Is money really the answer? Or is it what you do with the money that counts?
Chuck Blakeman (author, speaker and founder of Crankset Group) says “Riches is just money. Wealth is freedom. Freedom is the ABILITY TO CHOOSE what to do with my time.”
So when people actually bemoan the fact that they wish they had more money what they really want is more time.
Blakeman talks about a man who earns a whopping $30 million each year, telling him how excited he is that he is having “a full two weeks time off” with his wife to celebrate their wedding anniversary.
How many business owners do you know are like this? They seem to have it all – the lovely family who look great in their nice clothes, nice house and pool, cars, boat and media room, with no time to enjoy them. They are, in Blakemans words, hostage to their own business.
Here’s a snapshot of 100 people aged 65 that indicates most people at retirement age are either dead or dead-broke.
In order to be wealthy in retirement – when you have the time to enjoy a truly wonderful lifestyle, doing what you love, you need to be a top professional, super salesperson, CEO or physically or musically gifted!
But wait, what’s that big red piece of the pie? The vast majority of wealthy people are business owners – so that proves it – you don’t need expertise, qualifications and to be rich to start with, you can simply start your own business and bingo, you’re wealthy.
There is a catch though. Isn’t here always!
95% of small businesses close within the first 5 years – it’s just too risky and stressful to do it on your own. According to Blakeman, putting all of your time into your business is also dangerous to your health. The famous Framingham Heart Study found those who took regular vacation are 32% less likely to die from heart disease and 20% less likely to die from anything else.
The objective of having your own business should be about building a lifestyle, not ‘making money’. So before you ‘buy yourself a job’ by starting your own business, or if you already own a business and ‘wish you had more money’, make sure you take a very good look at the purpose of being your own boss.
Make sure you ask the question of yourself – what do I intend to get out of this? What are my intentions in life?
If you are a hostage to your business, get out without ransoming yourself to a franchise, business merger or ‘white knight’ business partner. Look at your goals and the road you want to travel on the way there first. And look for a business model that gives you time freedom, rather than simply ‘making money’.