I often sit and wonder how some people get super rich. I’m not stuck on getting rich myself. I’ve learned that being rich doesn’t really mean you’re happy or living out your purpose. Instead, I’m more just curious how, economically, people get rich.
Time is Money
We often hear the proverb “Time is Money”, but what does that really mean? When I look at rich people, I realize their days are just as long as mine yet somehow they bring in a thousand/million/billion dollars in the time I bring in a few. Are they really that much more valuable to the world? After some thinking, I have realized that getting rich really just means you have made the most of a lot of other people’s time and they all rewarded you for it.
Making the Most of Time
In an economy, people spend time making a product or providing a service and then get paid for it if someone else likes it. Based on how many you make and how valuable the product is you may see a high or low pay. A future rich person takes the next step by figuring out how to make more of that product in the same amount of time. They pay you the same wage you always got per hour but sell 10 times as much. Although they didn’t physically touch anything, they figured out how to turn 8 hours of your work into 80 and paid you for 10 hours keeping 70 for themselves despite creating nothing (except a fine process).
Here are some examples.
- A good manager points subordinates in the right direction so that they provide more value to the company in less time and then the manager gets rewarded.
- A musician records a song in a day and then uses technology to sell it to a million people the next day.
- An investor loans a company money so that they can better utilize their time and then pays the investor back double.
- A teacher teaches for 30 minutes to a hundred students who in return for the short lesson each pay a small fee that adds up to a big check.
Everyone Can Get Rich
In the end, time is the great equalizer. A poor man and a rich man each have 24 hours in their day, but the rich man just better utilizes his time. The key to getting rich (in money, relationships, adventures, etc.) is finding ways to make the most of your time. Here are some ideas.
- Automate or remove tasks that are unnecessary for you to be doing.
- Learn about ways to focus your time and energy better.
- Teach or lead others to help them make more of their time.
- Invest in ideas or people where you see potential.
Pointing out people with money is an easy way to get the idea of a rich person across to everyone, but for you being rich may mean something completely different. I like to encourage people to decide what being rich means to them and then focus on ways to get rich in that. I think most people would agree they would rather be rich in friends or even service than in money. Whatever it is, always consider how the time you have can be best utilized to make your goals happen. Understanding how to best do that is what it really means to be rich.
What does it mean to you to be rich? What other thoughts do you have on getting rich? Let me know in the comments.