In this episode, we discuss the importance of not trading your time for money.
Full Transcript
Hi Everyone, welcome to the You’re Daily Cup of Joe Podcast, with your host Joe Bautista. I’m also the founder of Grow With Joe, where I combine self-development coaching and financial planning. In this podcast, my goal is to give you quick lessons on how to grow yourself physically, mentally, emotionally, and spiritually so you can have better careers, better relationships, and better personal finances.
I’m also the author of the book “More You Know, More You Grow: How to Get Better Every Day”. In this book, I wrote down over 30 tips to help you grow in those four cornerstones.
In today’s episode, we’re are going to talk about how not every dollar is created equally. In life, you have to realize that different activities have more value than others. You can work one hour on something and it won’t give you the same payout as if you worked on something else.
I remember that when I was working as a grocery bagger in high school, I basically made minimum wage which was fine because I didn’t have that many skills and it was my second job. My first job was as a telemarketer and that job was minimum wage as well. I could work 8 hours and make about $50 dollars for that time. Which is was not bad for me because I didn’t know much better.
Then once I found out that I could start my own business and I could make $500 dollars an hour, it totally changed the way that I looked at trading time for money. Once I was able to convince someone to pay $2000 a year to manage their finances, and the work was much less strenuous than bagging groceries and rounding up grocery carts, I know that I was on the right path. I am able to change that amount because I can show a client that with certain changes with their financial plan, I can generate over a hundred thousand dollars for their retirement accounts. These are projections and not guaranteed but it is much better than whatever they a currently doing for a strategy.
The last thing I want to do is trade my time for money. There is only so much time in the day, and if someone out there is make $1000 a day with their work, that is much more appealing to me than make $50 dollars a day. If I was making minimum wage, I would have to work more hours than there are in a day, to reach $1000 in a day. So if one person can make a $1000 a day, how can I do that myself?
That’s why I got into business, because it is the best way to generate wealth the fastest way. You can invest, but that will take decades for that strategy to workout. If I can find the right people to pay me what I’ma worth, then I can make my $1000 a day. I just have to show them that I can provide ten times the value than what I am charging. You can also make it up in volume.
If you charge $100 for a workshop that you’re an expert on and you have a hundred people in the class for two hours, you literally just made $10,000 for those two hours. There is other work involved, but once you master the skills, you can just repeat that formula to keep making money off your workshops.
For me, it took me four years to really get a grasp on financial planning and how to demonstrate my value to prospects and once you figure this out, then you don’t have to start trading your time for money. It takes work but to me it’s so much better than having to be somewhere from 9-5. I remember in the Marines and as a Federal Employee, I had to stay at my job because that is what was required. You might be there for forty hours but you really only worked for twenty-hour. The only twenty hours were wasted doing other non-essential stuff.
When I go to work, I want to work. And when it’s time to rest I want to rest. I don’t want to feel like I’m stuck somewhere just because I have to fulfill my time requirements. I rather learn how to make a full-time salary doing part-time work. This is one of the reasons why I’m working on creating a six-week course for Grow With Joe because I want to make money while I’m asleep or away. People can just come to my website buy my course and I don’t have to be behind a desk to do that. I can be at the gym, reading a book, or hanging out with friends and family.
There is more work than just building a course and putting it on a website, there is also marketing and branding that you have to work on but if you can master the entire process, then you won’t have to trade your time for money. This is why I work so hard and put in 60 to 70-hour weeks now because I want to have the system in place by the time I start having kids so that I can spend as much time as possible can teaching my kids how to be better basketball players or whatever sport they choose. That is what I desire most, how to spend the most time doing the things I want to do and I know if I trade my time for money, then I can have the lifestyle that I desire.
Time is the scarcest resource we have and once it’s gone it’s gone forever. So if that is the case, then while am I going to trade my time for money. I want to learn how to work one hour in the future and generate money income than a hundred people working minimum wage jobs. This requires me to work on myself and to study business and success. You have to put in your 10,000 hours to become a master, and if you do that then you can create a system where one hour that you work will be more valuable than your first that you had.
Thanks for listening today’s episode, to summarize it, understand that not every dollar is created equally and you will realize that you can do things differently to give you the future that you want and remember that the best way to predict the future is to create it yourself. So look at the future you want and go out and create it.
To get a free copy of my book “More You Know, More You Grow: How to get better every day” just go to my website growwithjoe.me/book and just pay for shipping and handling.
I have a quiz on my website that grades your inner circle, so if you want to find out if your inner circle is an A, B, C, D, or F, you can take that quiz at growwithjoe.me/quiz
I’m also trying to do a feedback Friday episode, so if you have a question that you would like to have my answer on the air, just e-mail me at [email protected]
I’m also on Instagram at Grow With Joe and Facebook just look up Grow With Joe
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Thanks for joining me today and remember if you go with Joe, you can grow with Joe, cause Joe know Dough.
*Music outro
