Money Mastery Wealth Creation Series

Leveraging Your
Time To
Create Wealth
K.C.SEE
Discover in this little booklet, powerful
truths and concepts that will change your
perceptions of wealth creation and income
generation forever. Easily read in one hour,
this booklet covers:
If you are serious about wanting to be
financially free, then you must learn to
LEVERAGE YOUR TIME TO CREATE WEALTH.
The meaning of wealth
Why time leverage?
Facts of life and why you must change
Types of incomes

K.C. SEE, a powerful speaker and trainer, founded

the Money Mastery Mentorship Programme back
in 1997 when such programmes were still new in
Asia. Since then K.C. has mentored over 6,000
people, helping them accomplish their goals and
realise their dreams. A Chartered Accountant
and Chartered Secretary by training, K.C. also
holds a marketing qualification from Australia.
He has been a Trainer for more than 20 years,
having trained close to 70,000 people in total.
K.C. has been featured in business newspapers
and magazines, and on radio and television,
including News Radio 93.8 in Singapore and TV2
Malaysia. He has also written four books,
including "Quest for Excellence and You Can
Create Wealth
www.masteryasia.com
Money Mastery Wealth Creation Series
11
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Leveraging
Your Time
To
CreateWealth
by K.C. See
22
2
Leveraging Your Time
To Create Wealth
by KC See
Copyright See Kok Chong 1999
Human Resource Development Sdn Bhd
Published and Marketed by
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Leveraging Your Time
To Create Wealth
1. WHAT IS WEALTH?
Wealth means different things to different people. For some
people, wealth means big cars, big houses and anything that
makes you look and feel good. For some it means long term
financial security.
To leverage your time for creating wealth, we need to first
agreeon what wealthis. Wealth canbedefinedas thenumber
of days you can survive ahead if you stop work tomorrow.
This is not my definition. This definition comes from my
mentor Robert Kiyosaki who chooses to look at wealth from
the perspective of capability rather than possessions. Think
about that for a second: How many days can you survive
forward if you stop working tomorrow (without selling your
assets)? What would your answer be?
Most would probably say 60-180 days. Some may be lucky
enough to say a few years perhaps. If we agree on this
definitionof wealth, thentheanswer for a truly wealthy person
would be INFINITY. True wealth is when you can say, if I were
to stop work tomorrow, I can survive forever. The money will
come from somewhere, somehow and I do not have to work
for the rest of my life.
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You will probably say, Yes, I want to have true wealth! We
all want to be able to stop working and still enjoy our lives
without worrying about where the money will be coming from
the next month. Wouldnt this be ideal?
To be able to do that, it would mean creating an income source
that would put money in your pocket regardless if you do go
to work or dont go to work.
This brings us to the question: Why leverage time? The
answer is simple: TIMEIS THEMOSTSCARCE RESOURCE. Would
you agree that if you lose time, you will never get it back? You
will lose it forever. If you lose your money now, you can always
earn it back. If you lose your staff, you can always hire another
person. Most things can be substituted but if you lose time, it
will never come back. TIME is LIFE. LIFE is TIME. Time is what
we have for ourselves. When we leverage our time to create
wealth, we are maximizing our life to create wealth.
Time is also the one thing that is truly limited. So if your
income depends on time, then your income will always be
LIMITED. Morever we cannot be working 24 hours a day. We
need time to do things other than making money spending
time with our loved ones, time for ourselves, time to smell
the roses and even time to do absolutely nothing. So the
challenge is how do we acquire wealth without having to
spend all our time on working? Working harder is certainly
not the solution.
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You are not born into this world to work for the rest of your
life. So, the faster you can enjoy life without having to slog
away at the office and be confident that money will be flowing
in consistently, the better it is.
An excellent example of successfully Leveraging Time to
Create Wealth is the ability to say forever when someone
asks you how long you would last if you dont go to work
tomorrow; within the shortest possible time.
If that is the case, then the next question you need to ask
yourself is If I continue to do what I am doing now, will I
acquire true wealth? Some of you may say yes but for many,
the answer will be NO. The truth is most people will work
through most of their lives and retire poor. If your answer is
NO, then the only way to become truly wealthy is this: YOU
NEEDTOCHANGE WHATEVER YOUARE DOINGNOW.
