There are only two things we can invest with: Time and money. Many people lose money because they don’t invest enough time.
Remember the 90/10 rule of money. I can say that 90 percent of the investors invest with money, but don’t invest enough with time. And the 10 percent who earn 90 percent of the money invest more time than money.
Let’s take a look at the diagram of three types of investors below. This is important to understand the relationship between time and investing.
When we look at this simple diagram, it is easy to understand why non-investors and passive investors say “Investing is risky.” They either have little or no financial training, and they have little financial experience.
Most investors consider investing risky and seek financial advice from finance professionals with little financial training or experience.
Did you know these?
• Becoming a licensed massage therapist takes more time than becoming a financial advisor.
• Less than 20% of all stockbrokers and real estate dealers invest in products they recommend to their clients.
• Very few politicians and legislators have any investment.
• Economics department academics generally don’t have a financial training or experience in investment.
• Many journalists who write on finance issues have little financial education or investment experience.
Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway.Warren Buffet
It was discovered that the most used word in English is “time”. The word “money” may also be in the top 100, but it wasn’t even near “time” on the list.
How you spend your time is very important because lost time can never be recovered. The money lost is often recoverable. As Pericles puts it, ” Time is the wisest counselor of all.”. I recommend that you be mindful of your time and learn to invest your time thoughtfully.
If wasting 15 minutes meant losing $ 500, would you be more conscious of how to spend those 15 minutes? I think you would. If you are in the hospitality industry, going to new restaurants doesn’t mean you waste time and money. What waste is, is different for all of us.
Be aware of how you spend your time. Not all money in the world can make up for lost time.
We are all affected by money, regardless of who we are or where we live or what we do. If there is something that will affect your life, it’s best to learn as much about it as possible. Can you find time to invest in your financial education?
Evaluate how you spend your time. There are 168 hours a week:
Can you devote between 4 and 10 hours a week for your financial education? You can probably do that. The real question is: Will you take the time?
Make a promise to yourself to take more time to learn, and then keep your word! Reading this blog is a good start. But more is always needed. What else can you do?
You may also want to check out these posts:
- THE KEY TO BEING A SUCCESSFUL INVESTOR
- WHY YOU NEED TO INCREASE YOUR FINANCIAL IQ
- THE FIRST RULE OF GETTING RICH
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