Daily Money Minute

Fotolia_54867638_XS_7“The big mistake we make is to sell our time by the hour.” ~George Marshall

Unless you’re working for a large investment bank on Wall Street or in the City, providing you with enormous bonuses each year, you’re unlikely to get rich selling your time by the hour. You might enjoy a comfortable existence that way but you won’t get rich. Self-made millionaires usually get rich either by creating and building successful companies or through owning the intellectual property rights (IPR) of something they’ve created. Donald Trump and Richard Branson would be examples of the former and Paul McCartney and JK Rowling would be examples of the latter. What about professional sports personalities I can hear you all cry? Well top sports personalities are paid handsomely for their time, it’s true, but they tend to make their real money through commercial activity. Through image rights and appearing on TV and in commercials, for which they will get repeat fees every time the TV appearance or commercial is shown somewhere. David Beckham would be a good example here. Essentially if you can still make money whilst you sleep then you are on your way to becoming very rich. So start a business or get creative now. It’s never been easier and the barriers to entry have never been lower.

© Roy Sutton and Mann Island Media Limited 2013. All Rights Reserved.

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