Financial Security The 12 Secrets of Self-Made Multi-Millionaires (12 Lessons)
Effective Time and Resource Management Secret 9
The Ninth Secret of Self-Made Multi-Millionaires is that they maximize their time and resources. This secret links back to Number Four, having a clear, specific focus.
Let me see if I can state this clearly.Consultants don’t get rich very often. Investors and Entrepreneurs do. Consultants don’t usually create wealth because they are “Jack of all trades, Master of None.”They are so busy helping their clients become successful, they don’t concentrate in any one area to push it through to great rewards.
I know this to be true, because I was a consultant for many years with ten or more clients, many of whom became financially independent. Until I concentrated, I was fragmented.
Warren Buffett, the master investor, is successful because he concentrates his time and resources doing things he understands, has experience in, and enjoys, and will tolerate little or no distraction from his areas of expertise. Wayne Huizenga built one of the most lucrative disposal businesses, then built Blockbuster Entertainment, and then bought the Florida Marlins, The Miami Dolphins and the Florida Sharks.He focused his efforts on building one business to its full potential before diversifying.
A slogan you should memorize is: Specify before you Diversify.You must focus your time and resources long enough and strong enough to bring your main area of expertise and interest to its fruition. In addition to concentration, you need to develop a true understanding of time and money. You’ve heard the saying, “He was so busy earning a living, he never made any money.”
Surprisingly, many doctors, lawyers and other professionals never become multi-millionaires. Why?Because they trade hours for dollars, and there aren’t enough hours to trade no matter how much per hour you are paid. Again, I know what I’m talking about because I learned this secret very late in life, in my early fifties, as a matter of fact.
When you are paid by the hour, week, or month, you become a slave to your paycheck and the clock.When you can leverage equity or cash to be your slave, and work for you, you finally become the master.
In addition to a salaried position, in today’s global marketplace you need to consider turning a hobby into an asset. What I mean by this is that you need ownership in some kind of income producing business. If you are a salaried employee of a publicly traded company, make sure you explore every possibility of gaining part of your compensation in common stock. The road to wealth is stock that appreciates; real estate that appreciates; investment in a company that appreciates when your interest in that company is sold.
I personally believe that the opportunities to create wealth by marketing products and services on the Internet are unparalleled in history: You can sell information, services and products on the internet. The good news is it will cost you a fraction of the advertising and marketing dollars on Facebook or other platforms to bring what you have to offer to a global audience that will be several billion online users within only a couple of years.Remember the secret, don’t trade hours for dollars. Maximize your time and resources owning all or part of a business that can be sold at a profit in the future. Eliminate from your thinking the idea that if I work so many hours more, I can make a little more money.Stop thinking in terms of small salary increases. Start thinking about stock purchase plans; and beginning your own home-based business in your free time. The only security you will have in the future is that which you create by investing your money and your time in a rapidly growing business.
Self-Test:This is an ideal time in our discussion for you to consider listening to our audio album in which I narrated one of the most profound books ever written on creating wealth, called “The Science of Getting Rich.”Written well over a century ago by Wallace D. Wattles, it has been the seminal program for the video and book, “The Secret,” among many others.As you listen to it, write down its relevance to making money today, even though the examples in it date back to the industrial revolution.
The Science of Getting Rich • The Richest Man in Babylon • Acres of Diamonds