You Can’t Get Rich If You Can’t Wait to Get Rich

You likely can’t get rich overnight. But if you’re willing to plan and save, financial independence can be yours. A few tips for future financial success include: 1. Think long-term with your work, your time, and your investments and 2.) Turn your money into passive income, or earnings that come from an endeavor you don’t have to be actively involved in.

I Can Wait to Get Rich

A rich person thinks to the distant future, a poor person only thinks to the weekend.

I want to be rich, so I plan ahead. I consider how everything I do today will affect tomorrow. When I started investing, I did it to save for retirement. I’ve always had it in my head that it would be smart to sort of “frontload” my life, for lack of a better term. I planned to save like crazy while young to have an easy retirement.

So, in order for me to take care of myself and reach financial independence (I should be financially independent by 30), I focus all my money-making efforts on the long term. This means no going after the quick buck. Everything is sustainable. A dollar here and there doesn’t make me happy unless I can keep up that source of income. For my freelance writing (shameless plug), I work to create quality material in order to gain long-term clients. My investing style is the same. I need to make money for the long term.

I wasn’t born rich, but I’ll get there someday. I know I have to wait a bit until that day comes. And, to me, that day will come when I reach financial independence, or when I’m able to live comfortably off 100% of passive income.

Suggested Article: How to Enjoy Saving Money

How I Nurse Side Hustles

Side jobs are fantastic. But they can be time-consuming.

So, lately, I’ve been short on time (sorry if I haven’t replied to your email yet). But I haven’t been short on opportunities (thank you for your emails). I’ve learned the art of outsourcing a select few tasks and it feels great.

What I’m currently doing is building up different side hustles until they can turn into passive income. After they turn passive, I enjoy having my mind freed up to move on to something else. For instance, I may build a website from scratch, but once it starts bringing in money, I may outsource different aspects of the site to other people. I know how to do these things myself, but if I can make more money focusing my time on new ventures and pay a VA to do the boring stuff, then so be it.

I’ve just started learning about actually handing off the baton — and, I gotta say, I love it! At first, I didn’t like letting anything out of my control. But thanks to Tim Ferriss, this way of building up passive income makes a lot of sense.

Note: More to come on my Journey to Outsourcing. Right now, I’m only earning approximately $600/month off completely passive income. I’m still pretty proud of it although I have my head bent down, charging forward, looking for ways to produce more and more passive income. I’m kind of a baby when it comes to posting my total income reports. Would you like to instead see my Passive Income Reports? Heck, I think that may be a grand idea. Comment below, yo!

Suggested Article: How to Earn Real Money on the Side

If You Forget About the Present, the Future Won’t Come

This is a disclaimer if you aren’t a regular reader of this blog: Please don’t think all this talk about the future isn’t making me happy and successful at this moment in time. First off, I don’t do any jobs that don’t make me happy. Life’s too short for that nonsense. I also do not save to the point where I am angry at people who drive BMWs. And building up income for the future is actually pretty rewarding in the present. The peace of mind is one of the greatest feelings ever!

I have so many small incomes coming in that there’s basically no way I can go broke. Can 12 income streams really dry up completely all at the same time? As Kevin McCallister said in “Home Alone”:Ā “I don’t think so.” Unless a zombie apocalypse really happens. But in that instance, you’ll find me holed up in a barn loft, surrounded by ammunition, canned food, and bottled water — lookin’ through my scope for the walking dead.

In Summary

Step 1: Make lots of money

Step 2: Turn that “lots of money” into passive income

Step 3: Reach financial independence

Step 4: Make this step whatever you want it to be!

Suggested Next Article:Ā These Are Some of the Best Videos on YouTube About Money

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  • Great post, Will! I do think about the long-term, but I’m afraid I focus a lot on getting out of debt, and not so much about what is next. I do want to massively overhaul my financial life post-debt, invest a lot, save, and have fun. I love your strategies here. So glad you are getting more opportunities, too.

  • I have always been a long-term thinker and planner. I find it gives me a little more stability and fluidity. I don’t want to have to pause every weekend and create a short-term plan. It sounds like you have a little Pat Flynn and Chris Ducker going on! Income reports seem to be super popular in general, but I think it would be neat to detail all of your experiences. I’m in agreement on not taking on things that don’t make me happy (to an extent), as life is way too short to be miserable.

