Creating income in ways that are outside of your hourly work or time "put in," is another way that professionals can de-Jones their income. As a lawyer, and like many professionals, although my hourly rate is good, the second I stop working at my profession, my income stops too. Even worse, since I have owned my own law firm, not only does my income not continue while I am not working, my expenses continue while I am not working. It has become extremely difficult to take a vacation of any sort due to the fact that my expenses continually generate REGARDLESS of whether or not I am working.
This has occurred even though I had the help of experts and business coaches all along the way. Not one of these experts looked at the pure cost of “keeping up with the Joneses.”
Each of these experts seems totally embroiled in the same culture and has not looked at the insanity of the clutter we create in our lives as "successful" people.
However, there is a new entrepreneur mindset that looks at creating income differently.
The coaches and experts I worked with did not suggest that I reconsider my model of working a 40-plus hour week. So I chose to look at the some other ways of seeing work, especially those set out in the book by Tim Ferris called the 4 Hour Work Week.
One of the elements of Doing Away With Your Inner Jones is specifically related to taking care of the income I create. In my pursuit of success I created a massive albatross of financial obligations.
I am now learning to take my professional income and pay down bad debt, and take good care of the income I do produce.
Residual income, passive income, and taking care of the money I do earn. This is a way of looking at creating income that makes more sense if you want to do away with your inner Jones.
Written by Val Hemminger, the nonconforming professional