Zig Ziglar famously said, “Money isn’t the most important thing in life, but it’s reasonably close to oxygen on the ‘gotta have it’ scale”. I want to refine your understanding about money because one of my greatest insights on wealth is to accept that money is not all the same. There are different species of money, you can divide money into 4 categories.
- Credit Money
- Hourly Money
- Fast Money
- Worker Money
Immediately we can observe when looking at these four species of money that two are very desire-able and the other two are not. The first two lead to a life of just getting by and the poor house respectively while the second two can lead to a life of wealth and abundance.
Credit money, money you borrow to buy certain pleasures in life is the worst kind of money. Not surprisingly it is very closely connected to “hourly money” because to get credit money you must prove that you have hourly money….a job. Then you can have access to credit money.
The point of credit money is to exchange time for the interest you pay. In other words, you can buy that car today and pay for it later for a compounded interest rate of 10% to 20% you buy tomorrow’s savings today. For people that prefer “hourly money” this type of transaction can seem highly desirable. You don’t have to wait 5 years to save for that car because you can have it now. The problem with “credit money” is the same problem that one gets with “hourly money” but much worse. Not only are we selling our precious time for money, but now we are selling and committing tomorrow’s time for money today.
Hourly Money is the most obvious way to make money for people. Hourly labor for hourly money. 90% of the worlds population gets their money this way. A very inefficient way to get your money but you get it for sure. Security of a pay check is the number one reason why people strive to get hourly money.
Before reading this article, you may have never even thought about the three species of money. You may have not even considered that there is another type of money but hourly money and credit money. But there is. Fast money is what the 10% wealthy people strive for. The financial owners of planet Earth, the 10% cream of financial circles create money they don’t work for it.
Fast Money – The art of authentic creation The art of fast money can be boiled down to one specific and it’s that it’s not connected to time. In this strange world, $100,000 in 10 minutes is nothing unusual. A million dollars in an afternoon is typical. $30,000 in 2 days is nothing special. You may balk at these time frames and amounts but that is the point of this species of money. The TIME component is totally irrelevant.
So if hourly money and credit money are intrinsically centered around time…what is fast money centered around?
Fast money is not made by mindless time counting. Fast money is made by delivering solutions. An example of this can be found in the old dentists joke. A guy goes in to have a tooth removed and the dentist tells the fellow it will cost $1200 to remove. The fellow replies, well how long will it take? The dentist replies 2 minutes. The poor guy is incredulous, you mean to tell me that you want $1200 for 2 minutes work? The dentist replies, well sir, if u want me to take an hour doing it I can do that too.
You see the old fellow needed a solution to his problem. The dentist had that solution and had the tools to achieve the solution in 2 minutes. The fellow wanted a solution to his problem and THAT is what he was paying for, not the time spent, as his dentist adeptly pointed out.
Fast money and the art of finding and getting fast money can be found by finding people with urgent and pressing problems.
To get involved in this amazing fast money world, you must seek out these types of people. Find these types situations and begin providing your own unique and authentic solutions to get paid fast.
Lastly is my favorite type of money.
Worker Money – Money that you have gained through either hourly or fast money invested in opportunities where it tirelessly works to earn you more money. Unlike the previous 3 this is not based on either time nor solutions but rather your willingness to temporarily give the right of it to wise counsel. Simply meaning someone else is looking to earn “fast money” and you are giving them “worker money” to do so. An example of this is buying stock in Coke A Cola or contributing your money to a 401k.
My favorite part about “worker money” is the money it earns you which I call it’s children. By right these children belong to you and unlike human children you can put them to work right away! With in a short period of time you will have generations of your original “worker money” that never complains and works round the clock to build your wealth.
Wealth isn’t built by just working hard for 40 years but by what you do with that money.