MBA2029 Why You Really Want to Be a Time Billionaire

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Many people don't realize the difference between a million and a billion when it comes to time. A million seconds is 11 days and a billion seconds is a little over 31 years. Yep, you can check the math on that. That's how much of a difference a million and a billion is. And this is why a million seconds is far more valuable than a million dollars. If you told Warren Buffett, hey, Warren Buffett, how about I throw another billion dollars your way? Or would you prefer 31 more years to your life? He's going to choose the years because he can't make more years and he's got plenty of money. So you get the point. So let's define what is a time billionaire. And my definition is being able to live out 31 years of your life doing what you want and only what you want. The things that drive you, the things that give you energy. Now, most of us in this world can't do this because they have obligations, they have a job, they have responsibilities. They need to continue to grind in order for them to survive. But time billionaires can literally do what they want. Now, many people say that this is correlated, that you know, if you have enough money, then you don't need to do the things you don't want. And this is true. But the amount of money that you need to do that is far less than most people think. For example, if you calculated all your expenses to live a comfortable life, you might be surprised by the number. But let's say it's $120,000. If you're living in the US if you can find a way to generate $120,000 every single year for the rest of your life or for the next 31 years doing things you enjoy, things that give you joy and happiness, you are a time billionaire because you're literally living your life. You have total freedom in those 31 years. And really, this is the goal. What's the point of grinding out and working on your startup for 20 years to exit and have no health, filled with regrets and not much time left on Your clock. The money's really not going to serve you if you can't do anything with it. And this is why you have to weigh out time when you make your decisions in your business. How much of your time will be spent in pursuing this business model or pursuing this new product or service? And this is why I like this idea of the billionaire of time, meaning a billion seconds, because every second counts. It also questions the idea of why always more. Say, for example, you are running a pretty decent business, your income is mostly passive and you're living a pretty comfortable life. You can take on more work, you can take on more tasks, you can launch a new project, but it's gonna take away some time. Let's say it's gonna take you another additional 10 hours a week and it's gonna give you X amount of dollars more. Is it worth it? Think of all the things you can do in those 10 hours. Think of all the things you can accomplish or enjoy. And remember, not all years are created equal. If you're in your 30s or 40s, the next 10 to 20 to 30 years are probably going to be the most useful years in your life where you are in control. You can be healthy, you can travel, you can really enjoy your time. The problem is, traditionally we've been told to work until you basically almost drop dead. And it's called retirement where you can't work anymore and you're 65 or 70 and now you're supposed to enjoy your golden years, but you can barely get around because you didn't prioritize your health or exercise or fitness or nutrition when you were working because you didn't have the time. You chose money over time. And trust me, we're all making trade offs here. And I'm not judging anybody or anybody's situation. Everybody has a different situation. But I've encountered people that really have checked out of that whole rat race because they do value their time and their experiences over, over money. And I'm going to give you some extreme examples, but I met some interesting people that live in the west, like Australia and the US in the uk that live in Thailand and work on an elephant farm. Yep, they work taking care of elephants every day. They work four days a week. They don't get paid much, but they got lots of time and they get to enjoy every day with their favorite animal, the elephant. To them, they're in heaven. Because if they had lots of money, they probably go to this elephant farm, go to this elephant sanctuary and pay as a tourist. They don't Have a fancy home or a fancy car, but they realize that this is really what makes them happy. And all the other things, the material things, not so much to me. People that have figured out what they love and they do it every day, they are time billionaires. Now, of course, if you follow your passion, if you do what you love every day, you're going to have to deal with a few things that are just not fun that you don't want to deal with. The question here is that are those things becoming more and more every day or are you keeping them at bay? Are they manageable? Are they a small fraction of your time? Can you sacrifice a bit of money to outsource somebody dealing with it? And therefore you never have to do anything. These are the trade offs you're going to have to think about. If you're hearing me and you're like, okay, this sounds great in all Omar, but is this really important? Is this really something urgent? Maybe I should be trying to make as much money as possible right now and worry about having all this free time later. Well, these are the choices we all have to make. And some questions that I encourage you to ask yourself are like, how many more times are you going to have Christmas dinner or have a chance to go on vacation with your family or your parents? How many summers do you have left? Take a look at your life. What's the average life expectancy? And of course we don't know when we leave, when we check out of this earth, but we can pick some estimates based on life expectancy. If you're 45 and the life expectancy is 78, you only have 33 summers left. After this summer it'll be 32 and after the next you get it 31. It's not an infinite amount, it's a finite amount. A lot of people say, oh, I would love to spend some time in Europe and see Europe and travel and learn and immerse myself into cultures. If you've ever been to Europe, you know that it's huge and you can't do it in one trip. So your idea of exploring Europe is going to take a few trips. It's going to take maybe five to 10 trips to see some of the beauty of Europe. Do you have five or ten trips in you? Do you have the time for it? If this is your dream? So I want to bring it back to your business. What kind of business are you building? Are you building a business that will allow you to buy more time for yourself, more free time where you don't have to do anything that you don't want to do, or are you building a business strictly to make as much money as possible, as much profit as possible? And they're not the same thing because you can make a business that makes lots of money, but you are chained to that business. The business owns you and you got maybe your dividends are going up and your revenue is going up. My, my question is, to what end. Every month, every year that goes by is a month or a year you can't enjoy. So if you own your business, if you are self sufficient, if you are self funded, you're in the very fortunate position to be in control. You don't answer to a vc, you don't answer to shareholders, and you can control how much money you need to make versus how much time you spend. And my advice to you is that when you're building your business, have this top of mind. How can I make sure my personal time is not used to be able to grow the business to make money? How can I get the right people in place, make enough sales, make enough customer revenue to be able to fund all that so that I'm out of the equation? Well, a lot of people don't understand is that as an entrepreneur, you need to be the coach, not the star player on the team. The best coaches out there in any sport don't break a sweat and go home with the W. They go home with a win. I'm a big basketball fan. Gregg Popovich, who's one of the best coaches out there? Steve Kerr or even the Zen master, Phil Jackson. Rarely do they even get out of their seat. They've put the right players in place. He's coached them well, he sometimes guides them and helps him in a tough time. But mostly he's enjoying the show and enjoying winning. And you need to do the same so that you can be a time billionaire.

