A MUST read.....
Rarely will I come across an article that I think is a must-read for 99% of the population. This past week I did.
Mark Fisher, owner of a highly successful boutique gym in NYC, shared this article.
The article is enlightening, emotional, insightful, and interesting. It's also long.
If you have an extra 15-20 minutes at some point next week, give it a read, especially if you're serious about opening a gym.
When you do, I want you to ask yourself a very selfish question.
With my current job or in my current situation, will I become part of the 9.9%?
If you're currently working for someone, more than likely you won't become part of the 9.9%. Even as a pharmacist making $100k per year, I likely won't become part of the 9.9%. Kids, a family, and life, in general, are expensive.
Or, should I say, it won't happen while I still have hair on my head.
The funny thing is that most people look at healthcare professionals and automatically assume they'll be in the 9.9%. Heck, most kids go into a healthcare-related profession because they assume they'll be catapulted into the 9.9%. I know I did. So did my roommates.
And then we graduate from college with our expensive degrees and the reality of life hits us. Car payments, house payments, medical bills, kids, student loan payments, health insurance, and a handful of smaller bills begin accruing. Suddenly, that $100k salary doesn't look so big. After a few years, it's not surprising to see a 6 figure healthcare professional have a negative net worth, living paycheck to paycheck.
Even more surprising is the fact that it's my gyms and other ventures that will more than likely catapult me into the 9.9% club. When I opened my first gym, my pharmacy classmates laughed. As they were signing the paperwork on their $300k mortgages and $60k BMWs, they were telling me I was wasting my money on my gym. "Stick to pharmacy, and you'll be fine.", they said.
Now, as I continue to collect a paycheck from the pharmacy that will pay for medical bills, meals, vacations, and eventually college for my kids, my businesses are busy growing my net worth with each passing month. Although I'm not in the 9.9% yet, I'm getting closer and closer while still vacationing, saving for my kids' college, etc.
So you, like I, have two options... Continue on our career path, always fighting for a promotion, so we can hit that $250k+ salary with the hopes it catapults us into the 9.9%, or do as Guy recommends - start building cash-producing assets.