When you’re using exchanging your time for money, you’re caught in the time-money trap. How do you avoid it? Bob Andersen shares his expert tips.
Not everybody understands the time versus money trap, but it is this very thing that will hold you back from attaining true wealth.
WHAT IS A TIME TRAP?
If you’re on a salary, you’re exchanging time for money. Maybe you are a consultant and charge by the hour or a doctor who charges by the consultation. No matter what, you are exchanging time for money and that’s where the real problem lies. If you want to earn more money you can only do so at the expense of time. You might be able to work overtime or perhaps on a weekend or maybe get a second job driving a cab, or packing shelves. Whatever it is, if you need to earn more money you can only do so at the expense of time. The problem is of course that you no longer have the time to enjoy the money that you now have.
WHAT IS A MONEY TRAP?
Let’s say you want more quality time in your life. More time to spend on your hobby, travelling or more time to spend with your family. You can do that by changing your job from full-time to casual or part-time. The problem is though, that you can only do this at the expense of money. So now you have more time but not enough money to enjoy the extra time you have.
SO WHAT IS THE SOLUTION?
What if someone could show you a way by which you could earn say 4 or 6 times your full-time wage and still only work one day a week. Would that be of interest to you? I’m sure it would. Or alternatively if someone could show you a way where you could earn your full-time wage and only work half to one day a week. Would that be of interest to you? I’m sure it would.
But what if I could show you a way by which you could earn 4 or 6 times your full-time wage yet only work a half to one day a week. Now I’m sure I have your attention.
The solution to the time money trap isn’t magic. But if you seriously want to earn 4 or 6 times your full-time wage and work less than one day a week there’s only one way I know that you can do that. And that is by becoming involved in learning how to do property developments.
“THE TRAP” NO LONGER EXISTS IF YOU DO PROPERTY DEVELOPMENT RIGHT
In over 30 years of being a property developer I have never found a better way of making money in such a short amount of time. Part of the reason for this is that as a property developer you are really a coordinator or a manager. The people who do the hard yards, and put in the long hours are our team of experts – the people we coordinate. I’m talking here about architects, town planners, various consultants, the builder and real estate agents etc.
It is by leveraging these experts time and expertise that we can greatly reduce the amount of time we use doing a property development. One of the wonderful things you will hear me say about property development from time to time is that because you make so much money from it you can keep paying other people to do the work.
Depending on where you live, the profit from a typical four townhouse project would average around $400,000. By leveraging the experts time and expertise the amount of time used by the developer in managing the project would typically be around 200 hours. That’s a very nice hourly rate.
When you consider that the profit earned from that project is equivalent to 5 or 6 years full-time salary you can begin to get a feeling for the massive leverage of time and money that is available when doing property development.
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