By Marc Goodin
Becoming Rich is possible with discipline and consistency.
I have always been a great saver. A few short years after college I started saving 30% of my salary. Sure, our vacations were often a stay at a family member's home a couple of states away. Yes, I always bought all my cars used. The 9-year-old Jeep I am driving now is the first new car I ever bought since college. We won’t go into the stupidity of my car buying in college.
Until Covid, I bought everything with cash and paid in full. I saved a ton in interest costs and a ton of money since I simply did not buy things I did not need as the rest of the neighborhood did. I have transitioned over to paying with my credit card (auto-paid in full each month) and enjoy the thousands in free cash back every year. Old habits are hard to break so I still carry $1,000 in cash in my wallet.
Starting in college I always had a side hustle. Two of my favorites were buying & selling silver coins and fixing and selling old houses. Even my self-storage career started as a side hustle. I don’t remember too many weekends when I did not work. Becoming rich maybe be simple on paper but it is not easy.
I just read a story about a Janitor from Massachusetts who just died. His friends and family were so surprised he had an 8 Million dollar estate. He put a piece of every paycheck into the stock market. Discipline and consistency pay off.
I started my path to becoming wealthy when I sold all my properties and took every penny I had and leaped into self-storage development and ownership.
Rich is not wealthy.
Rich for many of us is living a very comfortable life and working to save for retirement. The exact dollar amount will vary depending on a lot of things. I thought I was rich when I got my first job out of college at $19,000/year. I bet today many people would consider making $200,000/year income, rich.
Wealthy, for most of us, means an investment income (not W2 income) so we have plenty of time to enjoy the money. It could be the exact same income before we retired. But for many, I suspect a wealthy income may be defined as making at least double the $200,000 work income above without having to go to work.
I became wealthy from self-storage.
I said I would never retire from the engineering business I loved. But at age 50 my self-storage income was nearing doubling my engineering income and growing. I could not help myself and retired. I worked about 6 - 8 hours a week watching over all my self storage. Being wealthy is having the money and time to enjoy it.
I do have to point out that some of us need something to do other than relax, play, and hang out 24/7. We enjoy building/running a business and it's part of our DNA. We may do it for the rest of our lives. After 5 years of retirement, I needed more. And that’s when the Storage Authority franchise was born!
Even at the beach, I have to find something to do. I am making a giant heart for my wife GP.
At Storage Authority we help busy professionals make a lucrative income & nest egg while they still have their careers. Just knowing whether going to work tomorrow or not is your choice can change your life.
Do you want to have a 15-minute call to learn how Storage Authority helps improve the systems, sales, marketing, and profits at your existing facility? If you are building from the ground up let's also review how we help you find land and get your facility designed, approved, and built.
Please send me an email or call me – no appointment is needed:
marc@StorageAuthorityFranchise.com or 860-830-6764
Get more information on Storage Authority Franchise at www.storageauthorityfranchise.com/opportunity3
Marc Goodin is the President of Storage Authority Franchising. www.StorageAuthorityFranchise.com He owns 3 self-storages he designed, built, and manages.
He has been helping others in the self-storage industry for over 25 years. He can be reached at marc@StorageAuthority.com or directly at 860-830-6764 to answer your franchising, development, marketing, sales, and operations questions. His best-selling self-storage books are available on Amazon.