Time is Money Review

“Time Is Money”, this expression comes from Benjamin Franklin, one of the Founding Fathers of the United States. He wrote in a book in 1748: “Remember that time is money,”. The meaning “Time is money” means that to earn money, one must act and therefore use one’s time (which is not infinite).

We also use this expression to say there is no time to lose. This book is being published in one of the worst economic times in history. The COVID-19 virus has one of the worst effects on the global economy and over twenty-five million people have filed for unemployment in the United States. If you have not thought of reinventing yourself before and creating multiple streams of income, now is the time.

Everyone probably knows that having multiple income streams is a fantastic idea. But many will not realize why it is important. Regardless of where you fall, here is everything you need to know. Having multiple streams of income simply means having different cash flow sources. If one of the sources dries up, you will still be okay. Technology has made it easy to have several consistent streams of income, both active and passive. Before getting into examples, it is good to know why you need multiple income streams. 

When you mention multiple income streams, this is the first reason that comes into most people’s minds—it is obvious. With additional sources of income, your financial goals will be achievable, your standard of living will improve and, if you have any debts, you will clear them faster. More money means freedom and opportunities. What would happen to you if you got laid off from your 9-5? Other than shock, you will get deep into financial troubles if you do not have another source of income. With several streams of revenue, you will continue sustaining residuals to pay bills as you hunt for another job. People have different retirement goals. Some hope to retire at 30, others 40, and others 50. The earlier you start with building income streams, the earlier you can retire. The truth is that most people do not make six figures.

This makes saving and investing a lot tougher—unless you have several income streams, apart from your job. “Don’t put all your eggs in one basket.” You have probably heard this advice lots of times in your life. It is a cliché, but you need to live by it when planning your finances. If you want to invest successfully, you must diversify. Spread money to various assets so that when there is a downturn you will be protected. The same concept applies to income streams. You will not get rich overnight, and it is not easy. You still must work hard. Having several income streams, however, will get you there faster. It will also help you maintain the wealth you have attained. It is said that the average millionaire has seven income streams. 

Examples of income streams can be your job: this is the 9-5 for most people. It is a primary source with consistent income.  Secondary income: this is a spouse’s salary. Investments: this refers to stock market investment through Roth IRA, 401(k), etc. Online business: there are tons of businesses that you can start online, such as selling on platforms like Amazon and creating a blog. Gig economy: when you hear of the gig economy, think about Rover, Airbnb, Lyft, Uber, etc.  Rental income: this may require a large initial capital, but it is a great way to build wealth. Successful people do not see the world like everyone else. It is not because they are perfect or because their version of life is easier than yours.

However, in one way or another, they always appear to bounce ahead. It does not matter the obstacles they face, the problems that come their way, or how loud their critics sneer—they always come up with a way to emerge victorious. How do they do this? They have a few beliefs that they hold on to. These beliefs make a difference in the way they fight for success. They do not view the beliefs as some random motivational quotes from a book. What they believe in impacts every aspect of their daily life. Everything is possible if you are prepared to put in enough effort and time. If you make up excuses to get out of doing something, that ‘something’ is exactly what you are supposed to be doing.

The people who do not like you much are the ones that will give you the most truthful advice. Whoever wants something the most is the one who will eventually win it. Whatever it takes is exactly what it takes to achieve your life desires. If you want to keep losing, surround yourself with negative people. Gratitude, action, fear, and worry are choices that you make.  If you are not prepared to master all the details, you have very slim chances of winning. Apathy is a hindrance to achieving something fantastic. Just because you failed last time does not mean that you should stop trying. It does not matter how bad you have it; if you want to make, you will. No one is responsible for making your decisions. You get to make all your decisions. If you have been yearning for a second chance, today is your second chance; make use of it. Your effort’s intensity determines how fast you progress. Be prepared to listen and acquire knowledge; otherwise, you will never get better.

Your actions in private determine your course of development. Just because your critics are loud is not reason to believe that they are on the right. If a solution is easy, guaranteed, and fast, it will probably not be useful in the long run. In their heart of hearts, winners believe that nothing Is Impossible. In most cases, they have no idea how they are going to win. But even then, they truly believe that they are going to find a way. According to them, the great equalizer is effort. When they have no idea what they should do, they take time to learn and even perfect it. The things you believe will bring change in your life. This is a good time to pause and seriously think about what motivates you. What are your beliefs? Do you think that life is not fair?  Do you constantly believe that you have it harder than everyone else? Do you blame everyone but yourself?

“If you don’t find a way to make money while you sleep, you will work until you die.”

-Warren Buffett 

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