Latest / Money Grows on Trees / #235 - Why Most Entrepreneurs Never Become Time Rich

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#235 - Why Most Entrepreneurs Never Become Time Rich · Money Grows on Trees

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  People who get rich are not the hardest working. They're the best at actually buying
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  back their time. Being time poor shouldn't be glamorized. It's
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  a trap that keeps you broke and worse, burned out.
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  What are you buying with the money you have to print money while
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  you sleep? And what I learned later was it's better to have 10% of a
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  watermelon than it is to have 100% of a grape. And the only way to do that
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  is to stop and ask yourself, where is my leverage?
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  I'm Lloyd James Ross, seven-figure investor and entrepreneur, and I've helped
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  thousands of business owners and professionals turn financial stress into
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  success. If you're stuck in old money habits, overwhelmed by investing,
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  or unsure where to start, this is for you. I'll give you the mindset
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  and strategies to take control, grow your wealth, and achieve
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  financial freedom. It's time to make your money work for you. Are
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  you stuck on the hurry hamster wheel? Are you suffering from
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  a bout of the busyness bug? Because if you
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  are, chances are you actually believe that busy
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  equals success. But I'm here to tell you that's an absolute lie. I
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  know that most people and most entrepreneurs confuse movement and
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  doing things with progress. They confuse being busy
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  with progress and they wear their busy badge on their shirt
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  with pride. I'm busy. But
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  being time poor shouldn't be glamorized. It's
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  a trap that keeps you broke and worse, burned
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  out. The real currency is time. Because
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  you see, money is actually abundant. You can always get
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  more money, but you can't get more time. And time is, it's got
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  an expiration date. We all die, we all part this
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  physical life. And the time between now and when we do that is
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  called our time. And here's the thing, if
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  money weren't abundant, we'd only be able to accumulate as
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  much as we were old. So for example, if I lived to the age of 120 and
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  money wasn't abundant, I could only make 120 bucks, perhaps a dollar per
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  year I'm alive. But we know that people have made hundreds of
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  billions and trillions of dollars in
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  that life of a hundred years. So we know one thing is for sure, that
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  money is abundant. But we also know one thing for sure, our
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  time here on earth is also not yet abundant. It
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  might be in the future. It might be when science discovers how to give
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  us eternal life. But for now, we have a finite window
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  to make things happen. And if you're not in control of the time between
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  now and when you pass away, those very precious moments, then
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  you're going to have a life that's not fulfilled and not living
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  life in your own terms to bring the most amount of joy and happiness that
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  you can create. And so part of the process of becoming wealthy is
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  not just to have money. It's also to have a
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  level of life that you enjoy and fulfillment and
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  bring a level of juiciness to your life that you can only get if
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  you have both money and time. Because after all, what's the point in
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  having a gold Rolex if all it tells you is what time to be back from lunch? What's
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  the point in working your butt off to have a wonderful beach
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  house if you can't enjoy it with your family? People who get rich are
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  not the hardest working. they're the best at actually buying back their
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  time. Because here's what you don't want to do for sure. You don't want
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  to have to get rich and then build yourself a prison at the same time. You
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  don't want to build a prison, you want to build a business. And most people who
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  build businesses, they think they've got a business, but it commands and
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  demands all of their time. So if your business doesn't run without you,
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  it's actually not an asset, it's a liability. And most people who
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  have a business are actually just self-employed. And I used to be in the
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  same boat. I used to be in real estate and I was still selling real estate
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  and I would always have to be in the office to do the deals.
