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Typically, people think that the only way to make money is to trade time for it. We’ve been conditioned to think that working 8 hours a day is the best way to earn. Take a seat and listen in on today’s podcast with Nate Woodbury, who will be talking about other ways to make money aside from trading your time for it.
Right. You saw the title of what this video was about. We’re talking about trading time for money or actually how to not do it. How to stop trading time for money. Here it comes. So, Nate after that introduction to this episode. I am left wondering what are you talking about? What does trading time for money actually mean? That’s the typical way that most people think that they can earn money, is they’ve just got to trade their time for it. I get paid an hourly rate. I go in, I put in my time, I get paid. I mean, there’s work and I effort. I am worth minimum wage or I’m worth $25 an hour and I’m going to, you know, I’m worth this much salary or whatever it is. And you you get a job and you make that much money per hour. And so, you’re just trading your hours for money. So, that’s what I mean. And I’m going to talk about why we’ve got to stop that. Oh, we do? Yeah. We got to stop it. What should we do in its place? Well, you got to get your money working for you. You’ve got to create a business, you got to invest and free yourself from the bondage. The bondage. So, what you’re basically saying is, is that most people have no time for anything that they really want to be doing or that really matters to them because they’re spending all of that– their personal time trying to fill their coffers? I mean, think about this. I’m not… I don’t think that everyone that watches this video is going to go quit their job. And I don’t even expect or want that to happen. But that is kind of what you’re saying. Well… Especially if you’re in a job… Think about this. Do you spend more time (as an employee) do you spend more time with your co-workers or your family? 75% of your waking hours are spent with your office co-workers. Do you choose who those people are these? Are they your friends? Sometimes, if you’re in a leadership position. But generally, they’re foisted upon you. Yes. So, if you’re an employee, you know, you’re put in an environment that is not chosen by you. Your co-workers are not chosen by you. I guess like you say, you’re in the leadership or in higher position. Even that. Yeah. And you wake up in the morning, you shower, you get ready. You know, you eat breakfast, you commute and you’re there. That your time is spent with your co-workers. At the end of the day you get to come back and hopefully spend a couple or a few hours with your family. But then you go to sleep to just begin the whole thing. And so, the bulk of your day is spent with people that you normally wouldn’t spend time with. You know, when it’s outside of work, you don’t hang out with your co-workers, typically. If hopefully, if you have awesome co-workers like that, that you do hang out with outside. That’s a good thing.
So, the other big disadvantage to trading time for dollars is there is a ceiling. There’s only so much money that people are going to pay you at your job. If you go to your boss and ask for a pay raise, what dollar amount or what percentage as a payer is typically going to be? I mean, maybe 3% Yeah. 3% yeah. So, if you’re making $25 an hour, what’s a 3% pay raise? Whatever it is. Less than a dollar, right? So, if you’re like, “Yeah, I made 50,000 this last year. I want to make 100,000 this next year. I want to double my income.” You can’t do that as an employee. You’re treating… So, there’s this… That’s what I’m talking about. Unless you truly do work 24 hours around the clock. You say, “I’ll double my time.” And get a second job. “If you’ll double my pay.” But yeah. That’s… So, you’re trading twice the amount of time. Yeah. So, there is a ceiling. Even when you’re self-employed. You have a little bit more control over that. You can trade your time for a higher dollar amounts. But you’ve… It’s different because if you if you charge by the hour and you’re trading, you’re literally trading time like it… Let’s say, I charge $500 per hour. That’s that’s my rate. But if I told people that I charge $500 per hour, they think, “all you do is sit don’t push the record button.” I’m not going to have to pay $500 per hour. But… So, I certainly don’t don’t tell them that hourly rate. So, what I’m really saying here is… You’re telling them now. No. They’re not watching. They’re not. They’re busy. Even if I can raise my hourly worth, you know, if I say, “Right now, I charge $500 per hour.” I could tell myself, “Yeah, now I charge $1,000 per hour.” The people that are paying for my services aren’t as easy to increase that. They built their values of what my time is worth, is a lot different than how I value my time. Okay. Let me say that maybe in a clearer way. I might value my time as being worth $500 per hour. And they might value their time as $25 per hour and think that somebody who charges $500 per hour is nuts. And so, if I were to tell them I hourly rate no matter how much they needed my service or wanted my services, they’re obviously not going to buy it. So, there’s just… When you… Even talk in the terms of trading time for money, it just doesn’t makes sense. True. You don’t… You generally, when you’re bringing on a new client, you’re not going to break down your services in terms of an hourly rate because you’re right. They will scoff and say, “What are you? Nuts?” But if you tell them, “for 4,000 here’s what you’re going to get.” That’s a whole different construct. And there’s a whole lot more built into to my time as well. Because I’ve got a whole team behind me. And so, yeah that’s how much time I’m contributing. But then I’ve got you know, dozens of hours added on top of each day for entire month that’s built to the whole ya system behind. So, yeah, yeah. So, at the end of the day, what’s your point? Do you want people to quit their jobs and live… Well, my point is there’s a better alternative. Right. Okay. So, let’s talk about the the better alternatives here. One is you can put your money to work for you. I mean, that could be an investment. We’re obviously talking about business. You know, by investing in your business and not being just self-employed but being a business owner. You’re really able to leverage that a lot more and you control your time and you can manage your time and not have to really trade your time for money. So, in a previous video I recommended a book called E-myth revisited which was entrepreneur myth. E is for entrepreneur. Highly recommend that book because it talks about creating systems. Systems that once created, the system’s run your business. Or you hire an employee to run that system for you. So, instead of me contributing my time to flip the burgers, if I worked at McDonald’s. I could create the system build the building and train the people that I hired to flip the burgers. Right. Okay. That’s coming from a person who doesn’t eat burgers anymore. He’ll be back. Well I eat, I don’t know. I don’t like the veggie burgers. So, you don’t have any burgers? Back on.
