What’s the difference between you and an entrepreneur? The entrepreneur works with 200+ hours in a day while you are limited to 24.
That’s an interesting question isn’t it? Let’s say you want to start a side project to make more money. How much time do you have in a day to make it happen?
Chances are that you sleep at least 7 hours per day – We are down to 17,
You need to eat, wash and take care of yourself; another 4 hours gone – 13 hours to go,
Darn! On top of that, you work out and stay up in shape; another 1h30 disappeared – 11.5 hours left, the clock is ticking!
Oh wait! You also work, right? How about 9 hours per day with transportation? – 2.5 hours to build something,
You are down to 2.5 hours in your day and you haven’t spent any time with your spouse, family or friends. You didn’t even have time to watch the latest episode of The Walking Dead!
Oh well, you have 2 days free on weekends when you can squeeze in a few hours for your side project between groceries, cleaning and some free time. I’m sure you are going to build a huge empire… one weekend at a time! (sic)
That’s an even better question. If you want to start making money on your own and improve your lifestyle once and for all, you need to make changes to your schedule. Warning; this means that you need to challenge all of society and break the unwritten rules of the dream crashers. If you really want to make money aside from your day job, you’ll need to turn around, leave I the sheep and run in the other direction. Have you tried to run the opposite way in a marathon? It is that hard!
Over the past 10 years, I’ve gone from a simple admin clerk to a private banker making 6 figures systematically (since 2008). I have worked my share of hours but it’s not true that I had worked over 50 hours a week during all these years to get here. All I needed to do is to work smarter than my colleagues.
Look at what you do at work. Examine each minute of your day and ask yourself this simple question:
If I was paying someone else to do what I do in a day, would I consider him worth all the hours he’s paid for? Would I like to get more back for the money I pay him?
Chances are that the answer will be no – you are not working during all the hours you are at work. You do face time, you spend too much time talking with your colleagues, you waste an incredible amount of time in meetings and non productive tasks. I know because I do too. We all do.
However, several times a year, I stop what I do at work and try to establish a new routine. A fresh routine to help me avoid unnecessary meetings and chit-chat with colleagues. A routine that will ensure that my time at work is efficient and that I deliver more than expected. Why would I do that? Simply because the more efficient I become, the more “free time” I have to do something else ;-). If I deliver more than what is expected, why my manager would argue with me that I don’t use my time properly? This is the only way you can truly free up some time from your schedule and start working on your own project.
Today, my online business is also bringing in 6 figures in revenue and I work less than 10 hours per week on it. How do I do that? I’ve stopped trading money for hours.
The concept is super simple; imagine that you have all the money in the world. You can pay someone to cook breakfast, lunch and supper for you. Another person would clean your house, cut the grass and take the car to the garage. Basically, with all the money in the world, you can buy yourself a lot of free time.
The concept is similar to when you are building a company; you pay other people to work for you so you can have more free time to generate value. The key is to pay people less than what you make. If your employee works 1 hour and generate $50 in your pocket, the key is to pay him less than $50. The difference is going right into your pocket and you still haven’t work a minute. You need 10 hours of work to be done today? Just pay for them! Pay someone $30/hour and rack-up $200 in your pocket by the end of the day and you can still enjoy your day doing nothing.
The answer to this question is surprising; because people are trading time for money. It’s a natural concept accepted in today’s society: you need money, you have to work. Period. It’s as simple as that; you just have to trade your time for an hourly wage and everybody is happy.
The thing is that trading time for money is an acceptable concept in today’s society. In fact, if you are not willing to work longer hours at work, you are perceived negatively. If you focus like a manager or an entrepreneur on paying qualified employees to do the work and take Fridays off, you are perceived as a lazy dude. So while you are acting smart, most people will think that you are lazy and that you abuse other’s people time. Nonetheless, they will happily make the decision to trade more time to earn more money the following day.
There is another myth about trading time for money; pure passive income doesn’t exist.
If you live off your dividends – you need to spend time managing your money.
If you earn rental income – you need to spend time dealing with tenants and take care of your property.
If you own websites – you need to spend time writing content or at least managing your VAs.
If you run a business – you have employees to manage, contracts to close, etc.
However, the main difference between an employee and these four situations is the following:
When the employee leaves the office at 5pm, he stops making money. The investors, landlord, site owner or business owner makes money 24 hours / 7 days a week.
I wake up every day with more money in my pocket than last night. When I look at how much my sites had done overnight, I am amazed and I have never received a pay check for sleeping!
So the key is to make your hours of work produce exponential results. You can do that by either building a structure that will generate passive income in the future or by employing people to work for you. In both cases, you will end-up earning more money without trading your time for an hourly wage. This is what I call: stop trading your time for money.
This is probably the main reason why I’m working on the side to build my online business; to increase my overall hourly wage and make money while I’m sleeping. Eventually, I would like to buy a rental property with this money too.
What are your thoughts about trading your time for money? Are you trying to find other ways of making money? In which field?
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