800 members in less than one year.


That's when I realized that, there is a need for financial education in the market.


And I was always passionate about providing practical and actionable financial education to ordinary people.


So I decided to build a digital product around this passion.


To cut a long story short, over the next six months, I ended up creating four digital products.


I published these video courses online.


People from all over the world began to take interest in these courses.


My video courses were my digital products.


Those digital products became assets in my business.


An asset is something that puts money in our pocket, whether we work or not.


That is the definition of an asset given by Robert Kiyosaki in his book.


I was able to replace myself with an asset in my business.


So now, my business was not dependent on me to grow.


I was gradually beginning to understand why Robert said that, 'the rich don't work for money'.


The people who are rich, are using their time to create assets.


The people who are rich, are using their time to build businesses.


The people who are rich, are not trading their time for money.


I began observing what the rich people were doing with their time.


I began to implement the same concepts in my business.


I decided to focus all of my attention to creating assets in my business, rather than simply working for money.


Because of this, I was able to achieve financial freedom in my life.


I had reached a stage in my life, where my monthly 'passive' income was more than my monthly expense.


This meant that, I was not required to look for a 9-to-5 job anymore.


All of this became possible because I decided to build assets in my business.


This is the reason why, I invest all of my time in creating assets, not on generating income.


This is the reason why, I am able to make money without working.


Because once the product is created, it doesn't take much work to maintain it.


I am literally making money while I am sleeping, because people are buying my video courses from all over the world from different time zones.


So I wake up in the morning to see more dollars in my business bank account.


That's what I mean, by making money without working.


I am talking about 100% passive income here.


Just to give you an example, imagine that you make a fixed deposit in the bank, which pays you a certain amount of interest income.


When you earn that interest income, you are making money without working.


You don't have to trade your time to earn that interest income.


The income comes to your bank account automatically.


So by choosing to invest your money, you are trying to make money without working.


And that's exactly what you must do, if you want to achieve financial freedom in your life.


Investing does not mean investing just in a financial product, like a fixed deposit or stocks or mutual funds.


Investing can also mean investing in your own business.


Investing can also mean investing in your own self.


Investing can also mean investing in your own financial education.


The more you invest, the more you are likely to earn an income from your investments.


And the more your passive income, the faster you will achieve financial freedom.


Robert's wife, Kim Kiyosaki also said that, she had to make a big mindset shift to transform her life.


She had to shift her focus from 'earning an income' to 'creating an asset'.


That is when her life began to change.


The richest people in the world are investing their money.


They are not trading their time for money.


They are making money without working, because they have replaced themselves with systems, people, products and services.


The systems, people, products and services are the 'assets' that are making money for them.


This is the reason why, you will have to learn to become a professional investor, not just an average investor.


Because, it is possible to make money without working, if you learn how.


Regards,


Rohit Musale, CFA


18 December 2022

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