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You were born rich!!

Discussion in 'General Mindset, Motivation, Beliefs' started by MJ DeMarco, Aug 29, 2007.

  1. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    After reading BioPhase's story and his comment...

    I just had to go dig up my old post on RD about valuation of time.... it is posted below.

    YOU WERE BORN RICH!! How are you spending it?

    You were born rich. In fact, everyone around you was born rich. Now you say, "how could that be, I've got $500 in savings and I owe a fortune!"

    I've got good news for you and no, it has nothing to do with saving money on your car insurance.

    The moment you materialized into this world, you were born filthy rich with an asset that is god-given to everyone. This asset is given to everyone equally at birth, yet, its quantity is unknown and ever expiring. In financial terms, this asset is a depleting asset, much like an oil well.

    Story continued here:
    http://www.thefastlanetomillions.com/fastlane/articles/mindset-motivation/you-were-born-rich
     
  2. Sid23
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    Sid23 Bronze Contributor

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    I remember this post from RD and refer to it often! I even used it as an example when my girlfriend came home bragging about having saved $0.20 a gallon on gas - but she waited for 45 minutes!! luckily, she understood the concept and now laughs when we drive by that particular gas station.

    speed ++
     
  3. kimberland
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    kimberland Bronze Contributor

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    I think the biggest time waster is waiting.
    I went to the hairdressers today.
    There was a 45 minute wait.

    Other people were reading mags
    or even staring into space
    (I kid you not).
    Me, I wrote in my handy dandy notebook,
    a couple blog entries.
    It'll take me seconds rather than minutes to transfer them.

    People ask me how I found the time to write a novel.
    That first novel (the one which will never see the light of day)
    was written long hand over a year
    during waits for the hubby
    (we share one car).
    Instead of getting irritated about waiting,
    I used that as my writing time.

    : )
     
  4. 1320Trader
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    1320Trader New Contributor

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    + mph
     
  5. Sehcill
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    Sehcill Contributor

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    One of the best choices I ever made was buying one of those really small notebooks (the size you can keep in a shirt pocket). I constantly have ideas on how to do things better, faster, etc. and just putting pen to paper helps those ideas come out. ANY TIME you realize something sucks to do, that is a business opportunity waiting. Also, as slow as it is, any internet-capable phone or PDA is a valuable asset for doing research on the web.

    -Jason
     
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  6. M-M
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    M-M New Contributor

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    I used to waste a lot of time. Now I multitask. I'm a huge soccer fan and my weekends are spent in front of the TV. But I don't just sit there, I write on my book, think about ideas or read books. I try not to waste a minute.
     
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  7. nomadjanet
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    We always laugh about people who will go sit in a flea market all day to sell $50.00 worth of junk. Is a day of your life worth less than $50.00? Donate the junk to a charity, take the write off and life your life.
    As I get older I realize the value of my time even more, I only wish my DH felt the same. But I also know that I can choose to spend my time doing little but enjoying my life. A long illness is a sure way to make you realize that you need to make the most of every day & every experiance.
     
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  8. LamboMP
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    LamboMP Bronze Contributor

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    This is so true.

    An example from my life just happened today, and I immediately thought of this thread.

    I recently ordered something online, and had found out that they overcharged me $20.00. Instead of driving 25 minutes to the retail store to complain, I accepted the over charge of $20.00 and finished the logo design for my company.

    I chose that TIME was more important to me than MONEY. During this time instead of being unproductive, I became productive.

    :banana:
     
  9. lightning
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    lightning Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Awesome read Mike, thanks for posting.

    I noticed the same thing while driving past a gas station a few weeks ago. The part that was even funnier though, was that there were cars litterally JAMMED into the street, because they couldnt get off the highway to pull over thanks to the back-up.

    As you said, sitting there waiting to be rear-ended with your hazards on for 10 minutes is definitely worth the extra 90 cents those people were saving. lol.
     
  10. unicon
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    Only one thing on earth slows down time and that is organization

    Organization conquers time, if you were perfectly organized time would stop

    If you knew all the domino "cause-effects" in the world you could pick up the phone and cause a world wide schuffle to have an armored car drive up in front of your house and drop off a billion dollars. They would even bring it upstairs for you without you having to move an inch. Hows that for idealization?? Efficient? Output/Input? Is that fast lane enough?

    Another concept Love is void of Time and Space. Love hard and long and time will surely stand still as you are surely living.

    Getting back to celestial boot camp. Take football, you only have so much time on the clock and you only have so much space on the field. Have you ever seen a comeback that was unbelievable? Time stood still, they found the zone (peak intellect). Time is activity and space is positioning. Starting at the 20 yard line the team calls a play for another successful 30 yards - they are now re-positioned at the 50 yard line. Next play they call a 50 yard pass play leading to a touchdown. They have re-positioned themselves permanently with the touchdown and 7 points. The game changes because they are now playing with the lead. Do they play conservative or go all out to run up the score??? Time vs Space = Activity vs Postioning = Income Statement vs Balance Sheet.

    Activity and Positioning are universal quests accomplished with the tools of discipline.

    Think if you link all of the above in a nanno second when you are negotiating a deal, do you think you would have an edge???
     
  11. camski
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    I take this to another level with my commercial property. If i have something that needs to be done (general maintenance type stuff) I hire it done. I can get people all day long for $8/hr to do just about anything that doesnt require a lot of technical skills. I also have someone else come in to clean my house. 1. I hate cleaning 2. her hourly rate is much cheaper than what I value my hourly value.
     
