Question: How is wealth created?
Answer: In your spare time. Period.
Wealth is created in your spare time. The truly rich and wealthy made all their fortune from their spare time. You’ll only be as rich as how you spend your spare time. Mark Zuckerberg created Facebook in his spare time while in his dormitory at Harvard University. Bill Gates and his founding partner, Paul Allen, began the Microsoft project in their spare time. Sir Richard Branson of Virgin began creating wealth from his child hood at age 16 when he left high school to publish a student magazine he created in his spare time. Google was a pet project which Larry Page and Sergey Brin started in their spare time. And the master of them all, Warren Buffet began creating wealth in his spare time by selling packs of chewing gum at a tender age of six. From each pack he sold, he made two cents profit. They became the first few snowflakes in a snowball of wealth to come.
Still at age six, Warren Buffet during his spare time at night sold coca-cola from door-to-door. He made a net profit of a nickel from every six bottles he sold. He was also distributing door-to-door newspapers and magazines still at age six. By the time he was fifteen, still a kid but now a young businessman, Warren Buffet had accumulated more than two thousand US dollars throwing papers. No one else in high school was a businessman, not alone has two thousand dollars to their name. Just from throwing newspapers a couple of hours a day during his spare time, young Buffet was earning 175 dollars a month, more money than his school teachers! His passion for making money which occupied most of his spare time is what made Warren Buffet one of the world’s richest men alive today.
The simple question of ‘how is wealth created?’ is answered with another question; “how do you use your spare time?” If you’re serious about creating wealth, a good place to start is by answering the above question. Why? Because the answer to the question of how is wealth created? Is this; in your spare time. Wealth is created in your spare time. Yes! You read that well. The simplicity of that sentence has a far reaching impact than most of us would like to come to terms with. Being wealthy begins with watching how you spend your spare time. Knowing how to create wealth begins with knowing how to spend your spare time. You cannot be wealthy if you are not spending your spare time on activities that create wealth. The answer to the question of whether you will be financially free [wealthy] or not; is found in the use of your spare time.
How do I mean?
TIME – mankind’s most valuable Resource!
“Our lives are used up by how we spend our time. In other words, we use up our lives by spending our time.”
Of all the resources available to mankind, time is the most crucial. Whatever it is we all wish and dream of becoming is first determined by the use of our time. Whether rich or poor, black or white, we’ve all been given equal amount of time daily; 24 hours, no more, no less. The outcome of our lives is dependent on how we use our time. At the core, the primary difference between the rich and the poor; winners and losers; those who succeed and those who fail is how they use their time. Time is mankind’s most valuable resource. The gravity of this last sentence may not be quite clear at a glance, so permit me to go a little bit deeper.
A resource is simply anything that can be converted into the creation of something else other than itself. A resource in essence is an instrument or tool that can be used in the creation of something new. A resource is not useful all by itself or for itself; it must be applied to the creation of something else other than itself. The creation of anything other than itself is the purpose and essence of a resource. A resource therefore exists to be used in the creation of something uniquely new. A resource must never be wasted. Other forms of resource include; money, people, life, knowledge, idea, thoughts etc.
How are you spending your spare time?
Sleeping? Watching TV or movies? Discussing sports, guys, babes, fashion or politics? Drinking? Clubbing? Or even Facebooking? There a million and one things to do with your spare time, what you decide to do with yours is entirely your choice. However, you must understand that the choices we make determine the decision we take which ultimately defines the quality of life we live or would live. The activities you spend your spare time on will reflect and determine the quality of life you live. People can tell what you do when there’s nothing to do by simply looking at the kind of life you lead. If your goal is to be financially free and wealthy, then your spare time must be dedicated to the learning, practice and discipline of creating wealth. Wanting it is never enough; your habits which are expressed in your spare time must reflect what exactly you want.
Wealth creation is a function of habits; those things we do during our spare time. If you can form the habits of the rich, you will ultimately acquire the wealth and fortune of the rich. The rich know how to make use of their spare time for wealth creating activities (habits), while the poor engage themselves in wealth draining activities (habits). Knowing the difference between these two realities is the first step to acquiring great wealth as an entrepreneur.
What Is A Spare Time?
A spare time is anytime you have all to yourself. In other words, it’s a time you are in control of. A time free of external control or influence; a time you can totally call your own. It’s a time whereby you get to decide what you choose to use the time for. Spare time is anytime spent for yourself. It is your time, use it well. Examples include;
- Sleep time
- Idle time
- Toilet time
- Travelling time (e.g. driving, flying etc.)
- Waiting time (e.g. in a client’s office, before an interview/appointment)
- Laundry time
- Exercise (work-out/gym) time
- Cooking time
- Office time (yes, believe it or not, there are spare times during working hours e.g. break time)
How can you tell it’s a spare time?
Observe yourself; are you in a conversation? You can’t have a spare time when you are talking or listening to someone else talk. Spare time is when you have the control to keep your mouth and your ears shut. This means that you have to critically examine your conversations and fish out those idle talks which yields no productive result.
Are you all by yourself? This does not necessarily mean being alone (no one physically around). What this means is that you’re mentally alone. People may be all around, but you don’t have an obligation to them; either to speak or listen.
Observe the situation/environment; is there no better place for you to be at that particular time? Even though you are obligated to be physically present in such a place at that time, must you be mentally present too? Can’t you be physically present but mentally elsewhere; either thinking, reading or daydreaming?
Observe your emotions; what is your body or mind telling you? Is your spirit, soul and body fully present and aware? Are you being reminded from within of something else you could be using that time for? Are you feeling uncomfortable or absentminded at that particular time? Are you feeling pressured or restless? These are all indications of boredom signifying that you should find something more exciting and challenging to engage yourself and your time.
Observe your schedule; is the activity you’re currently engaged in a priority? A priority is an activity that is both urgent and important. Urgent in the sense that it requires immediate attention, delay could mean disaster. Important in the sense that it constitutes a vital part of a much bigger whole.
The key thing to bear in mind when trying to detect or maximize a spare time is this; always ask yourself how the present activity you’re engaged contributes to the future goal you’re pursuing. Remember what has been said about time; a resource used for the creation of something uniquely new. There are countless number of things that would signal to you acting as reminders of how you ought to be spending that time. Your task is to spot the signals and obey or submit to it by consciously choosing to use your spare time for some wealth creating habits or activities.
Over to you
How are you spending your spare time as an entrepreneur?
How do you convert your spare time for wealth creation?
What wealth creating activities do you engage in your spare time?
What other spare time is available to entrepreneurs besides the ones mentioned above?