    • William Lipovsky says:
      First Quarter Finance logostaff

      I get furious whenever someone tells me, “Well, sometimes you gotta work in a job you don’t enjoy.” I call BS. Life is definitely too short for that.

  • For the most part I think about how major financial decisions will affect me in my 30’s, 40’s, and 50’s…. but sometimes I don’t even think about getting to the weekend, I’m already trying to get to my next coffee break šŸ˜‰ haha

    I have actually NEVER calculated at what age I’ll become Financially Independent — it never occurred to me to stop working, so I’ve never cared. That said I haven’t slacked on building up assets or creating passive income streams, I”m just not sure when my “break-even point” would be… maybe it’s time I do the math.

    • Hi Bridget, I certainly agree with what your are saying there.

      I’ve calculated I could be mortgage free by 40, but I’m not prepared to make the lifestyle sacrifices necessary for that.

      But as for true financial independence – I’ve also never calculated that.

  • What a great way to look at the future. I too feel the same way as it is gratifying to work towards FI. Each dollar I invest is another minute of time I gain later in life.

    I will be making a huge transition as I will be starting my own business to escape the rat race and I accept the challenge! Great post

  • Anton Ivanov says:

    Building wealth is definitely not something that’s done overnight or even in the course of a year or two. I think time is your best friend is you have the discipline and diligence to keep doing the right thing and making smart every-day financial choices.

    Great post!

    • William Lipovsky says:
      First Quarter Finance logostaff

      Thanks, Camille. But I think ‘good’ is more appropriate than ‘great’. ‘Great’ will come though!

  • Reading your posts is scary sometimes. I was just emailing a family-friend about front loading my life about a week ago lol.

    I would definitely be curious about your passive income report. Between hearing about your progress with building passive income and Kraig @ Create My Independence’s success with, well, creating his own independence, I’m pumped for some of the endeavors I can tackle when I graduate and free up some time. You’ll have to show me the ropes on how to find a good VA when the time comes šŸ™‚

    Generally speaking though, the whole concept of working for the weekend has never quite settled in my mind. Weekends are just another day for me. As it currently stands, I work at a desk all day no matter what day it is… maybe I’m just used to it now. My objective is to continue that work, but make it my own.

  • Great post. really enjoyed it. I can’t wait to get rich too. I don’t have 12, but hope to have up to that number very very soon. Thumbs up!

      • siji olawumi says:

        Thanks for coming over. I will keep you posted as I either add them, or monitize the ones I have. I am a medical doctor here in Nigeria, and only just started personal finance blogging about a month ago (so no money coming in yet from that). I am a trivia buff (won on Who wants to be a millionaire Nigeria, won many smaller quiz competitions, etc). I am also developing some other income streams.
        But I must confess, it isn’t as easy to have multiple income streams here in Nigeria as it is over there in USA (my opinion, since I haven’t lived in USA- was last in NJ when I was a baby. lol)

  • I do both…but with investments I only think long-term. I think about current expenses to see what I can save to invest for the long term. I don’t want my short-term to ruin the long-term. If you are checking investments everyday you don’t understand the goal or market and you will drive yourself insane to the point of pulling your money out at a loss.

    • William Lipovsky says:
      First Quarter Finance logostaff

      Investing is sometimes about what you don’t do more so than what you do do. Do do…

  • I’m rereading T. Harv Ecker’s “Secrets of the Millionaire Mind”, and I just read how growing up his parents saved so he associated money with future wealth. Alternatively, his wife grew up asking her dad for money and when she got it, she spend it on experiences right then. So she viewed money as a method of immediate gratification; a way to experience life, while he viewed it as a way to build wealth. For them, it was about recognizing their “money blueprints” (i.e. how they were trained to think about money growing up) and creating a new money blueprint for their relationship. This post reminds me not only of this part in the book, but also that you have to understand why you think the way you do about money before you can just change it.

    • William Lipovsky says:
      First Quarter Finance logostaff

      I’ll have to read that. I’m a bit confused about how I got the way I am. My parents aren’t particularly frugal or money hungry. I’m both.

  • I’d love hear more detail about the side hustles, especially realistic hours spend researching learning, and how long it takes to build up the income stream.

    • William Lipovsky says:
      First Quarter Finance logostaff

      Realistic hours. I’m glad you said that. Way too many people say garbage like, “It only took about 30 minutes.” Bologna.

      It reminds me of in high school how people always said, “Oh, yeah the homework only took me like 5 minutes.” Bologna.

