No paytime equals no paycheck. Learn why time management is critical in business and real estate investing.
Hi, Jay Massey with the CashFlowdiary.com with another quick tip about real estate in business.
Today we're going to talk about time management.
Okay, so you want to be an entrepreneur, right? You want to be able to earn the bigger paychecks and be able to go out there and maybe drive fancy cars or spend more time with your kids and actually have a real vacation for once that's more than two weeks long.
Well, here we go. It comes down to time management in a lot of ways and understanding how the individuals inside Robert Kiyosaki casual quadrant operate differently as it relates to time. Many of you know that an employee, that's what the E stands for, literally in someone who trades time for dollars. The specialist or small business owner tends to trade their specialized knowledge for time for dollars, but they lack a system and that's the major thing that a business owner has over here is a business that has the ability.
They own and control the means of production, IEA system that allows them to earn money, whether they're physically working there or not and right here the investors are typically using more money to generate or using their money to generate more money so that they have the ability to go out there and do other things that they would like to do with their time.
In all of these cases the individuals manage their time differently but what I want to share with you today is a very simple concept that I was thought and that has helped me tremendously when it comes from switching from being an employee to getting over to the other side of the quadrant and it's a concept called pay time.
That concept is very, very important; you got to understand what your outcome is for the time that you are investing. When you're an employee or self-employed person, you are paid for the time that you sit there in front of your desk or your customer or your client. When you're a business owner or investor you are paid for result and the thing to understand is that pay time is any time that you're on the phone or in front of a prospect or customer.
When you begin to understand that, it begins to be easy to understand whether or not you're actually capable of creating value in the marketplace.
So for example, let's assume that you sell a product, any product. It doesn't matter whether it's real estate, whether it's tear hair. It doesn't really matter. So, let's assume you sell the product. If you are spending time doing your laundry but your goal is to get a result of selling products, that's not pay time.
That's not time spent in front of a prospect or a customer. That's what we must become good at. It's making sure that the time that we spent in front of a prospect or a customer is what we slant our time towards and we can easily block our day, set up our calendar to make sure that those types of things happen.
So go out there and think about pay time. Ask yourself, did I in the last 15 minutes spend any of those 15 minutes in front of a prospect or a customer and if so, should I have been paid for it. For example, if you don't show up to work as an employee, do you ever get paid? No, the same thing happens when you have no paid time.
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