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  I'd always have to be doing something to make money, working six days
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  a week, having to do something to make money. Now,
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  without a doubt, when you first start, you're going to have to do something. You have to work but
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  I had no ability to get leverage, meaning I had to do all
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  the work myself to get paid all the money myself. At
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  that point in time in my life, I had what's called 100% of a grape. And
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  what I learned later was it's better to have 10% of a watermelon than
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  it is to have 100% of a grape. So what was I going to do to
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  create 10% of a watermelon? The reality is I had to find
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  or develop a business and build a business that had more leverage. And
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  so I started out building a network marketing side hustle where
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  the money we made was based on product purchase from customers while we
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  weren't there. and the scaling of that than it was about me
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  being there to provide a service. And that's why I do love product-based businesses over
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  and above service-based businesses. So I had to figure out how we're going
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  to create more money and more time
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  at the same time, right? Because that's the goal. It's about getting freedom,
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  not just money. That's what becoming time rich actually means,
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  to enrich the ability for you to control and manage your time. Meaning,
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  who do you want to be with? What do you want to work on? And this is the things that I
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  wanted to do. But you got to have a business vehicle or some way to
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  exchange value with the world that allows you to do that. So network
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  marketing was our first step out
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  of this prison of I have to be there to make the money. Because
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  what happened to us was once we started that, one
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  day I looked at my bank account and there was more money in there. And
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  I hadn't done more work. The money that was coming into our account was
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  based on work we had already done. So the residual efforts of
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  our work, we're starting to get paid the fruits of that.
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  And that's when I realized we had a real business on our hands that would
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  actually pay us while we slept. It had turned into an asset. And
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  so once we figured that out, we're like, well, let's do more of this type of work.
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  Let's do more of the work that once we do it, will pay us not once, but
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  over and over and over again, it will repeat. And the
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  objective is, if you want to get money as well as time, you
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  have to find a repeatable exchange of value in
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  the world. And so we had this business where we
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  could solve someone's problems, they order the product, and if they wanted to keep solving the
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  problem, they had to keep ordering the product. And
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  that created a subscription-based income for us. We
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  all pay subscription-based bills, so why not have a subscription-based
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  income? And it's not easy to get off the ground, it's not easy to
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  start without a doubt. but it is
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  the path to getting more money and more time at the same time. Just
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  quickly, if you're ready to take control of your finances but feel stuck on
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  where to start, I have a solution. My book, Money Buys Happiness,
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  simplifies investing and wealth building with practical steps to help
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  you achieve financial peace. Get your copy via the
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  link in the show notes and let's get your money working for you. Now back
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  to the episode. Now, as we scaled that, we started to realize it was
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  taking a lot more of our time to build it to a new level. So what we had to do was
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  we had to implement some systems in place to take the heavy lifting out of
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  it for us. And we had to find some people to
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  do the work with us so we could also earn from their efforts.
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  These two types of things are called people leverage, where it's not you
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  just doing all the work, it's other people, and systems leverage, where
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  it's actually systems doing the work for you while
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  you do something else. Now, systems can be hard systems and soft systems.
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  The difference are soft systems are a process to follow to
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  save time. Hard systems are things that actually do the work for
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  you. So think of software, machines, robotics,
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  right? And so we had to implement some soft
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  systems to process things, to teach more people, to
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  achieve more by doing less. And we had to implement software and
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  certain processes like a selling system, a webinar, a
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  repeatable marketing and selling system, a training system that
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  was through videos was able to be used by the team to do things while
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  we weren't there. And so you have to have both hard systems
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  and soft systems in your business to run without you.
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  Otherwise, you don't have a business, you have a job. And so once
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  we had established those systems in our network marketing business, we
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  could actually still work on it, but we were achieving a lot more output for
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  the input. And that's what leverage is all about. Now once
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  we had got to that point, we wanted to get more wealth but
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  we also wanted to save a lot of time. And so one thing we
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  did was we carved out some capital from that business and we started
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  to scale our message through books, courses and podcasts. And
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  by leveraging those forms of media, that's another way
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  to achieve more by doing less because the people consuming our books
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  in our podcast, in our courses and content, they were doing
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  it while we were sleeping, meaning I didn't have to be there for them
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  to do that. That was another form of leverage. A book is one
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  of the most effective and wonderful ways to get your message out there on
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  repeat. You may be reading one of our books right now, but I'm not there reading it to you.
