294: How to generate money while you sleep

There’s a clear gap between most people and the wealthy when they think about their time, energy, and money. Most people spend their time and energy to make money, functioning under the assumption that Money = Energy + Time. They go to work for 8 hours, expend themselves at work, and get paid for doing so.

Wealthy people see the world differently. They know that money doesn’t need to be tied to actually doing work. They’ve organized their life so that Money = Assets + Time, and they’re investing in spaces where they can make money doing nothing.

Most of America only gets paid when they work. Even if you’re a hotshot lawyer with a $250K salary, you can’t stop working and keep bringing money in. But if an entrepreneur steps away from the business, takes a vacation, or dedicates their energy to starting something new, things can keep operating. Right now, my time is spent thinking about generating more money and buying more productive assets, not on operations. My goal is to have my time and money totally separate so that I no longer have to trade time for money.

Most people don’t value their time, but wealthy people do. It’s the one thing they won’t get back, so their goal becomes building out sources of income that can pay them passively.

When you start a business, you start out on day one trading your time for money. When I started Storage Squad I could have easily made more cash by earning a salary in some entry-level role, but I was building equity in a business. I was building something that makes money while I sleep. Businesses evolve over time, and eventually, entrepreneurs start making money off of other people’s efforts. All of a sudden, my earning potential wasn’t related to how much I could get done in a day.

As you think about entrepreneurship, think about this concept. How can you build assets that pay you while you sleep? That’s the difference between entrepreneurs and 99% of other people. Think about making your money work for you, and how you can invest in appreciating opportunities.

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I started the Sweaty Startup in December of 2018 because I believe the Shark Tank and Tech Crunch culture is ruining the real spirit of low-risk entrepreneurship.