You often hear that you
should avoid trading time for money if you want to get rich. Let's
look into that.
The basis for that claim is that trading time for
money (for example, working per hour) limits your earnings due to the
fact you can only work so many hours.
Example: if you work
freelance for 40$ per hour, and you bill 40 hours per week, 4 weeks
per month, you earn 6'400$ per month.
And
even if you were able to work 70 hours per week, you would earn
11'200$ per month. That is not bad, but it has a ceiling, and it will
not make you rich, is their argument.
However, do keep in mind
that some specialists in their field charge hefty hourly rates.
Imagine a 300$ per hour lawyer with 1600 billable hours per year.
That adds up to 480'000$ per year. Still limited, according to their
arguments, but these incomes are not pocket change. At that point, it
boils down to what you want in life. With the above earnings, you can
live an excellent life, and many will settle for this. Or do you want
more?
Ok, but now back to starters. You don't have the money
behind you, and you are not into high hourly rates yet. What you do
have, however, is the time because you are building a business and
looking for clients.
So my advice would be, don't worry about
trading your time for money. It is a decent point to start your
journey. See how that goes and take it from there.
Consider following/subscribing to this blog. It's free and it motivates me to sharpen my pencil. Thanks!
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10 about the author; Erik Victor
1. is a serial
entrepreneur and started his career in Engineering
2. currently a
majority shareholder in corporations in the fields of Industrial Real
Estate, Wealth Management & Investment funds, and International
Tax Planning
3. has a passion for the dynamics of young
businesses and actively endorses several start-ups
4. is an
engaged member of several think-tanks and an international conference
speaker
5. has a business footprint in six countries
6. speaks
five languages
7. personal life - resides in Europe
8. Erik
(48) is known as a discrete and private person, a family man
9.
loves to spend his limited holidays in the mountains or at sea on his
yacht
10. Erik has no social media accounts
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