Have you ever been jealous of someone else’s success and really wondered how they got to where they are? In the last two years I have had the opportunity to spend time with some amazing people, most worth 8 and 9 figures and I wanted to share one of the most important things I have learned.
In this article I am going to tell you the one secret and underlying concept that I recently discovered which is the common staple of rich people’s success. This one concept can truly change your whole financial situation if done correctly.
The 1 secret rich people use to accumulate wealth is this: You must stop doing things that save you money and start doing things that save you time. You then monetize the time you saved, meaning you find alternate ways to make more money. You monetize this time in a way that makes you even more money than you would have saved doing the original money saving activity.
Cash flow is the name of the game when it comes to really becoming wealthy and you need TIME to be able to produce this cash flow. Time is the only thing you can never buy or buy back and it is the most valuable asset we have. Only once you truly begin to respect and embrace this belief will you be on your way to wealth.
Trying to save your way to wealth is not the answer. When you try and simply save money you only incur a small net gain. Saving will only get you so far and saving is the game of the middle class. In order to get to new heights of wealth you need to shift your mindset and you need to play to win. The middle class is only playing not to lose. Playing to win is focused on cash flow. Playing not to lose is focused on saving.
Time on the other hand lets you compound money. More time translates into more cash flow. More cash flow translates into more resources to invest, and investing translates into multiplying and compounding the money you have into real wealth.
Be cheaper with your time than you are with your money!
Think about something like extreme couponing and all the time and energy that goes into that. You could literally make 100 times the amount of money you are saving from couponing if you used that time to learn a skill or trade or create a product or service that would create a new cash flow for you. You have to make the mental shift from a scarcity mindset to an abundant mindset.
These concepts might sound foreign to you and this all might sound weird at first, so let me explain further with examples and my own experiences.
I was raised by a parent who would literally drive to 5 different stores before they bought anything, in order to check out which place had the lowest prices. This might seem like a sensible idea to some back then, but in reality the amount of time and gas wasted shopping around negated any savings from any deal found. This behavior towards money naturally set the stage for my own frugality.
But in the last year I have been breaking out of that frugal mindset. On the personal side, I have been freeing up my time in the following ways: I’m having a mobile car repair/detailer come to my house for oil changes and car washes, I’m using uber eats to deliver meals when needed, I hired a maid to clean my house bi-monthly, I started getting my groceries delivered, and I also hired a laundry service. These few examples are all nominal things that don’t really move the needle on your net worth meter when you do them yourself, so why not let others do them for you while you get rich in the meantime!
And this doesn’t just apply to your personal life. Go a step further and apply it to your whole business as well. I have personally automated and outsourced my graphic design issues, my video editing, my social media posts, and my list building. These are all things I spent a lot of time learning to do for my business because I was originally too cheap to just pay to get them done for me, but now I have seen the light! I’ve learned that we need to streamline our time and only focus on income generating activities!
Be very time sensitive and replace all activities that save you money, with things that make you even more money. This is how the rich think and act!
Your net worth will increase dramatically if you focus on making more money rather than trying to save money and nickel and dime everything. This might be hard for you at first but push forward and trust the process, even if you find yourself feeling some internal resistance and cognitive dissonance. I felt these feelings too but I was committed and acted in spite of them, and I’m so glad I did. These feelings all come from our beliefs and fears, our belief that there isn’t enough and our fear that we aren’t enough.
These beliefs and fears are just a few of the things I work with my coaching clients on overcoming. I also work with them on increasing cash flow in their new free time, minimizing time wasting activities, and creating passive income streams.
I understand that stopping the money saving activities all at once might not be possible for you at first, depending on your current financial situation. And that’s ok. But what I do want you to do RIGHT NOW is to pick one time wasting activity in your life and replace it with one actionable step that is going to make you more money or eventually make you more money.
The more your income grows, continue to shed more time wasting activities one by one and keep replacing them with time saving and money producing activities. This is your blueprint to creating real wealth for yourself!
In the last year, by applying the concepts and methods I have just described, I have been able to reach all my goals and benchmarks. I am making six figures annually and am on my outlined path to a 7 figure net worth in the next two years.
I have worked with so many clients already to successfully implement this wealth secret and I can honestly say that it works 100% of the time as long as you do. Take some of these techniques and put them into action today! And join me on this adventure to millionaire status!
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