Back on topic. So, create systems to automate your business. In that way, your business is working for you, it’s paying you. It’s bringing in the dollars. You’re not… You don’t have to trade your time for that anymore. And that’s what you do. I mean, the reason you’re bring that up is because in other videos, we’ve talked about that with your team in the Philippines. I mean, they’re… You’re basically… Your business is working around the clock because they’re 12 hours away. So, when you’re done working they start working. Hm-mm. And you you have plenty of quality great time with your wife and kids and other things. Yeah. So, I mean there’s many days where I don’t work because I have to. I don’t have to trade that time because I need that money. I get to focus on the things that I really want to. Yeah. And that’s… And that’s a luxury that a lot of people who have hourly jobs bless their hearts for working and having them. But simply don’t have. Yeah. I mean, I get to be purpose driven. Yeah. And I get to lead and inspired life. I can choose my activities because I want to do them or I’m excited to do them or it’s going to help me accomplish a goal. Not because it’s what my boss said that I needed to do to that day. I mean, I talked to a lot of people who have jobs that don’t enjoy their job. And they’re just looking forward to retirement. I think that, this would be a topic for a whole another video. I think the idea of retirement is just so stupid. Why would you work in a job yet the best years of your life — 40 years from… Let’s say from age 20 to 60. Okay, you’re working for 40 years, doing a job that you don’t like with people that you don’t like, planning one day to be able to retire. When you can take control and you can live the life that you want to live right now. Anyway, I’m on a soapbox here. Boy, I’m telling you. I wish you had something to sell. You know, it’s all just free information. It’s not that you gain anything from somebody becoming a YouTube sensation. You know what I mean? Yeah. Well I believe in these principles and I just enjoy teaching them. It’s cool. I love this stuff, I love entrepreneurship. There anything else here that we missed. So, I put that down. That instead of being money focused, you can really focus on what’s most important to you. Instead of trading your time to focus on what’s most important to your boss, you get to dictate what’s most important by being an entrepreneur and obviously, as a YouTuber. We talk a lot about the business side of YouTube and how to make a living on YouTube. I wrote right here. You can be Purpose Driven. You could lead an inspired life. A good friend of mine Kris, he only schedules half of his day. Meaning, when he has his calendar, he leaves gaps. So, he’ll only schedule 3 or 4 hours of actual meetings or work. Because he’s just like… And then, I’ll know what I feel like doing or what I feel inspired to do. The other half of the day. And it always gets full with new opportunities. Things that it’s a really cool… Now, this Kris though, he is a YouTuber? Yeah. He’s a partner of mine on Limitless TV. Yeah. That’s… I guess that’s really the link. Is that, you know, this type of freedom is out there and it’s attainable but at the moment, a lot of people would love to have that. Let’s wrap this video up with the exact tie into YouTube because so many of my YouTube friends and I’m probably talking to you. All you do is put in hours and hours and hours filming. Hours and hours and hours and hours editing. And you don’t have a life. And you’re doing it for your business, to grow your YouTube channel. And the end result is for any income. Yeah. But there’s a better way you could systematize it. You could outsource to the Philippines. You could go to virtual assistanttool.com, you could hire me and my team to do all the filming for you and do all the editing. So, obviously that was a self plug there.
Yeah. That’s all right. But think about it. Think about why do you have to do it? Are you the only one that can do it? This one… A lot of my friends, they’re such a perfectionist on their video editing technique that they really believe. That no one else can edit to their level of precision. And the reality is, you’re right. It’s going to be hard to fire… Fire? It’s going to be hard to find and hire (those two words combined) Whoops! Yeah. It will be hard to find somebody that you can train. And there’s no one that you can find that right now, it’s like, “Okay, you do it.” “See? You didn’t do it right.” Yeah. They’re not in your head. But if you… Well, you know what? Do this, do this, do this. Okay. Okay, now you got it right. And it’s just with some training. Of course, of course you can do it. Of course you can find somebody to edit to your level of skill. And especially, to cut down on the time. Yeah. What if they did the first half? And then you did the… You did the final cut? Or whatnot. You know, I mean, to your point if somebody who’s kind of in a regular full-time job trading time for money. 8 to 5 or whatever over. If you’re committed to being a YouTuber and you find that you’re actually spending twice as much time and having half as much of a life as you would have had just having a nine-to-five job, then what was the point of becoming a YouTube-free- independent-I’ve-got-all-my-life-to-live. I’m going to go inspire. if everything that you do take so much time? It’s defeating the whole purpose. Which is why I love that idea of systematizing things, becoming way more efficient and then Kris’s example of I schedule half my day. Because I can. I’m free enough to have the rest of the other half of it just open to whatever, wherever the river takes me. Wherever I’m needed. Yeah, you have to look at it practically. And if you’re working way too hard, it’s probably not being done right. Last phrase here. Question. What is more important? Money or time? Think about it. Food for thought. Truly food for thought. Food to think on, digest and then… They’re going to leave man. We got… Subscribe before you leave. Subscribe. Yeah, you’re right. I’m tired. We’ll see in the next video. Hit like. We love you.