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Micro Rewards: Milestones Along The Way To Retirement
Introduction:
I couldn’t believe where I was sitting. The Silverstone Formula One Circuit was in front of me. I was sitting inside an Aston Martin V-12 Vantage, yes, James Bond’s car. I hit the gas, and I began to live an experience.
The road to Silverstone started in the summer of 2022 when I wrote my first Bucket List. I am teaching you what has become an integral part of the Freedom Day Method in this book. When I wrote my list of 100 things that I wanted to do before I die. As I started to plan how to attack the list, and after a fun conversation with my friend Roger Williams of the Crosser Offer Podcast, I realized that I had twelve things on my Bucket List that involved planes, trains, and trains and automobiles. They included things like driving a Lamborghini at the Formula One track in Austin, flying on a World War 2 bomber, and riding on one of the most famous trains in the world.
As I began analyzing these twelve Bucket List items, I realized that most could be done for about $400-500. Then the aha moment hit. What if I did one of these each month instead of doing them all at one time? I had just sold one of my businesses, and could easily afford to do any of them. Still, instead, I decided to act like I didn’t have that money available. I would create an income source that would give me an extra income of $500 per month that I would redirect into my Planes, Trains, and Automobiles 12-month strategy. I love to write, so my simple solution was to write some articles and find places to get paid to blog. This took about four months of lots of emails, and I was able to sell my first articles and also get commitments to buy ongoing articles.
In February of 2023, I could have enough recurring income coming in that was generating about $500 per month. That money, combined with a vacation to London, put me in the driver's seat of that Aston Martin. Four hours later, I had driven my dream car on one of the most famous tracks in the world.
The idea of combining Bucket List items with side hustles or Freedom Engines(™) led me to the concept of Micro Rewards. This concept helps you stay motivated along your path to financial independence. Once you create a new income source that you can use for a Micro Reward, you can then use that source later for other rewards, reduce your debt, or use that to buy assets to create your Freedom Day(™)
Achieving financial independence and reaching retirement (or Freedom Day) is a long journey that requires persistence, dedication, and effective planning. However, rewarding yourself along the way is crucial, making the journey enjoyable and motivating. Micro rewards, which include bucket list items and side hustles (Freedom Engines), are an excellent way to celebrate milestones on your path to a work-optional lifestyle. In this article, we'll discuss the importance of micro rewards and how they can help you stay motivated and engaged throughout your journey to retirement.
The Importance of Micro Rewards:
1.
Maintaining Motivation
As you work towards financial independence, staying motivated and committed to your goals is essential. Micro rewards serve as regular reminders of your progress, motivating you to continue working towards your long-term objectives.
2.
Celebrating Achievements
Micro rewards allow you to celebrate the milestones you've reached, whether it's paying off a specific debt, reaching a savings goal, or growing your Freedom Engine. Celebrating your achievements gives you a sense of accomplishment and reinforces your dedication to your financial goals.
3.
Enhancing Work-Life Balance
By incorporating micro rewards into your journey, you'll maintain a healthy work-life balance and prevent burnout. Pursuing your passions and interests through bucket list items and side hustles allows you to find joy and fulfillment outside your main job, making retirement more enjoyable.
Integrating Bucket List Items as Micro Rewards:
1.
Prioritize Your Passions
Create a bucket list that encompasses your dreams, passions, and goals. Consider which activities or experiences will bring you the most joy and fulfillment. Prioritize these items, and aim to accomplish at least one per year as a micro reward for your financial progress.
2.
Set Milestones
Link your bucket list items to specific milestones on your journey to financial independence. For example, plan a dream vacation after paying off a high-interest credit card, or take a photography class once you've reached a particular savings goal. By tying your bucket list items to financial milestones, you'll have tangible incentives to keep pushing forward.
3.
Keep Your Bucket List Flexible
As your interests and priorities change, update and adjust your bucket list. This flexibility will ensure that your micro rewards continue to bring you joy and satisfaction throughout your journey to retirement.
Utilizing Side Hustles (Freedom Engines) as Micro Rewards:
1.
Align with Your Interests
Choose a side hustle that aligns with your passions, skills, and interests. By doing so, your Freedom Engine will generate additional income and be a rewarding and enjoyable way to spend your time.
2.
Set Income Milestones
Establish income milestones for your side hustle, and celebrate your achievements when you reach them. For example, treat yourself to a weekend getaway when your side hustle generates its first $1,000 or invest in a new hobby once you've reached a specific monthly income goal. Celebrating your Freedom Engine's success will keep you motivated and focused on growing your income stream.
3.
Learn and Grow
Use your side hustle as an opportunity to learn new skills, grow your professional network, and explore different industries. By treating your Freedom Engine as both a source of income and personal development, you'll derive greater satisfaction and enjoyment from your side hustle.
Conclusion:
Micro rewards, such as bucket list items and side hustles, are essential to your journey to retirement and financial independence. Incorporating these rewards into your financial plan will maintain motivation, celebrate achievements, and strike a healthy work-life balance. You'll achieve goals by embracing the concept of micro rewards and integrating them into your path to Freedom Day.
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