It is often agreed that time is money and that time holds much more value than money, but if that holds true then why do we continue to chase money rather than time?
Today we talk about the difference between those that have mastered the concept of wealth creation and those that simply live to be rich. Many people will tell you that they are constantly in the pursuit of life’s hustle when it comes to making more money but rarely focus their life on creating time, which ultimately tells you they understand nothing of true wealth.
Most people looking to make money, seek money as their goals are to usually purchase things and establish a certain lifestyle. Even if being successful means to always end up working in order to maintain such a lifestyle, it certainly never graduates from the idea of constantly working which almost defies the purpose of lifestyle. The idea of wealth creation is to buy yourself time and freedom, not a luxury lifestyle. Being able to use your time as you wish, not as you have to, is one of the most important aspects of accumulating wealth. No one wants to work forever and certainly, no one with money wants to continue serving others.
In order to become wealthy, rather than rich, you must learn to let go of this constant idea of lifestyle enhancement especially as your time still doesn’t belong to yourself. Mastering the art of making money means creating wealth that is residual and doesn’t require you to work in order to keep making money. Many have probably heard the lines:
“Money makes money” or even “Let your money work for you!”
These two lines are often used when describing the actions of the wealthy, not the rich.
We discussed the idea of Wealth Transfer in Broke on Another Level, which essentially taught you how to enjoy the lifestyle without the cost of the loss. However, today we are referring to your ability to purchase time, not goods. Time is essentially what you must learn to get yourself free from a very early standpoint in life in order to attain numerous levels of wealth. Many will tell you that they can make lots of money wearing so many different hats, yet it will often follow with “…but I don’t have time…” which tells you that their definition of success is only related to their ability to work for their money.
A good example of this is the famous 9 to 5 corporate worker whose time is eaten for 12 hours a day and limited to one role in those 12 hours versus the Internet Marketer who also works 12 hours a day but creates 5 to 6 different venues to profit from, all of which eventually become residual. In 5 years, the corporate worker makes much more money per hour but still has to work the same hours, while the Internet Marketer no longer has to work on those same 5 to 6 venues but can rather focus on new ones and still makes the same or more money from those past 5 to 6 sites. At some point, the Internet Marketer will not only surpass the corporate worker but no longer have to work to accomplish that outcome, meaning he can either focus on making more or enjoy his life to the fullest.
From a very early standpoint in life you must be able to differentiate between your ability to create businesses, or ventures that eventually become residual in nature rather than force your presence in order to profit.
Those that master this concept early find themselves identifying residual incomes quickly and at an early stage which allow them to acquire opportunities that often others wait to long to undertake. Think about those that own 5 or 7 properties and make $10,000 a month profiting from rent payments, yet only work maybe 4-5 hours a week on that business of theirs. Their time certainly can be spent doing other things to accumulate more wealth and certainly can be used to enjoy their lifestyle even more. There is no dependency on any office or minimum need to work but rather only freedom of time.
If your goal is to make money, you will certainly get rich but if your goal is to be free, you will certainly need wealth.