Mon, 2 March 2020
Nate Broughton is an internet marketing veteran of 17 years who specializes in lead generation and client acquisition. He’s built and sold four companies and been involved in several acquisitions with private equity firms. He’s now the leader of a movement and company called The Opt Out Life which teaches people all over the world how to design an amazing lifestyle centered around fun and experiences… While still making fantastic money in an industry they love.
Favorite Success Quote
“Lifestyle before money. But money also.”
“If there’s a will there’s a way”
1. Focus on Lifestyle First and Money Second
Money is a tool.
In the right hands, it can serve as a force multiplier to help you live the life of your dreams, enjoy wild adventures, and create a lasting legacy.
However, when it’s your sole aim and purpose it will overtake your life and lead you down a dark and lonely road filled with regrets.
As such, Nate’s motto and entire company (opt-out life) is built on the ethos of “Lifestyle first but money also.”
In life, you will often be presented with two options.
For example, Nate was offered an executive position with a multiple six-figure salary, a significant amount of equity, and great benefits.
The only problem is that the position required him to drive 60 minutes to and from work five days a week, sacrificing time with his young children and wife.
He turned it down in less than a minute.
Money is great and you should always seek to expand your income and create passive assets.
But it’s not everything.
If you find yourself working 80 hours a week to make multiple six figures you need to take a step back and ask yourself, “Is this really worth it?”
Is this how you want to live your life?
2. Get Creative to Achieve Your Dreams
Where there’s a will there’s a way.
Cliche, I know. But it’s true.
Whatever goal you want to achieve, whether it’s making a certain amount of money, improving your body, or finding the partner of your dreams, is ahievable. IF you’re willing to get creative and find unconventional roads to success.
A great example that Nate shared in the interview is how his business partner moved his family from an inexpensive inland suburb to the exclusive coast of Lajolla.
Even though his partner couldn’t afford the mortgage on the house he wanted, he got creative, found a property with a guest home and then rented the home out while simultaneously renting the casita in the back yard.
The result? He cut the rent payments in half and ended up spending roughly the same amount as his previous mortgage.
If you’re willing to get creative, there’s nothing that you can’t do, be, or achieve.
But you must be willing to think outside of the box and cut yourself off from any possibility of failure.
3. Know When to Hold ‘Em and When to Fold ‘Em
You are going to have to make tough decisions in life.
It’s simply a part of the human existence.
And oftentimes, the most important decision that you will make is not whether or not you should start something, but whether or not you should stay with something.
Whether it’s a relationship, career, business, or just a boring ‘ol workout program, you must understand when a particular endeavor has run its course and when there is still something of value to be gained.
Nate has grown and sold several businesses, and he’s found that there’s a critical tipping point in each business (typically when it hits $5,000,000 in revenue) where he begins to burn out and lose interest.
Instead of fighting this, he’s adopted the “Serial Entrepreneur” approach and will sell his equity or the entire business, once a project passes a certain revenue threshold.
Here’s the deal…
Life is short. And there are thousands of things that we all want to try out and we have no way of knowing if they’re worth our time until we step up to the plate and swing.
But once you’ve been in the game for a while, you need to honestly evaluate your pursuits and ask yourself the simple question, “Is this serving me at the highest level?”
If the answer is “No” then cut your losses and move on… IMMEDIATELY.
4. Understand the Seasons of Life (And How they Impact Your Priorities)
It’s funny to me how often I have young men reaching out to me in their early 20’s bemoaning the fact that they have no money and no clue what they want to do with their lives.
I always have to chuckle at these messages, because these guys are missing the point.
You aren’t supposed to be super wealthy and on purpose right out of the gate!
Your 20’s are a season in life for pursuing your passions, seeing what sticks, making LOTS of mistakes, and learning as much as you can.
Life isn’t supposed to be this massive and nonstop upwards growth curve.
It’s a long and bumpy ride filled with different seasons. And one of the biggest keys to success is learning how to capitalize on these seasons and use them to your advantage.
For example, your 20’s are a high energy season that is best used to learn marketable skills, live super frugally while building a war chest, and to figure yourself out along the way.
Your 30’s are a season that should be devoted to mastery of your chosen craft and the creation of passive income streams that will create lasting wealth and freedom.
And once you have that? Your 40’s and beyond are for doing whatever the hell you want.
5. Develop a High-Value Skill Set and Turn It Into Passive Income
It’s been said that passive income is worth 10x working income.
And truer words have yet to be spoken.
No matter where you are in life today, one of your top priorities should be the creation and expansion of passive income.
Money is simply a tool to buy freedom. And when you escape from the race of trading your time for dollars and create sustainable passive income, you will have freedom for life.
Imagine going to bed and waking up with an extra $500 in your bank account. What would that do for your life? How would you spend your days differently? What hobbies would you pursue? What relationships would you invest in more deeply? How would your life change if you knew beyond a shadow of a doubt that you were going to be ok when the 1st of the month rolled around?
I can tell you from personal experience… It’s one of the most liberating feelings a man can have.
Get to work on building passive income streams NOW and your life will forever change because of it.