“The way to wealth is as plain as the way to market. It depends chiefly on two words, industry and frugality: that is, waste neither time nor money, but make the best use of both. Without industry and frugality nothing will do, and with them everything.” - Benjamin Franklin
How do you use two of your most valuable resources - time and money? How you use these two will be crucial to determine your wealth in the future.
Do you view your time as a resource? As you know, it is the one commodity which is finite. You only have a certain amount of it. How do you use yours? How much time do you spend in front of the TV daily? Or surfing the internet? Or playing on social media? All of these are time robbers. Just like that you look up and valuable, never to be seen again hours are gone.
The most successful entrepreneurs guard their time fiercely. They know how valuable it is. They make choices on what is the best use of theirs at every point in the day. The question I ask myself constantly to help me stay time focused is, "Is this the highest and best use of this time?" When it is, awesome job and keep on going. When you have any other answer, decide if you accept throwing away time. If you know you want to use your time in the best way, look for another way to spend it.
And look for ways to leverage your time by joint venturing, hiring contractors and finding employees. These ways are some of the few ways to actually create more time in your business. Learning how and when to use each will create time.
Now, how do you use your money? I see so many entrepreneurs who get an outside the home office space for 'credibility', start spending money on creating and producing a product, throw money at marketing the business without a clear vision of how to get to their end result. This is plain wasting your other most valuable asset.
Always think how can I get the same result while conserving my cash. Why is this so important? The majority of businesses fail because they lack the funds necessary to progress through the start up phase until enough revenue is coming into the business. I always look for the most cost effective approach to produce the results I want.
Now notice I said cost effective and not the cheapest. There is a huge difference. Cost effective is using a great contractor to do a job faster and more effectively than you could freeing you up to focus on what you do well in your business. Cheap is you doing everything to save money.
Guarding these two items and investing them wisely will get you exactly where you want to go. Make sure to protect them like the precious items they are. When you do, they will help you grow your wealth infinitely.
Do It Different!
The Maverick Millionaire®
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