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To wrap up today's lesson, I encourage you to try to gain your billion seconds and become a time billionaire and be able to live a more fulfilled and joyful life. I'm a big believer that entrepreneurship, your Business is a means. It's a means to get what you want out of life. To live the life you would love to enjoy. You need to tame that beast. You need to get the most out of it to help you. And of course, your business is going to help others and provide a great service, a great product, a great solution to the problems of your clients. But not at the expense of depleting your seconds, your days, your years. Thanks so much for listening to the Hundred Dollar MBA show. If you love what you hear, hit subscribe so you don't miss an episode. By hitting subscribe, you get access to over 2,000 episodes in our archives. Go ahead and smash the subscribe or Follow button right now on your favorite podcast app. Before I go, I want to leave you with this. One of the ways to carve out your life and the way that you feel like you're a time billionaire. You get to do everything that you love to do and nothing else is to spend spend some time writing down your perfect day. This is not an easy exercise. It's going to take some time because most of us have never been given a blank check. How would you like to spend a typical day in your life? We're not talking about a holiday. We're just talking about a normal day. How would you wake up? What time would it be? What are the things you would work on? What are the things you wouldn't work on? What about fitness? What about health? What about entertainment? What about fun? What about family time? How would that day look? You need a vision. Okay. You need a way to know. Okay, this is what I want. Okay, now work backwards. How do you get there? How do you only work on those things? But without that vision, without that written down, you have no direction. You don't really know what you're working for. Thanks so much for listening and I'll check you in. Tomorrow's episode Q and A Wednesday. I'll see you then. Take care.

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