Time, Money or Knowledge: Which Resource Do You Have?
As an investor, you need to be acutely aware of which resources you have available to attain your financial goals. There are always three resources that are needed for success; time, money and knowledge. It’s impossible to be successful without a fusion of all three of these. If you look back on anything that you’ve been successful at, you’ll see that one way or another, all three of these resources led to your success.
The thing is, most people don’t have all three of these resources available to them at one time. In most cases, people have one or maybe two of them simultaneously, and that’s it. As a youngster with no full-time job and living with your parents, you likely had plenty of time on your hands, but little money and little knowledge. You were still trying to figure it all out. Later on, with your first real paying job out of college, you had more money, but little time and little knowledge because you were still learning the ropes in the real world. Further on, you had even less time if you made a family and worked full-time to support them. At that point, you might have had a lot of knowledge but little money and little time to act on what you’d learned. Family responsibilities and mortgages and bills have a way of eating up both time and money.
Now that the years have passed, which resources do you have available to you? Are you still short on one, two or all three of these essential resources? If you’re like most people, you are short on resources and it’s stopping you from getting the financial freedom you’re seeking. But it doesn’t have to be that way. You can create “the perfect storm;” the ideal situation where you have not one or two, but all three resources at your disposal. Here’s the secret that you need to know to get there.
Figure Out Which Resources You Have
The first step in creating this perfect alignment is to figure out which resources you currently have available to you. It doesn’t really matter which ones they are – only that you’re honest with yourself about how you stand. For instance, if you’re working a full-time job plus a part-time job, you might think you’re the master of time efficiency and that time is your resource. But having time as a resource means you have lots of it – not that you’re good at managing it. The same thing is true of money. If you want to count money as a resource, you should have a rich source of money waiting to be invested, or sitting someplace as a liquid asset. Counting knowledge as your resource entails the same kind of self-honesty. Can you honestly say to yourself that you’re an expert in something that can earn you financial freedom? Or could it be said that you have a moderate amount of knowledge or just enough to be “dangerous.” Be very honest about your own resources, with the knowledge that it’s okay—even common—to be deficient in one, two or all three.
Find the Resources You Need
The next step is to fill whatever shortcomings you may have. This is the secret that has made the fortunes of many financially successful people, including Steve Jobs and Bill Gates. They understood the importance of being honest about what you’re lacking and then building a team around you that can fill those gaps. Once you’ve determined which of the three essential resources you lack, it’s time to find those resources and shore up the holes.
If You’re Lacking Money
Are you lacking money to fulfill your goals? Then you’ll need to find a way to increase your discretionary income.
If you’re already working a second job in order to supplement your income and make more money, you’re sacrificing one resource in order to build up another, which doesn’t put you ahead at all. You’re making yourself short on time in order to get money, but that still leaves you with at least one resource lacking. You need to find a way to make more money without sacrificing knowledge or time. You can do that through passive income, but some of these methods require an initial investment of money, which you’re short on. Another way to get more money to invest without sacrificing time or knowledge is to create residual income.
Residual income requires a single effort at the beginning that pays off repeatedly in the future. So you’re using up another resource – time, but only in the early stages. After that, you save your time and you gain more money with residual income. This method also requires knowledge about the residual income model so you can excel at it. That’s the knowledge that you can learn from whoever is teaching you the residual income method.
If You’re Lacking Time
If time is not on your side, you may also be short on knowledge, because it takes time to learn about the various types of investments available to you. Time is a hard resource to acquire as an adult. We’re all pressed for time and we’re all operating on the same 24-hour clock.
Of course, some people make better use of their available time than others. Think about ways you might be wasting valuable time and try to find ways to carve out more free time. Maybe you could stream your favorite TV show to your iPad and watch it on the treadmill instead of spending your few evening hours in front of the tube. Or skip all the social media postings and instead read some educational blogs about ways to make passive income. Consider talking to your boss about working from home a couple of days a week and use that recouped commute time to put in a couple of hours a week at your local investor networking events. There are ways to find more free time, but you will need to get creative about how you get it.
If You’re Lacking Knowledge
Ironically, knowledge is the easiest resource to get if this is where your deficiency lies. First of all, you can always educate yourself through podcasts, books or spending time with people more knowledgeable than you. You can learn almost anything if you really dedicate yourself to the learning process. And if knowledge is the only resource you’re lacking, you’re in luck. With time and money, you can afford to fly yourself to educational seminars, attend workshops and spend all the time you want learning what you need to know.
Even if you’re lacking in both knowledge and time, you’re still in good shape. That’s because you can leverage the knowledge and experience of experts who already know what’s necessary to make you more money in life. This is what the most successful people in history have known for eons. You don’t have to know everything; you don’t even have to spend your own time learning everything. You just have to find others who know what you need and leverage their knowledge so it works in your favor.
That’s what American Real Estate Investments is all about. We help investors through our extensive expertise and knowledge to attain financial freedom through passive income. We offer a variety of ways to help people who don’t have all three essential resources. We help to fill those resource gaps by giving of our knowledge and our time. Whether you’re short on money, time, knowledge, or a combination of two of them, you can rely on us to help fill the gaps. We can help you find more time through passive income or residual income. You can use our knowledge to build your investment portfolio. We can help you earn more with less effort. Contact us today to learn more.