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Ep 68 You Can't Get Rich Trading Time for Money · Go Big with Gib Podcast

• 0:00
  Speaker 1: You won't get rich trading time for money.
• 0:02
  Speaker 1: Welcome to the Go Big With Gibb podcast, where we talk to professionals, business owners and entrepreneurs about their big wins.
• 0:09
  Speaker 1: Hey everyone, and welcome to this episode of Go Big With Gibb, the podcast where we break down the lessons that I've learned from 20 years in the courtroom.
• 0:20
  Speaker 1: And, trust me, I've seen it all.
• 0:22
  Speaker 1: And trust me, I've seen it all.
• 0:27
  Speaker 1: I'm your host, gib Irons, a seasoned trial lawyer who spent two decades billing by the hour, fighting for my client and building a life.
• 0:30
  Speaker 1: That's given me plenty to reflect on.
• 0:32
  Speaker 1: Today we're diving into a topic that hits close to home why you can't get rich billing by the hour.
• 0:39
  Speaker 1: Stick around, because I've got some hard-earned wisdom for you and a few wins to share.
• 0:44
  Speaker 1: All right, picture this it's 2006.
• 0:46
  Speaker 1: I'm fresh off a big win in a three-day custody trial and I'm billing $200 an hour Sounds impressive.
• 0:54
  Speaker 1: Right Back then, I thought I'd crack the code.
• 0:57
  Speaker 1: Work hard, bill more hours, stack the cash.
• 0:59
  Speaker 1: Fast forward 20 years and I'm charging $450 per hour.
• 1:03
  Speaker 1: Double the rate, double the grind.
• 1:05
  Speaker 1: But here's the kicker I'm still trading time for money.
• 1:08
  Speaker 1: And let me tell you there's a ceiling on that game.
• 1:11
  Speaker 1: No matter how good you are, there's only 24 hours in a day, you can't bill $25.
• 1:16
  Speaker 1: Believe me, I've tried.
• 1:17
  Speaker 1: Now don't get me wrong.
• 1:19
  Speaker 1: Billing by the hour has paid the bills.
• 1:21
  Speaker 1: It's put my kids in private school, bought me a nice house and allowed me to take some killer vacations with my family.
• 1:29
  Speaker 1: But rich, like really rich, that's not coming from punching a clock, even at $450 per hour.
• 1:35
  Speaker 1: Why?
• 1:35
  Speaker 1: Because true wealth doesn't come from your labor.
• 1:39
  Speaker 1: It comes from leverage.
• 1:40
  Speaker 1: It comes from owning something that's working for you, even when you're sleeping, eating or arguing in front of a judge who's already made up his mind.
• 1:49
  Speaker 1: Let me break it down for you, like I would in front of a jury.
• 1:52
  Speaker 1: When you work by the hour, you're in a linear game.
• 1:55
  Speaker 1: You trade one unit of time for one unit of pay.
• 1:59
  Speaker 1: You want more money.
• 2:00
  Speaker 1: You've got to work more hours, but your body's got limits, your brain's got limits.
• 2:05
  Speaker 1: So let's be real.
• 2:06
  Speaker 1: Your spouse isn't thrilled when you're billing 80-hour work weeks and missing dinner.
• 2:11
  Speaker 1: I learned that the hard way after about 10 years of practicing law.
• 2:15
  Speaker 1: I was killing it in the courtroom, but I wasn't building anything that lasted beyond the next paycheck.
• 2:20
  Speaker 1: Then I started to pay attention to the real winners, the ones who don't just earn, but they own the ones who invest in systems, assets and opportunities that generate cash flow without them lifting a finger.
• 2:32
  Speaker 1: That's when I shifted gears.
• 2:34
  Speaker 1: I still build by the hour.
• 2:35
  Speaker 1: Old habits die hard and I love the courtroom, but I've spent the last decade pouring my income into passive investments and let me tell you, that's where the magic happens.
• 2:46
  Speaker 1: Take something like our medical real estate fund Full disclosure.
• 2:49
  Speaker 1: I'm an investor and I've seen what it can do.
• 2:52
  Speaker 1: This isn't some speculative get rich quick scheme.
• 2:55
  Speaker 1: It's real estate, tangible brick and mortar assets managed by pros who know how to get you risk adjusted returns.
• 3:02
  Speaker 1: What does that mean?
• 3:03
  Speaker 1: It means solid profit with a tremendous amount of downside protection.
• 3:07
  Speaker 1: That means cash flow that rolls in month after month, whether I'm prepping for trial or sitting on the beach somewhere.
• 3:13
  Speaker 1: Here's the thing when I bill $450 an hour, I've got to show up, fight the fight and win.
• 3:18
  Speaker 1: If I don't, the meter stops.
• 3:20
  Speaker 1: But with something like HealthWealth Capital, the funds out there working 24-7, we're leasing properties, we're managing tenants, we're growing value while I'm doing nothing but cashing my monthly checks.
• 3:32
  Speaker 1: That's leverage, that is wealth, and that is something that the hourly rate can't touch.
• 3:37
  Speaker 1: Now I'm not saying quit your day job?
• 3:39
  Speaker 1: I haven't.
• 3:40
  Speaker 1: I still love the thrill of cross-examining a witness who thinks that they've got it all figured out, but if you're listening to this and you're still banking on hourly work to make you rich, hear me out.
• 3:50
  Speaker 1: You're playing a game with a finish line that you can't outrun.
• 3:54
  Speaker 1: There's only so many hours that you can bill before you burn out.
• 3:58
  Speaker 1: The real move take what you earn and put it to work.
• 4:01
  Speaker 1: Build a portfolio, own something.
• 4:03
  Speaker 1: Let your money argue your case.
• 4:05
  Speaker 1: For me, it's passive investments like HealthWealth Capital that help me turn the corner Low risk, steady returns and a team that knows what they're doing.
• 4:13
  Speaker 1: I sleep better knowing that my money's got my back, not just my billable hours and after 20 years of grinding, I'll take that any day.
• 4:21
  Speaker 1: All right, that's it for today's episode of Go Big with Gibb.
• 4:24
  Speaker 1: If you're stuck in the hourly trap, think about this.
• 4:27
  Speaker 1: Your time's valuable, but your money can work harder.
• 4:30
  Speaker 1: Find a way to own, not just to earn.
• 4:32
  Speaker 1: Drop me a line if you've got questions.
• 4:34
  Speaker 1: I'm always up for a good argument.
• 4:36
  Speaker 1: Until next time, keep fighting the good fight and maybe let your investments do some heavy lifting.
• 4:41
  Speaker 1: See you in the courtroom or on the balance sheet.
• 4:50
  Speaker 1: Thanks for tuning in.
• 4:51
  Speaker 1: If you like this, subscribe, share it with a friend and I'll catch you on the next one.
• 4:53
  Speaker 1: Thank you for listening to this episode of Go Big with Gibb.
• 4:56
  Speaker 1: If you haven't already, go follow us on social media at Gibb Irons.
• 5:00
  Speaker 1: We'll see you next time.