Your Relationship with Time
"Work Like a Millionaire - Rich people treat time differently. They buy it, while poor people sell it. The wealthy know time is more valuable than money itself, so they hire people for things they're not good at or aren't a productive use of their time, such as household chores. But don't kid yourself that those who hit it big don't work hard. Financially successful people are consumed by their hunt for success and work to the point that they feel they are winning and not just working."- entrepreneur magazine story
Let us take this quote apart.
The first line that caught my interest is that the wealthy buy time while the rest of us sell it. True! Unless you have residual income coming in from something you have created before you are trading time for money. The only difference is what the value of your hour is. mine.
Second idea that stands out is that they are willing to hire people for chores that are not productive use of their time. If the time used is non productive then choose someone that can productively do it inexpensively. The decision is actually very simple. Suppose you make 20 dollars an hour and a task will take you three hours to do. the task cost to you is 60 dollars. Now suppose someone is willing to do the task for five dollars an hour and it only takes them two hours to do the work. Your cost is ten dollars and you save fifty dollars. The important gain is more than money. you get three hours to produce at least sixty dollars worth of product while spending ten dollars to get the task you do not want to do that only costs you ten dollars.
The third idea is the hunt for success. You are hungry to find success while you have released others to do something that they are great at. You need to focus on your path and let others find theirs. This leads to a feeling of winning.
Today's question is:
"Are you winning or losing?"
"Work Like a Millionaire - Rich people treat time differently. They buy it, while poor people sell it. The wealthy know time is more valuable than money itself, so they hire people for things they're not good at or aren't a productive use of their time, such as household chores. But don't kid yourself that those who hit it big don't work hard. Financially successful people are consumed by their hunt for success and work to the point that they feel they are winning and not just working."- entrepreneur magazine story
Let us take this quote apart.
The first line that caught my interest is that the wealthy buy time while the rest of us sell it. True! Unless you have residual income coming in from something you have created before you are trading time for money. The only difference is what the value of your hour is. mine.
Second idea that stands out is that they are willing to hire people for chores that are not productive use of their time. If the time used is non productive then choose someone that can productively do it inexpensively. The decision is actually very simple. Suppose you make 20 dollars an hour and a task will take you three hours to do. the task cost to you is 60 dollars. Now suppose someone is willing to do the task for five dollars an hour and it only takes them two hours to do the work. Your cost is ten dollars and you save fifty dollars. The important gain is more than money. you get three hours to produce at least sixty dollars worth of product while spending ten dollars to get the task you do not want to do that only costs you ten dollars.
The third idea is the hunt for success. You are hungry to find success while you have released others to do something that they are great at. You need to focus on your path and let others find theirs. This leads to a feeling of winning.
Today's question is:
"Are you winning or losing?"
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