A new type of rich – Q&A with Dylan Murray – From Insurance Broker to Life Coach

“The New Rich (NR) are those who abandon the deferred-life plan and create luxury lifestyles in the present using the currency of the New Rich: time and mobility.” – Tim Ferriss

I am fascinated by people who take the Third Door option to life. For those not familiar, the analogy is life is like standing in line to a club. The first door is for the privileged and connected, they walk straight in, the second door is for those prepared to queue and wait their turn. Then there is the third door, it is for those people that head down the alley and climb through the bathroom window or persuade a cleaner to let them in through the fire exit.

These are the people who think differently, they haven’t got it all figured out, but don’t have access to the first door and are not prepared to queue waiting for the second door.

To hijack and slightly tweak the concept from the godfather of the third door, Tim Ferris (The 4-Hour Work Week), he identifies people that he calls the “New Rich”. These are people who choose experiences over things, people who don’t live in the 5x9x5 cell (5 days, 9-5), people who haven’t necessarily struck gold or are wealthy in the traditional sense, but live comfortably and frugally, simplifying their lives, using geographical arbitrage and a whole range of tools to escape. They focus on what I call proportional income, in that time invested has a direct and proportional result.

To better understand the mindset of the New Rich, I am doing a series of Q&As, starting with Dylan Murray from the Warrior Tribe.

The New Rich: Dylan Murray Q&A

Where are you from?

I went to school in Grahamstown, South Africa and I spent the past 14 years in Port Alfred.

Where are you now? Why there?

Right now, we are living in Kenton. We have taken a decision to create more free time and live in a place that ticks all the boxes for us. Good beaches, access to nature, close to the kids school and a change of scenery from Port Alfred.

Working with a view – my office needs to have good coffee, stable wi-fi and a great view

What formal study have you had, have you used it?

I started but never completed a B.Comm at Rhodes University, I then did a few insurance qualifications but stopped 1 credit short of my diploma. I have also completed a certificate of Executive Coaching through the University of Cape Towns affiliate program run by Get Smarter.

I used some of the insurance qualifications, but the material was generally dated and I got more benefit from reading policy documents and case studies. The coaching certificate has been beneficial in terms of the procedure and building self confidence, but the learning comes from practice and from reading relevant material. I am not a great fan of “formal” learning. I prefer to learn content that is relevant and useful to help me achieve my objectives.

Give us the highlights package of the jobs you have had?

Before doing what I do now, I worked in the insurance industry. The best part about the insurance business was most definitely my clients. I really enjoyed my clients.

How did you get into what you are doing now?

Since I first engaged a Life Coach, I decided that it was something that I would like to do. By the time I had completed a second cycle with my coach a few years later, I was convinced that I too would be able to help people. I enrolled in a course a couple of years later and completed the course, which at the time, I never used formally. After my nervous breakdown and during my rebuilding stage I started working with someone as their coach and that led to me deciding that the time had come for me to pursue this dream.

How many hours do you work a week?

It varies depending on my coaching load. Most days, I work about four hours a day, sometimes broken up throughout the day though. In a product launch phase I can spend 14 – 16 hrs a day at “work”. To be honest though none of what I do now really feels like work.

What is the best advice you have received and why?

Pretend that you are dead and let the world carry on without you, you will soon see how quickly you can be replaced. This was great advice as I was so much of a “people pleaser” that I drove myself to the point of having a complete nervous breakdown.

What was your biggest learning on your journey?

When you truly commit to following your dream and you are willing to help other people on the way, the road reveals itself.

What do you do in terms of financial planning?

Previously I saved and invested. After loosing my business, I quickly eroded all my savings and investments that I had built up. Now I focus on generating positive cash flow and multiple income streams as well as a proper passive income.

What is your number one bit of advice you can give to someone looking at shifting towards a different lifestyle design?

Decide what you are NOT willing to put up with and use that as a starting point. For example: I am not willing to work for a boss. I am not willing to work a 9-5; 5 days a week for a salary.

What’s next?

At the moment Tania and I are setting up some free mastermind programs where we will coach people to develop and create their legacy and at the same time share some of the tools we use to create this lifestyle where we set out own work schedules, and still get to create our dream lives.

I have enrolled for another coaching course which starts in March. On top of that we are spending a large part of our non-coaching time developing one of our online businesses. So the next few weeks are pumping and filled with exciting times.

Coffee on the Beach with Tania

How can people learn more and support what you are doing? 

Start by joining our amazing community at the Warrior Tribe.

Then the best place for people to learn more is for them to start having some introspection and seeking within to find out what their real drivers are. Once one has integrity within oneself, the ability to direct the search for one’s purpose starts unfolding. I truly believe that most of our answers lie within.

If anyone would like to support us with what we are doing the best way to do so would be for people to share any content that resonates with them, direct people to the groups and to actively engage in the groups through comments and discussion. Ask questions, comment with your own ideas.

For those that would like to step it up and grow themselves, I would recommend that they consider engaging us for a coaching cycle and take their lives to the next level.

Do you know of someone who meets my definition of the New Rich? – I’d love to feature them, please get in touch.

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