      More to come. No bologna.

  • Oh yeah! All about the long term over here. Though I do have to remind myself at times not to wish away the present in favor of the future. I can’t wait until we’re FI in three years, but I also focus on enjoying our lives right now. So, I guess I save for the future but live in the moment too :).

    • William Lipovsky says:
      First Quarter Finance logostaff

      3 years?! Then you’ll have to give me your new address in the country so I can visit! šŸ˜€

  • Emma Lincoln says:

    Will, I love your point about making decisions based on the long-term, not the short term. In my family, we call this “stepping over a dollar to pick up a dime.”

  • Kassandra says:

    I have 12 years or less to reach FI so that is what our financial focus is mainly on. I can’t go back in time but I do wish I had the foresight that I do now, back when I was twenty!

    • William Lipovsky says:
      First Quarter Finance logostaff

      12 more years! woot, woot! Don’t feel bad about not starting sooner. You’re ahead of a kabillion other people!

  • First of all, yes – I would absolutely want to see a passive income report. That’s the side of your income I would be most interested in seeing anyway!

    Second – I love the feeling of “planting seeds” for later. It’s almost as though I don’t even WANT to be rewarded now, because I know it can be so much more later. I want to put myself in the mindset of “I am putting this money into an investment and it is gone for now”.

    Years later, I will switch my mindset to actually living off of that wealth.

    • William Lipovsky says:
      First Quarter Finance logostaff

      Let’s hope we can make the switch when that time comes! It’ll be difficult, for sure.

      And I think I will create a passive income report. Thanks for the response!

  • I wish I was financially literate at your age. I used to think that I needed to be very talented or very lucky to be rich, but now I see that anybody could get rich… with time. I don’t have that much money right now, but I know that what I have is going to grow to a substantial amount… all I need is time.

    • William Lipovsky says:
      First Quarter Finance logostaff

      It’s kind of crazy to think that someday we’ll be rich. Our plans are so bullet-proof I can say that with complete confidence. *raises glass*

      • The Roamer says:

        You’re so right Will.
        Thinking long term is great and making realistic plans really do show that so many people can be rich. I told myself I was going to reach a million before I died and now that I am learning so much from the PF people it is a certainty that I will reach my goal. A lot sooner too.

        Thanks for reminding people to think far enough ahead. Also 2nd info on how to build other income streams. No bologna like you said

  • “…only in my situation Iā€™m both the children and the aged parents.” I love it.
    We had the generation that scrimped and saved because of the depression. (Always thinking there wouldn’t be enough come next weekend.) Then we had the generation that just expected things from their parents since they had scrimped and saved. (Always thinking about their own joy next weekend just figuring their inheritance will take care of the future.) Now we got a new future thinker. One trying to be a saver and a liver (no, not the organ. : P) at the same time. One who realizes how both are important. Now is great and the future will be taken care of too by the great things I do today.

    You are a great example to lead this generation, my friend.

    • William Lipovsky says:
      First Quarter Finance logostaff

      I love the millennial generation. Honestly, go online for 30 seconds and you’ll find yourself inspired by something a millennial has accomplished. Generation Z looks promising as well. The other day I watched a stellar YouTube tutorial delivered by someone who must have been about 10 years old!

  • Passive income and multiple streams all the way: build a website, then make yourself obsolete by outsourcing to others so your time is freed up to do it again. And again. And again.

    Job security isn’t what it used to be, so anyone sticking to a single career path (unless you truly are irreplaceable) is stacking all the chips on red. I think our generation needs to be flexible, and you’re clearly doing everything you can to ensure you remain at the head of the pack.

    • William Lipovsky says:
      First Quarter Finance logostaff

      Relying on one single income would be scary. Extremely scary. Right now I’ve started outsourcing my freelance writing. I can’t do it all and I hate saying ‘no’ so outsourcing it is!

    • Myles, your “build a website, make yourself obsolete, then do it again” comment is intriguing. What type of website are you referring to? Am I correct in understanding you as saying that any type (e.g. information-sharing (forums), blogging, etc) of website would do?

  • I like this! I think that too many people want so much instant gratification and do not think about the future – there’s a pensions crisis for a reason. I like your cliff notes at the bottom too šŸ™‚

    • William Lipovsky says:
      First Quarter Finance logostaff

      I’ve seen too many poor old folks who got that way because they didn’t plan ahead. That won’t be us!

      So what’s your Step #4?