  12. TaxGuy
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    TaxGuy Bronze Contributor Read Millionaire Fastlane

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    this is a great thread and it makes me think of that Hyundai commercial w/ the guy who wrote the book "You're Broke Because You Want To Be"...

    I know in my own personal experience that being a slave to multiple payments... whether it's student loans, credit cards, insurance, mortgage/rent + utilities) or just daily expenses(food, gas, etc), makes it hard not to want to save, especially since a great man once said "a penny saved is a penny earned" and in my case it's more like "a hundred dollars saved is a hundred dollars earned" and I also get piece of mind in doing something myself as "if you want something done right, do it yourself"

    at the same time the comment about the ppl who do flea markets is interesting as my mom has done a job of accumulating a bunch of worthless stuff and has made a lil' money here and there by doing garage sales/flea markets, I look at it as having the space is worth much more than the couple of bucks you'll get for something that is gonna crowd your living space and make it more difficult to stay organized... in fact when I did the last flea market with her, my goal towards the end was to just get rid of EVERYTHING!!! I knew I didn't have any faberge eggs laying around and the "value" of the stuff I was selling was in the use I got out of it and any money I got was a bonus, by the end I had resorted to just giving stuff away(funny, since there was stuff that still was worth nothing to these ppl as I had about 1-2 file boxes worth of stuff left-over that just went off to charity)....

    I admire my mom, as she has come a long way... born and raised in a tough neighborhood on the Southside of Chicago... a white "minority" in a mostly black neighborhood with a bunch of po'd black ppl during the Civil Rights era, she got to see the "other side" of racism and while she would never want me or my brother to date a black girl, she has no hatred or resentment for what she had to go through. Unfortunately, she never became very educated and while she has had a few good ideas throughout the years, she has pretty much taken the "housewife" route in life... first through raising my bro and I, then through just working low-level jobs to provide insurance for all of us while my dad experienced moderate success in being independent... mainly he was able to provide us the typical "middle class" life-style of having everything we need plus a few luxuries BUT all the debt to go along with it :(

    Well now more than ever the "Bank of Time" will be something I hope we can capitalize on as my parents will return from AZ next month following the 2nd yr of working the tax season and this time will probably have to work PT or FT jobs to keep paying the bills, while I find myself unemployed at this moment and in need of guidance. What I hope is we can use this time constructively and finally make plans for a business that will take off and take care of not only us, but my offspring for generations to come. One opportunity on the table is branching off from the tax business my dad is working right now with an old friend(who is pretty much taking advantage of him now) and having the balls to go out on his own and build the same if not bigger business than his current "partner"(can't call it that when it's FAR from 50/50).

    Another opportunity is, among the 3 of us, we own over $1million in property... the big one is an income/residence for them(a 3 flat we own in Lakeview, a nice neighborhood in Chicago close to Wrigley Field), 1 is their home in AZ, and the other is the old family home, now under my ownership, which I take advantage of by having roommates to help me pay the mortgage while I have equity building... keep in mind though, that while we own this property more than half of it is mortgaged, but even the $400k or so we have in equity is way more than enough to do some quality investing...

    Now I just need to stop wasting time reading pointless arguments on the many car/motorcycle forums I'm on, stop sleeping in as I have nothing to do during the day(except for my running schedule as I train for the Chicago Marathon), start becoming MUCH MORE ORGANIZED in ALL facets of life(time, space, and personal), and most of all... become a much better multi-tasker... first step... instead of just moping about the Cubs losing today, I spent the time watching them lose in reading a few threads on here, including this one ;)
     
  13. unicon
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    unicon Contributor

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    Had another thought in re-reading the value of time as I was in court the other day. Funny I always learn something in the adversarial system and fighting the system. That friction!!!!!!

    Anyway - think about this Balance Sheet

    Assets Liabilities

    Time Lies

    Truth

    One takes up your time and the other adds to your time (net worth)
     
  14. unicon
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    unicon Contributor

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    Mechanics of getting the above down tripped me up

    Asset = Time

    Liability = Lies

    Net Worth = Truth

    Put in Balance Sheet Form to emplify

    Spacing these messages hanging me up
     
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  15. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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  16. AllenCrawley
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    AllenCrawley Legendary Contributor Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    This is a dead link. Any chance of reposting this?
     
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  17. Dutchman
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    Dutchman New Contributor Read Millionaire Fastlane

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    This.
    Time is your most precious commodity
    It is the one thing you can't buy or EVER buy back.
     
  18. AllenCrawley
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    AllenCrawley Legendary Contributor Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    bump for an updated link to this legendary post.
     
  19. craig1928
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    craig1928 Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    yes please
     
  20. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Let me see if I can find it ... a lot of the original article was interposed into my book. So, if you read TMF, you've received the gist of the article.
     
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  21. AroundTheWorld
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    AroundTheWorld Be in the Moment Speedway Pass

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    bump.

    I've been thinking about this lately.... my "time" plate seems so full with family obligations and my desire to "find the time" to write.
    This is just a great reminder that every human on earth has the same amount of time. We have choices, every moment of every day, about how we spend that time. It is easy to become complacent and slip into bad habits, but if you let that complacency go by too long, years will go by and you will be left with regret!
     
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