Last week I was listening to Ryan Daniel Moran’s Freedom Fast Lane podcast while working out. I’m a newer listener, but was drawn in by the guest, the Shark, Robert Herjavec. Link to episode here. The episode is ALL about growth in business!
It was a terrific show, and as with most things, there was one key takeaway that truly STUCK OUT. Mine was the following quote from Robert…maybe 2/3 of the way through the show.
“Poor people, try to save money…Rich People, try to BUY TIME”
I’d like you to read this a time or twelve. I’m not kidding. Think about it. I think I rewound the episode 4x, just to brand these words into my brain.
Look past the obvious. Of course, Robert isn’t saying you should never save. Everything I’ve ever read from multiple financial experts says you should have 3-6 months of living expenses saved for “just-in-case” scenarios. Maybe 12 if you’re extremely conservative.
Focus on the second part. Rich people, try to BUY TIME.
How do they do that? What else does time imply, and how do you BUY IT?
Time = Freedom
How does one “purchase” freedom? Here is a short list.
- Own a business or multiple businesses creating cash flow/income (Read: Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!)
- Own Cash flowing real estate property – I’m looking to get started on this one
- Investments producing cashflow based on annual returns & dividends. See Mr. Money Mustache for a good read on this topic.
If you’ve really got the bug, I’d also dive head first into The 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich – Tim Ferriss explains “Buying Time” in his book as T.M.I – Target Monthly Income. What cashflow is needed to “free” yourself from the day-to-day through management of a business. To me, this is the essence of “Buying Time.”
This may not be for everyone, and that is 100% O.K. If it is for you, and you’re really serious about this mission…
Get used to doing what I’m doing, and ask yourself this question.
Are you trying to SAVE MONEY, or are you trying to BUY TIME?