The Money Machine
Estimated Lesson Time: 3 minutes
There are many “well to do” individuals in this country who have substantial salaries by most standards. This group of individuals usually includes doctors, lawyers, college professors, executives and others in high-paid careers. Statistically, however, despite their level of income, most in this group still have financial difficulties. Once they stop working, their income stream ceases, or at least is drastically reduced. They spend their lives stressed about money and working 60-hour weeks because they feel they “have to” not because they enjoy it. This group of individuals spends their lives working for money.
If the rich do have a “secret,” it is this: don’t work for money, let money work for you. This essentially means your money should be making you more money and your income should not be dependent on your labor. This is actually not a secret, but a concept preached by investment firms, banks, and other financial institutions. They use this concept to sell people on IRAs, CDs, stocks, bonds, and other traditional investment vehicles. There is, however, a flaw with this traditional approach to making people rich: for most people, it doesn’t work. In order to become wealthy using traditional investment vehicles, you need either a) a lot of money to invest, b) the willingness and the discipline to wait a long time to see your investment significantly grow, or c) good fortune, as in the case of a stock that significantly appreciates in value. Even then, you probably would not consider yourself “rich,” just better off. This is a difficult concept for most people to accept because they were conditioned all their lives by parents, teachers, commercials, bankers, accountants, and financial advisors to believe that this is where money should be invested. Traditional investment vehicles do have their place, but for the rich, they are used more as temporary storage facilities rather than life-long homes.
Imagine creating and building a machine that turned coal into diamonds. You plug it in, feed it with coal, and just sit back and let the diamonds come out. You can use the cash you get from selling the diamonds to build more of these machines and produce even more diamonds. While there is no known machine that can turn coal into diamonds, the world is full of similar “money machines” referred to as businesses.
All business owners do not take advantage of this concept, and those who do are not all rich. Self-employed consultants or other laborers, skilled or non-skilled, physical or mental, are still limited by their own time. By owning a business where you market products or other people’s services, you are establishing the foundation for wealth. This is the key to having money work for you.
Another method of having money work for you is creation. For example, when you write a book, you may spend 1000 hours creating the book. Once the book is published, you don’t need to exert any more labor. You are paid royalties on each book sold, and you have created a money machine. The same holds true for movie actors, inventors, songwriters, and other creators.
If you have chosen a career, do it because you love doing it, not because of the money. If you are torn between a passion for a low-paying career and the desire for wealth, choose both! There are many people who have made fortunes creating businesses, marketing products or services, or writing songs or books, all while working a full-time job. Be creative and create your money machine today.
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Some discussion questions (some may not apply to this lesson):
- Have you implemented this idea in your life? How has it been working for you?
- Do you have any interesting stories related to this lesson? Do tell!
- What do you admire most about this person? (success biography days)