The sad truth is that few people will ever get rich working a 9 to 5. It’s just that simple. Your earning potential is severely restricted by one crucial factor, – TIME. We essentially trade time for money, and since time is a finite quantity, so too is the amount of money we can earn.
An hourly employee is constrained by the fact that there are only so many hours in a day. Even working 24 hours around the clock, there is a limit to how much she can bring home. A salaried employee has it just as bad because companies tend to make insane demands of their time.
Consequently, gaining financial freedom from a working a 9 to 5 is nearly impossible.
You can’t do it alone.
You need an army to help build your financial empire.
You need helpers who’ll multiply your effort and work non-stop, around the clock building your financial empire, even while you’re sleeping.
The wealthy have such helpers. They make their money work for them. Let’s be clear, they force their money to grind incessantly to bring in rich returns.
In the financial classic, The Richest Man in Babylon, the principle character, Arkad, admonishes his friends to “…learn to make your treasure work for you. Make it your slave. Make its children and its children’s children work for you”
You make your money work for you by investing in stocks, bonds, real estate, and your own businesses. Through the magic of compound interest your money grows you more money. Your money births children who beget grandchildren and great grandchildren, – all of whom slave away feverishly building your wealth.
But in order to make your money work for you, you have to be careful not to spend all of it. You must put away a portion of every paycheck. This is the seed you’ll need to create your wealth building army.
Best selling author and life coach Tony Robbins claims that the smartest thing he every did with his money was pay himself first by setting aside a portion of his income in order to build a critical mass of money that could work for him.
Financial guru, David Bach has even written a book, the Automatic Millionaire, which stresses the importance of paying yourself first.
Typically you should try to put away 10% of your income so that this money can become your slave, working to build your wealth. But even if you’re not in a position to sock away 10%, it’s important to put away something.
If you have to, start small. Sock away 1% of your salary and then gradually increase the amount you save until you reach the 10% goal. The important thing is that you start building your wealth building army today.
BMWK, are you making your money work for you?