While the vast majority of people chase money, the ‘new rich’ have learnt the value of finding an optimal balance of TIM (Time, Income & Mobility) instead. There are 2 major advantages of focusing on TIM – (1) Having time and location flexibility, can lead to your money being worth a lot more (2) Time and Location independence can lead to happiness and content, which money simply can’t buy.
Advice from Masters – Quotes & Tips on TIM (Time Income Mobility)
Freedom Multiplier: Money is multiplied in practical value depending on the number of W’s you control in your life: what you do, when you do it, where you do it, and with whom you do it. I call this the “freedom multiplier.” If you can free your time and location, your money is automatically worth 3–10 times as much.
Mini-retirements: Retirement Is Worst-Case-Scenario Insurance. The New Rich aims to distribute “mini-retirements” throughout life instead of hoarding the recovery and enjoyment for the fool’s gold of retirement. By working only when you are most effective, life is both more productive and more enjoyable. Personally, I now aim for one month of overseas relocation or high-intensity learning (tango, fighting, whatever) for every two months of work projects.
Your path: The question you should be asking isn’t, “What do I want?” or “What are my goals?” but “What would excite me?
Location & Time flexibility: Work wherever and whenever you want, but get your work done.Tim Ferris – Author – 4-hour workweek / Tools of Titans / Tribe of Mentors
You don’t have to live your life the way other people expect you to.
What if you save for 40 years, putting off all kinds of opportunities, then get hit by a bus the day before retirement? Better to plan for the future while also living in the present.
The new reality is that working at a job may be the far riskier choice.
It’s better to be at the bottom of the ladder you want to climb than the top of one you don’t.Chris Guillebeau – Author – The $100 Startup / The Art of Non-Conformity / Side Hustle / Born for This / The Happiness of Pursuit
A desk is a dangerous place from which to view the worldJohn Le Carre
Top 7 Books to Inspire you to Escape the Rate Race and Leave Your 9 to 5
It’s time to let go off being a corporate slave and leave your 9 to 5 job. These books will inspire and show you how to quit the rat race for good, while continuing to earn an income.
Other concepts on Entrepreneurship
Often there can be significant differences between our perceptions of what our customers want, and what our customers truly want. Gut and Instinct are often poor predictors of actual consumer demand, as are the encouraging words of our close friends and family. Before you invest significant time, energy and money into developing a product, it is essential that you actually test if people will buy what you are creating.
Everybody has great ideas, but it is only a few that can actually act on a good idea and turn it into a viable business. The execution of an idea is often much more important than the idea itself. To succeed as an entrepreneur, it is vital that you and your team have the ability to execute.
‘1000 true fans’ is a concept that explains why it is not essential to be famous and have a huge following to earn a successful living working on your passion. In fact, all you need are a much smaller set of passionate fans (1000 for example), who become your marketing evangelists and core customers.
People who truly succeed big, never try to compete – they choose instead to dominate their particular niche and become known as the ‘go-to’ person or company for those specific requirements. Domination allows you to never have to compete on price, not get involved in feature wars and bring along free marketing.