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  That's where media can have a very big impact
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  on the leverage you can create for yourself, why starting a
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  YouTube channel, starting a podcast, writing a book, developing courses
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  and doing it at a bit more scale can actually allow you to achieve more
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  by doing less. You can help more people solve their problem without
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  you requiring to put more hours into it. These are the types of things
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  you want to develop from the capital you develop from your business or
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  your job. You want to deploy the capital to create a
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  book, to create a podcast, to create a YouTube channel, to
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  develop your business along the way so that you can actually leverage
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  that capital and create more by doing less. And so part
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  of becoming time rich is to really ask yourself the question,
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  if I'm overwhelmed, which many people are, and you might be overwhelmed listening
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  to this, if I'm overwhelmed, it means
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  I don't have enough leverage. In which case, which leverage
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  lever will I pull? Will I pull the people leverage
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  lever? We're actually asking people to do work for me. And don't forget,
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  Your delegation is someone else's personal development. Meaning,
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  don't ever feel guilty or shameful by giving someone work to do because they're
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  pining for it. They're seeking to build their skills. And
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  by you not delegating your work that you can easily do, you're not giving them
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  the chance to build the skills they wanna build. So in saying that,
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  if you don't delegate simple tasks, you're selfish. because
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  you're preventing someone from learning the skills they wanna learn so one day
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  they can be you. So never feel guilty or shameful about
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  delegating. But people leverage lever requires you to
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  pass the work onto someone else. Yes, it means you're gonna have
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  to give up control. Freaking control
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  freaks out there, you can't control everything. Stop trying to control all parts of your business.
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  Stop trying to control all parts of your life. You can outsource many
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  things. Some of you are still cleaning your house. I
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  know you do a good job but there's people out there better than you and
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  you can pay them to do it. This is what I mean by pulling
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  the people leverage lever. Next thing, if you've got
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  some people leverage, the next lever to pull is if you're overwhelmed still,
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  if you're still doing a lot of things yourself, if you're still booking your own calendar appointments, if
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  you're still writing your own emails, if you're still you know, running
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  webinars live. Like if you're still physically doing things and
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  you're overwhelmed, then it's time to pull the systems leverage
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  lever. And that means, okay, can I
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  get chat GPT to write that for me? Can I sequence that and get an email
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  nurture software sequence so I can email people that happen to be there and
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  do it? Can I engage Spotify and
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  YouTube and Facebook and Instagram and these social media platforms to
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  put my content out that's repeatable over and over again? Can
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  I use software to scale my activity and
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  my tasks and my content? Can I use Calendly to
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  book appointments for me? Can I use Zapier
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  software to link things up? Can I use whatever it
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  is, whatever software is available to you to use,
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  the objective of it is to do the repeatable tasks for
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  you. Better yet, if you have a person from people
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  leverage, and then you have software for them to
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  use, you have the elements of scaling your activity drastically.
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  So when you've got people to run the systems you're putting in place, you
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  can start to scale your message, you can start to scale the amount of clients you get, and
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  you can start to deliver at a higher level. And the final leverage
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  lever to pull is the capital leverage. So if you're making money in
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  your job or your business, how are you deploying that capital
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  into other assets to produce money for you with no effort? So
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  for example, if I happen to have $100,000 and I
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  bought shares in an index fund that paid me 13% dividend,
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  yes they are out there, and paid monthly, it means that I'm
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  making $13,000 a year, on
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  a monthly basis, about $1,000 a month. Now,
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  if you're making $1,000 a month, which is about $250 a week, which
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  is probably around about $40 a day, $40 a day, it means that you
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  are not having to do that hour task that's going to take an
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  hour from you and give you $40 in return and most jobs these days are
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  about $40 an hour job, it means you don't have to spend that hour doing
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  that because you're making the $40 for that particular
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  day from an asset and that's how you leverage
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  capital to buy back your time. That's how you use capital to
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  become time rich. So what people
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  leverage are you pulling? What systems leverage lever
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  are you pulling? And what capital leverage lever are
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  you pulling? Meaning, what are you buying with the money you
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  have to print money while you sleep? If
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  the answer is none, then it means you don't have any leverage.
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  If you don't have leverage, You cannot turn
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  your 100% of your grape into 10% of a watermelon, which means
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  you can only make as much money as you can work in
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  the day. And we all know we've only got 24 hours in a
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  day, can only work 16 of those, which means your
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  money is now capped. So learn to
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  pull the leverage lever in all those areas and
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  start to actually achieve more by doing less
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  so you can get wealthy without getting busy. And
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  we all suffer at some point in our lives from the busy
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  bug. And if you're someone who's overwhelmed, you're anxious,
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  you shake your leg, you're in a hurry, the objective would
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  be to eliminate that from your life. And the only way to do that is
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  to stop and ask yourself, where
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  is my leverage? And if I know it exists, but I haven't done it,
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  what internal story am I telling myself that's preventing
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  me from doing it? What's the guilt and the shame of
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  me not delegating? What's the lack of control that
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  I can't deploy because of software? What sort
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  of self-sabotaging story am I telling myself that prevents
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  me from implementing software? Do I not trust it? Do I not think I'm a tech person?