The only problemis, to many people, change is a very difficult
thing to do. However, if you make a commitment and have the
vision to make that change, you will know how to do it.
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2. TIME AND
WEALTH CREATION
Time is life and there are 3 main stages in our lives. When we
are young and still under 25 years of age, we all have our
dreams. As we grow up, we are taught that if we want to be
successful, we have to work hard. We also see our parents
working very hard. Our teachers tell us that if we want to do
well, we need to study hard. It is no wonder for many people,
life becomes very hard.
As we grow older, those dreams of ours start to fade and
become more distant. Dreams become less possible and seem
harder to achieve and as time goes by, some of us begin to
give up on them. When you are 25 (or younger) and you are
out there working, reality begins to set in.
We see some of our friends becoming rich and they do not
seem to have to work hard. We console ourselves by saying,
They must be lucky. Do you realise that we have a tendency
to rationalize what we cannot get by saying, Oh! He is so
much luckier than me. Luck is a losers favourite excuse.
We begin to question ourselves: why is this happening and
what went wrong? We get demotivated and we do our job
mechanically: we wake up in the morning, go to work, eat,
sleep, wake up, go back to work. The cycle repeats itself. If we
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do well in a job, we get a pat on the back but if we do not, we
get kicked in the butt. We just continue to exist. We live to
pass time, having nothing to look forward to except our
upcoming retirement.
Ask yourself: Howcan you expect to achieve greater heights if
you do not change what you are doing now? The greatest
insanity is to do the same thing every day and expect different
results. If we want a change in our life, we must change our
life.
Picture this: You are now65 years old and you have not made
the changes you should have. You discover that life is not as
secure as you had thought despite your retirement funds.
Statistics show that by the time we are 65, 36% of us will be
dead, 54% will need to depend on others to survive, 5% will
still have to work for a living, 4% are financially independent
and only 1% will be enjoying wealth. You may have your
dreams but the sad truth is, only 1% will have true wealth.
How did this 1% create their wealth? Again, statistics tell us
that of the 1%, 74%made their wealth fromrunning their own
business. Only 10% are professionals, 10% are CEOs and the
rest are from other sources.
So if you want to be that 1%, DOING YOUR OWN BUSINESS
seems to be the way. You must have many friends who have
started their own businesses. They are making a lot of money
but for some reason, are still not able to find happiness. It is
not surprising to note that running a business is not exactly
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a bed of roses. Firstly, most businesses require a substantial
capital investment. Secondly, there will always be a certain
level of risk. Statistics showthat 47%of the top 500 companies
no longer exist today. 80% of those that remain, fail within 5
years and 80%of that group fail within 10 years of operation.
The statistics is similarly true for companies that arent on
the list of Fortune 500 companies.
When you run your own business, it is very common to hear
business owners lamenting that they have no time, they
cannot go for holidays, they need to look after the business,
etc. They become slaves to the business. The business is
running themandnot theother way round. Evenif they employ
staff, they wind upwith a whole rangeof employee headaches,
operational stress and many other problems.
Paul Getty says that there are 4 things you must do in order to
be rich.
Firstly, you must be in a business for yourself. Of course, you
need to look at what being in business is all about and
consider the factors I mentioned earlier about running your
own business.
3. FOUR KEY IDEAS
FOR CREATING WEALTH
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Secondly, Paul Getty says you must have unique, highly
consumable products. This provides repeat sales and gives
rise to the concept of residual income.
Thirdly, you must be able to build success upon the success
of others. Youbecomesuccessful when youhelpothers become
successful.
And last but not least, your business must be able to leverage
your time. This is explained through Pauls concept that
having 1% of 100 peoples effort is better than 100% of his
own effort.
Time Leverage Diagram
$
0
Have $
Have Time
No $
No Time
Have $
No Time
No $
Have Time
Time
24 Hrs
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Lets look back at the concept of time. In a matrix of time
against money, there are 4 possible scenarios: Number one -
you have NOTime and NOMoney. Here, you work hard and a
large part of whatever you earn goes towards paying your
liabi lities such as your taxes, car, house and daily
expenditure. The moment you stopwork, you haveno income.
You lose your assets. People in this situation work hard
believing that if they do so, things will be okay. The truth is, it
is not okay.
