Creating Wealth: Part 1 | Myron Golden

Creating Wealth: Part 1
| Myron Golden |

0:00 Introduction
If you've been working for any period of time to create wealth for yourself and your family, and you haven't really hit your lick yet, I'm gonna share with you what I believe is the first reason why. The first reason why most people don't create wealth is because they don't understand wealth, because they've been told a lie and they've believed that that lie is the truth. And that lie that they've been told is this: and you say it with me. Say it with me. You ready? Time is money.
Now, I submit to you that believing that time is money keeps people broke. The belief that time is money is ingrained in our society.
While the implication seems to be saying that, well, if you're wasting time, you're wasting money, that may be true at least, and certainly true in some instances. But the idea that time is money is absolutely a far-fetched and ridiculous idea, and I'll prove that to you.
1:19 Running Out of Time
The first thing I want you to understand is in your life, you get a limited amount of time and a limited amount of money, and what most people don't realize is that when you run out of time, you don't get any more time. Now, we may think that what the worst thing in the world is running out of money, but I submit to you that far worse than running out of money is running out of time. See, because when you run out of money or if you run out of money, you can get more money.
I can remember back in the days when I used to be really, really poor and I remember being married and having a wife and my wife being pregnant with our first child, and I can remember that we were really broke. I had to take the seats out of the car looking for change and take the seats out of the sofa, the cushions out of the sofa, and out of the chairs looking for change so I could buy one loaf of bread. Since the time I ran out of money, I've made a lot of money. So if you run out of money, you can get more money, but when you run out of time, you don't get any more time.
2:25 Why The Distinction is Important
And the reason that's an important distinction to understand is if you get a limited amount of this, and really you could make an unlimited amount of this, theoretically, this has to be more valuable than that. So not only is time not money, here's how we would have to say it... we'd have to say it if we understood how it worked. We'd have to say, "time is greater than money, or time is more valuable than money."
And when you understand that time is more valuable than money, it'll change your life because now instead of focusing on spending the least amount of money you can for everything that you buy and wasting a whole lot of time making money, you'll say, "Hmm, how can I make more money so that I can buy back some of my time?"
3:15 Time is More Valuable
The first concept, the first part of wealth creation is understanding the difference between time and money. Now, the first part of understanding the difference between time and money is understanding that time is more valuable than money. And until you understand that, you will always spend a whole bunch of your time to get a little bit of somebody else's money as soon as you figure out that time is more valuable than money, you'll spend as much money as necessary to buy back the rest of your life. The second piece in understanding the value of time and money and the difference between time and money, we need to understand that wealth is not measured in money. Wealth is measured, and I'm just gonna abbreviate, measured in time, not money. Wow, this is really good. Wealth is measured in time, not money. I'm gonna prove that to you and that'll be the end of the first part.
4:09 Wealth is Measured in Time
If you work for 40 years and you make $25,000 a year, are you rich? No. But how much money do you make if you take 40 times 25,000, and this is dollars. So 40 years times $25,000. It equals $1 million. You've made a million dollars in your lifetime. You've made a million dollars in your lifetime over a 40-year time period, but yet you're not wealthy. Most people think if you had a million dollars, that you'd be rich. And if I were to ask you if you had a million dollars, would you be wealthy? And the only answer is it depends.
If you're only making $25,000 a year, what you're doing with the money is you are existing. So understand that. So $25,000 a year gives you the ability to exist. Now let me ask you another question: what if instead of over a 40 year time period, you made that same million dollars in one year, you made that same million dollars in one year. Now, are you wealthy? Well, you certainly are a whole lot wealthier than this person. How much wealthier than this person are you? You're 40 times wealthier. But it's the same amount of money. Ah, but what if you made that million dollars in one month? Then you are 12 times richer than that person.
Wealth is not measured in the amount of money. The amount of money is staying the same. It's a million dollars, and I'm using that term because that's an amount of money that a lot of people think is so astronomical. But I'm telling you that the person who makes a million dollars a year is 40 times richer than the person who makes $25,000 a year. The person who makes a million dollars a month is 12 times richer than the person who makes a million dollars a year. If you make that same million dollars in one week, then you are four times richer than the person who makes a million dollars a month.
If creating wealth is your goal, then you have to understand you've gotta place a much higher value on your time. And stop valuing money as if money is the wealth.
6:59 Money is Not Wealth
Money is not the wealth. Time is the wealth because time is the thing that you put your life experiences in. We don't understand that at the end of our lives, it's not the number of years of experience we have that count, but at the end of our lives, the only thing that matters is the number of experiences we put in those years.
Wealth is measured more in time than money. Until you get this down, you will never be able to create wealth because you will always be spending a whole bunch of time to save a little bit of money or you'll be spending a whole bunch of time to make a little bit of money. Until you get to the point where you value time more than you value money to the point that you're willing to exchange money to get time instead of time to get money, you will never create wealth for yourself. Anybody who's ever created wealth created wealth because they valued time more and they were willing to pay as much as necessary to buy back the rest of their life.

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