Learning from Jack Butcher - 4
"Sell time to buy experience, sell experience to buy time.
'If you don't find a way to make money while you sleep, you will work until you die' - Warren Buffett"
If everyone viewed traditional jobs as 'selling time', there would be many more self-employed individuals. Anyone that stuck with the job would ask for a raise.
We get a lot from working jobs. We gain history and credibility. Work ethic. A network. Experience. There isn't anything wrong with a traditional job. I think if more individuals believed they were capable of starting their own business, they would. This is because more often than not, people are working in a job that doesn't actually interest them or doesn't fulfill their needs in some way. Yet we keep the jobs to build this sense of "safety".
While I'm eager to start my own venture, I think jobs are necessary to get people on their feet. This experience is important. Not only does experience give you specific knowledge, but it also (should) give you a sense of how valuable your time is. You work a job, you get paid. You don't work, you don't get paid. It's this relationship that is ingrained into people's minds that makes starting working for yourself so difficult. We need to separate those things. Your time and how much money you make are not bound.
The only way I know how to make money while you sleep is to:
Create something that can be sold autonomously & multiple times
Own a piece of a business
Warren Buffett has figured out the owning a piece of a business bit. I enjoy owning equity in business but I'm missing that sense of creation and I'm going to pursue that.
Everyone has experience doing something. You know something that is valuable to other people. I'm currently doing an unpaid internship where I'm going through the motions and playing "venture capitalist". I thought I'd get some networking opportunities from it. Turns out there's more. There is an entire world of people looking to raise money for their business and it's based on information I know. Being able to help people is a powerful tool.
What you know
What you do well
Once that is known, get that information into people's hands.