Number two - you have Money but NO Time. Here, CEOs and
self-employed traditional business owners make money but
because they are continually working, they do not have
freedomof time. Why do we want lots of money? So that we
can afford to buy this house or that car, we reply. BUT WHY?
Whatever the answer might be, it can probably be summed
up into one word: happiness. The bottom line is, we all want
to be happy. But how can that be possible if we do not even
have the time to enjoy the pleasures of life?
Number three - you have Time but NOMoney. This is an area
that I am sure most of us do not want to be in otherwise
you wont be reading this book.
The scenario all of us want is to have Time and Money so that
we can be rich and happy.
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TO get into that box of having time and money , we need to
understand the different types of income that are possible
and then make specific and deliberate changes to what we
are doing now.
FIRSTLY, LINEAR INCOME
Here, you exchange your time for money. Themore money you
want to earn, the more time you need to give up. If you are
employed, thenyou areearning linear income. As anemployee,
if you want to earn more, you have to work harder and
sacrifice more time. So with linear income you can never
have time and money since the more money you make, the
less time you will have.
The problem is, there is a limit to how much you can earn
based on time. If you were to stop or fall sick, your income
also stops. This is a very fragile income source with little
security. Unfortunately, this is where almost all of us are
situated, particularly wage-earners.
The same concept applies for some businesses. For example,
if you are in the business of selling water filter, then every
water filter you sell will earn you an income. The more time
you spend selling water filter the more money you make. This
is an example of a linear income.
4. DIFFERENT
TYPES OF INCOME
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SECONDLY, RESIDUAL INCOME
Residual income is income you make from initial efforts. You
put effort in an area and then you continue to reap an income
therafter for a certain time which can even go on forever.
Michael Jackson will continue to earn a royalty from his
future sales of his music albums or from people singing his
songs; even if he cant perform anymore.
Another example would be royalties earned by writers every
time you buy their books.
In business; picture this: you initially spend time to build up
the relationship with your potential customer. Once the
customer uses your products or services, he is happy and
comes back for more. The second time round, you probably
will not need to spend as much time servicing the customer
in order to get the second order. If you have a quality
consumable product, your customer will always come back
for more. You work less but still earn an income. This is called
Residual Income, or as some call it Recurring Income.
So back to the water filter example; imagine you have sold
10,000 water filter and your water filter has a comsumable
part that need to be changed periodically such as the filter
itself. Then all you need to do is to sit in your office and wait
for phone calls from your 10,000 customers wanting to
change their water filters. The printer companies dont make
the bulk of their money selling you computer printer; they
make more from selling you ink cartridges.
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By having residual income, you are actually leveraging time.
You spend less time and earn more money. The question then
is how to find residual sources of income. When you are in
business, as Paul Getty says, you must have unique highly
consumable products. Why? Because these products will be
able to give you residual income.
THIRDLY, MULTIPLEX INCOME
The most exciting source of income, the multiplex income, is
perhaps thebest way toleverage your timefor creating wealth.
Multiplex income is earned from the efforts of others.
You want to be able to earn $1 from 100 people rather than
earn $100 from your own time. Now, why would anyone give
you $1? So in the water filter example; if you have 100 people
selling water filter for you and you earn a cut fromevery sale,
then that would be multiplex income.
Consider the McDonalds franchise concept. Ray Kroc did not
become a millionaire by selling hamburgers. He has
independent business owners selling the burgers for himand
they each pay him a franchise fee of the percentage of sales.
What Ray has is a proven system that can be duplicated.
Multiplex income is based on the concept of the power of
duplication or what we can call the effects of
multiplication.
Another powerful system for multiplex income is Network
Marketing, which is also referred to as Peoples Franchise.
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At this point it would be worthwhile for you to do this exercise:
Write down the total income you made last year:
_____________
Ask yourself how is this income divided?
Linear income: ________%
Residual Income: ________%
Multiplex Income: ________%
Answer this question; What do you need to change?
