There’s no shame in being an hourly wage earner. Heck, most people make their money this way – but here’s a powerful idea to ponder. You’ll never be truly wealthy as long as you get paid based on time. Of course, you can live very comfortably on an hourly rate, especially if you happen to be a doctor or lawyer but, even then, your income is limited by the number of working hours in the day.
Getting paid by the hour is the time and effort economy.
The other economy (the one you want to spend as much time in as possible) is called the results economy. This is where real wealth is created because you are able to operate outside time constraints and leverage your efforts to create value more quickly. Entrepeneurs and salespeople reside here.
Probably, we all each know at least one doctor or lawyer who is extraordinarily wealthy. Odds are he leveraged money made in the time and effort economy into exponentially greater value in the results economy. A friend of mine is a successful lawyer but he enjoys a lifestyle above and beyond his peers in town. Why? He took the money he made as an attorney and bought a convenience store, then a fast food franchise. Now he practices law for fun while his other results based endeavors make him ever wealthier as the years roll by.
Sound good? Take every opportunity to participate in the results economy. Your descendants will thank you for it.
Flickr / CarbonNYC
