The Problem With Time Is Money | How To Earn More Money Without Trading Your Time

in this video I break down exactly what's wrong with the time is money mentality and how it could be holding you back from increasing your income and building your wealth! I also give you a few tips towards the end of the video of some ways that you can leave the time is money way of thinking behind and start earning more money in the future!

As promised, here's my video on PASSIVE INCOME ideas: https://youtu.be/Hy3o-b_JVh8

If you’re interested in checking out the gear I used to put this video together, here’s where you can find it:

Camera: https://amzn.to/2L4RO2T
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Lighting: https://amzn.to/3rI2THK
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WHAT'S WRONG WITH TIME IS MONEY & HOW COULD IT BE HOLDING YOU BACK?

There is of course truth to the idea that time is money - when you start a new job, you sign an employment contract stating the number of hours that you need to work and the amount of money that you'll be paid, which is a trade of your time for money.

The issue with this approach to earning money is that it's limited to 24 hours in a day, 7 days in a week and 52 weeks in a year, and your employer has complete control over how much you get paid for that time.

For example if you work in a large retail store and generate an extra £20,000 in sales one month which translates into an £8,000 profit for the store, is it likely that you're going to see a large portion of those profits?

If you worked for commission then you would get a small percentage of the sales, or alternatively you might be rewarded with a bonus for all of your hard work, but neither of these options will be in equal proportion to the amount of money that you have generated.

However as the owner of the retail store, you could have a team in place to manage and operate the store for you to free up your time - and when an employee works hard and generates extra profits, you have complete control over what happens with those profits.

For example if an employee generates an extra £8,000 in profit one month, you could reward that employee with a £2,000 bonus (at your discretion!) and pocket the remaining £6,000 without needing to lift a finger to make that extra money.

As the employee, you trade 8 hours a day and a lot of hard work for your salary plus an extra £2,000 bonus for the month, however as the owner of the store, you would spend a lot of time at first building the business up from nothing, but you can then reap the rewards of the store in the future.

The employer leverages the employees time and pays them to run the store, and in return the employer benefits from the profits that the store makes without needing to trade any more of his or her time to earn those profits.

Whilst time is money is true for the employee, it's not true for the employer.  The employee's earnings are held back by time is money, whereas the employer recognises that trading time for money is a limited exchange and chooses to build a store and hire employees to operate it for them.

WAYS TO EARN MONEY SEPARATE FROM YOUR TIME:

#1 - BUILD PASSIVE INCOME

There are a lot of different ways that you can make passive income and they each have different levels of passivity, so depending on how much work you're willing to put in, there's bound to be something that can work for you. A couple of passive income ideas are:

(i) creating and publishing content such as books, courses or music that you spend time creating up front, but you can then sell an unlimited number of copies of in future.

(ii) monetary investments that generate regular income in the form of interest and dividend payments.

(iii) more hands on projects like buying real estate and renting it out for a monthly profit.

I've gone into each of these examples and more in much more detail in another video which is linked to above, so feel free to check that out if you want to learn about passive income.

#2 - START A SIDE HUSTLE

A really popular example of this is selling private label products through a platform like Amazon, where you would research a product that you think has potential, add your own branding to it and then leverage Amazon's platform to sell that product to Amazon customers. 

#3 - START A SCALEABLE BUSINESS

This can be any type of business imaginable as long as it is relevant, scaleable and you can eventually take yourself out of the day to day operations of the business to be able to focus on expanding it.

Whilst starting a business does take a lot of work, if you want to move away from the time for money exchange for good then this is one of the best ways to go about doing so.

I really hope you found this video helpful, and if you did please be sure to give it a like and subscribe to the channel for more videos! Thanks so much for watching!!

*I may earn a referral bonus or affiliate commission through some of the links that appear in this video description.

Видео The Problem With Time Is Money | How To Earn More Money Without Trading Your Time канала Ryan Gibson