_________________________________________________________________________________________________________________________________________________________________________________________________________
_______________________________________________________
_______________________________________________________
_______________________________________________________
_______________________________________________________
It is important that as you decide to begin to leverage your
time to create wealth, you will also start mapping out a plan
to create and accumulate not only multiplex income but also
MULTIPLE multiplex income. You will also need to look at all
types of passive incomei.e. income that comes to youwhether
you go to work or not; including investment income, rental
income, royalty income and others that I am sure you can
think of. Anything is possible. You are the one that can make
it happen. Take that journey now and do not wait any longer.
This is a simple book but it is the simple things that we
sometimes dont do. Have a happy journey.
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If you still carry with you the idea that you cannot create
wealth because you are too busy, then your inability to think
about possibilities will be a challenge that you will need to
overcome. This negative belief will only limit your capability
togenerate incomeandcreatewhat I call your Money Making
Machines. Because of this inability coupled with the work-
hard formula that you might currently be adopting, you ARE
the money making machine. Instead, you should be thinking
of ways to earn more money.
There is host of other negative money beliefs that will put a
barrier over our earning and wealth creation capability.
Another very common one is how do I generate money if I
dont have money? The idea that you need to put up your
own capital to make money is another big obstacle. We know
that this is simply not true. It is important for us to be aware
of the challenges that exists within ourselves. Only when we
are aware, can we consciously do something about it.
Unfortunately most are not even aware.
So howcan we deal with this? The only way is to be willing to
re-educate yourself. That does not necessarily mean that one
should only attend seminars. Lots of people attend all kinds
of seminar and nothing changes, mainly because most of
themdo not act on their newfound knowledge. We also have
to go beyond seminars. Observing what others do, how it is
done and emulating them is probably the most practical way
5. WHAT ELSE?
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to learn something. It might therefore be necessary to go
outside your normal circle of contacts and meet people more
successful than you are and find out what they do, how they
manage their time and what helps them be successful. In the
area of learning about wealth creation, one way is to ask
financially successful people good questions and finding out
what they do to make money.
The shortcut to all these is toget yourself a mentor; somebody
who is willing to take you under his wings. But how you are
able to get yourself a mentor is another skill that you need to
learn. Even if you are able to pay for one it does not always
mean that they will be willing to mentor you. Sadly some
people are not teachable. So are you teachable? To be
teachable you need a certain degree of humility.
Another vehicle for real world learning is to create your own
mastermind group. A mastermind group is a group of
likeminded people focusedonsupporting each others journey
towards success and helping each other achieve their goals.
It is based on the concept of giving in order to receive. It is a
discipline and it is one of key pillars for learning and success.
There are rules relating to how best a mastermind group
should be conducted. To learn more about these rules, log on
to my blog www.kcseequest.com.
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About the Author
K.C. See is an accomplished entrepreneur
with business interests in training,
consultancy, publishing, software
development and franchising.
K.C. See, a powerful speaker and trainer,
founded the Money Mastery Mentorship
Programme back in 1997 when such
programmes were still new in Asia. Since
thenK.C. has mentoredover 6,000people,
helping themaccomplish their goals and realise their dreams.
As a trainer, K.C. has trained more than 60,000 people over
the last 20 years and is much sought after to speak at
Conferences and seminars. He is featured in the book, The S-
Files - A compilation of 20 Successful Malaysians and other
media including News Radio 93.8 in Singapore and TV2
Malaysia.
K.C. has also authored 4 other books and CDs including the
bestseller, Quest for Excellence andYou Can Create Wealth.
An accountant by profession, K.C. finds fulfillment in coaching
professionals to excel. His personal mission is to help others
leverage their time and income to create wealth.
MONEYMASTERYMENTORSHIP PROGRAMME
Since 1997 Money Mastery has enabled thousands to
enhance their lives, achieve the financial goals they
have dreamt about as well as the quality of life they
have always wanted. These are not promises. This is
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on your life. Through our unique Mentorship
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Programme is suitable for individuals who...
Desire financial freedom
Want to learn the principles behind wealth creation
Are seeking to overcome their mental, emotional and physical
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Want to escape the hectic, 9 to 5 rat race
Want to start up their own businesses but lack contacts or
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Money Mastery Mentorship Programme consists of
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MONEY MASTERY ROADMAP
ACTION PLAN FOR WEALTH CREATION
What some Money Mastery Graduates have to say...
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Quest for Excellence - An Asian
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The Science of Getting RichbyWallace D.
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