"1. be in business for
yourself.......2. highly consumable products.........3. build success upon the success of
others........4. to leverage time.......
Paul Getty says that there are 4 things that you
must do in order to be rich.
Firstly, you must be in business for yourself.
Of course, you need to look at what being in business is all about and consider all
factors I mentioned earlier about running your own business.
Secondly, Paul Getty says you must have unique, highly consumable products. This provide repeat sales and gives rise to the concept of residual income.
Thirdly, you must be able to build success upon the success of others. You become successful when you help others to become
successful.
And last but not least, you must be able to leverage time. Your business must be able to leverage time. This is explained through
Pauls's concept of "having 1% of 100 people's effort than 100% of his own
effort."
Lets look back at the concept of time. In a matrix
of time against money, there are 4 posssible scenarios. One is that you can have NO TIME and NO MONEY. Here you work hard and large part of whatever you earn goes towards paying
your liabilities - taxes, your car, your house and your daily expenditure. The moment you
stop work, you have no income. You lose your "assets". People in this situation
work hard believing if they do so, things will be okay. The truth is; it is not okay.
Next is where you have Money but NO Time. Here
CEOs, self-employed professional traditional business owners makes money bet because they
have to work all the time, they do not have freedom of time. Why do we want lots of money?
Some people will say "so that we can afford this and that". BUT WHY? Whatever
the answer might be, it will probably end up with the word "Happiness". Bottom
line is that we all want to have a happy life. But that is not possible if we do not have
even the time to enjoy our life.
Next scenario is you is you have Time but NO Money.
Common are youngster who waste their time away and probably just depend on parents for
money.
The scenario that all of us want is to have TIME and
have MONEY so that we can be rich and happy.
NEXT: DIFFERENT TYPES
OF INCOME