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  And what's preventing me from getting partnerships in my business to do things that I
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  can't do? Am I worried or scared that someone's going to kill my business? Am
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  I worried or scared that they're not going to be fun to work with? What is the deep-seated worry
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  and concerns and anxieties that you have on a programmed level
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  that you've learned that's preventing you from getting leverage. Because
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  I promise you, it's just a story that you're telling yourself that's not
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  real that's preventing you from doing those things. And everybody can
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  do this. You can start very small. If
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  you're still cleaning your house, the very first step to do is
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  to go to Air Tasker and find a cleaner and outsource
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  that. If you're still cleaning your pool, the next step is
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  to get a pool cleaner and pay them. This is the very beginnings of
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  people leverage. If you can't use systems, the very first
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  step you can take is to get your phone, pull up
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  ChatGPT and start getting it to write your
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  emails. For goodness sake, why are you still writing your
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  emails? Why are you still writing your sales copy? Why are
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  you still writing your Job description. Why
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  are you still running cover? Why are you still writing emails to your kid's principal when
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  you can just get Chatty Petite to write an amazing email, right? The
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  other day, something happened to me. I got an unwarranted parking
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  ticket on a private property that was way out of order. So
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  I went straight to Chatty Petite and I said, Chat, you are a Queensland lawyer,
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  highly trained in parking ticket infringement law.
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  Please write me an email that subjugates and prevents me from
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  having to go and fight this to the next level and write it in a nice way that's
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  not too conflicting and not too combative." It wrote that for me
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  and I sent it across and I haven't received an email back, which means I
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  feel like I've got a lawyer in my pocket. Now, I'm not suggesting that for every single
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  thing that happens to you, but why would I go and craft things when
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  I have that powerful engine in my pocket? And I find
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  that people just do not know how to delegate their thinking.
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  They don't know how to delegate their activity. They believe wrongly
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  that they have to work harder to get ahead. But we live in
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  2025. Finally, you're living in a time in our lives where
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  we can actually work less and achieve more. I'm
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  not suggesting you don't have to work at all, but I want you to work smarter, not
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  harder. You've heard the saying, work smarter, not harder. Well, let's
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  see what you've got. This is not as easy as what you think. People
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  have a grip on control of they must do everything themselves
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  and I'm here to help you loosen the grip because I
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  don't want you to be just rich. I want you to be time rich
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  because I want you to have money and the time to enjoy with your family and
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  just do the things that bring you actual wealth, which is not a
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  beach house incidentally. It's actually not a jet. It's the ability to
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  say, yes, honey, let's go on a walk with our dog at 10 o'clock this morning.
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  Yes, let's have lunch together today. Yes, let's go to the recital. Yes,
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  let's go on a family holiday. Let's do those things we want to do. That's wealth.
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  And it's not just sitting around bouncing around from task to
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  task and event to event and thing to thing. You do not
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  want to build a new prison when you escape one. So my advice
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  to you about becoming time rich is this. If you are
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  overwhelmed, you just don't have leverage. Now you know how to
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  get it, go get your leverage. Start
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  with small tasks and start today. Because
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  if you don't become time rich, it will not matter how much money
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  you make, you'll never ever be happy. So
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  if you've enjoyed the episode, hit the subscribe button, share with a friend, and
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  I wanna see you not just become rich, become
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  time rich. See you at the book launch. Thanks for listening to Money
• 18:10
  Grows on Trees. If you enjoyed the episode, leave a five-star review on
• 18:13
  Apple Podcasts and Spotify and subscribe to us
• 18:17
  on YouTube so you never miss an episode. And if you're serious about building wealth,
• 18:20
  make sure to check out the links in the show notes and follow me on all
• 18:24
  social media platforms at LloydJamesRoss for