Wealthy people think about their time and energy differently than the rest of the world. Most people only make money from their time and energy, while wealthy people build assets that generate money while they sleep. 99% of Americans only get paid when they work; you could make $250K a year as a hot shot lawyer, but the minute you stop working your money stops coming in. But if you can build a business that generates $250K a year, you can set it up to run without your involvement. Even if you step away, your business keeps operating and making you money, and suddenly the money you make isn’t tied to your time and energy.
My goal is for my time and money to be totally separate, to not need to trade my time for money anymore. Wealthy people understand the value of time, it’s the one resource in life that you can never get back, so they build out sources of income to separate their wealth from their time.
Early on in entrepreneurship, I traded my time for money just like everybody else. I could have made more money working a W-2 job, but I was building equity in a business until it could make me money from other people’s time and energy. At the start, I didn’t get paid unless I was working, selling, operating, and setting up processes. Soon enough, I started to make money on my employees’ work, and my earning potential wasn’t tied to what I could get done in a day.
This dynamic snowballs and has limitless potential for entrepreneurs. Ask yourself, what can you do to build assets that generate cash that isn’t tied to your time and energy? Where you make money from somebody else’s work? This is how real wealth is generated.
This episode originally aired on July 21, 2022
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