“Remember that time is money. He that can earn ten schillings a day by his labor, and goes abroad, or sits idle, one half of the day, though he spends but sixpence during his diversion or idleness, ought not to reckon that the only expense; he has really spent, or rather has thrown away, five shillings besides.” Ben Franklin, quoted in The Protestant Ethic and the Spirit of CapitalismIt really is true that time is money.
Whether you work for someone or have a your own business, you are always trading time for money. One of the differences of working for someone versus owning a business is in the power of leverage. When you own a business, you leverage the efforts of other people. I’m not sure who said it, but I’ve heard it said that, I would rather have 1% of a hundred peoples effort than 100% of my own effort.” That’s the power of leveraging your time.
You’ve have all heard me say that I believe everyone should have their own business. Since it’s difficult to get the capital to start a traditional business, I’m a huge believer in an Internet or home-based business. To ever achieve financial freedom, you must either own a business or have the ability to invest in businesses.
If you have your own business, you alone can control the hours you work in running that business. Similarly, you alone can control what you put into those hours. Most business owners put in more than 60 hours a week, but are compensated accordingly. The really good ones are also very efficient how they invest their time in their business. The smart ones only do what they are really good at and delegate the rest. They understand exactly what builds revenue and creates profit.
If you don’t have a business, find a way to start one. There are many home-based businesses that you can do part-time and over a period of 5-10 years can create a sizable residual income. Don’t count on corporate America to take care of you. Remember that time is money and you need to create your own financial security.
Have an awesome day.
