According to one study the richest 1% people own half the world’s wealth. Is it just a coincident? certainly not.
Why there is such huge wealth inequality in the world? among the many factors there is one most important factor of your life – Time
According to the M.J. Demacro, the author of Millionaire Fastlane
A POOR VALUATION OF “FREE TIME” LEADS TO POORNESS.
Rich or poor, time is equally possessed, shared, and consumed by all. Every day, you use it. We use it. Your neighbor uses it. No one gets more and no one gets less. No one escapes it. Twenty-four hours for everybody. And guess what? You don’t get 25 hours. You don’t get 21. No one has an unfair advantage. We all have 24 hours to consume, expire, and spend. Time is the ultimate equalizer.
Then why do so few get rich while the rest go from paycheck to paycheck?
The distinction lies in the valuation of free time, the chosen roadmap, and the acquisition of debt.
Guess the behaviors—rich or poor?
• This person sleeps until noon.
• This person watches hours of reality TV.
• This person drives two hours to save $20.
• This person buys airline tickets with multiple layovers to save $100.
• This person spends hours surfing social networks and gossip blogs.
• This person is a Level 10 Druid in World of Warcraft.
Behind the tangled roots of poorness, you will find a poor valuation of free time, which breeds from bad choices. These are the people camped out at Wal-Mart at 4 a.m. waiting to grab the early bird sales. These are the people sleeping outside Best Buy hoping to score a free 32″ HDTV. These are the people waiting outside IKEA hoping to get a free breakfast. These are the inconvenient savers. The inconvenient saver desperately clutches onto every dollar, fearful it may never return. Extreme inconvenience is never a match for saving money.
For example, a person “ABC” wantes an exercise bike and finds it on sale at a store miles away her home. Instead of just buying the bike locally and pay the higher price, which was an extra $29. She is an inconvenient saver. So, she drives one hour to save $29. Total time spent? Two and a half hours. Subtract gas and the total valuation of her time is about $5 per hour.
Such people waste their time to save money. From plane tickets with multiple stops to shared-shuttle airport service, inconvenience is no match for saving a few bucks an hour. If these people had three months to live, would they be outside Best Buy in a sleeping bag waiting? Six months? Six years? At what threshold will these people pack up their sleeping bag on the sidewalk and say, “Gee, what the hell am I doing sleeping on a sidewalk outside of an electronics store? Is this a smart use of my life?” Such people will eventually become poor.
On the other hand. Rich people worship the time as their primary consideration in decision-making because it’s their most valued asset. Rich people are frugal with time, while Poor people are frugal with money. Poor and Middleclass use money as the sole criterion indecision-making: Which job pays the most? Where is the cheapest item? How can I get some free chicken?
Money is scarce and time brings up the rear and sweeps up the mess. If you want to be rich, you have to start thinking rich.
Time is king.