Money isn’t the most important thing in the world, but you’ve gotta have it to live. One of my greatest insights/observations, was learning that money is not all the same. There are 3 different types of money.
1. Fast money
2. Hourly money
3. Credit money
The first type of money, fast money, is not based on or connected to time. The other 2 types of money are completely based around time.
Immediately, we can observe that 1 of the 3 types of money, is very desirable to have. 1 stands head and shoulders above the other 2 and is the key to wealth.
Credit money, money you borrow to buy certain pleasures in life, is the worst kind of money. Not surprisingly, it is closely connected to hourly money, because to get credit money, you must prove that you have hourly money, also known as a job. Then you can have access to credit money.
The point of credit money, is to exchange time for the interest that you pay. In other words, you can buy that car today, and pay for it later. For a compounded interest rate of 5% to 10%, you buy tomorrow’s savings today. For people that prefer hourly money, this type of transaction can seem highly desirable. You don’t have to wait 5 years to save for that car, because you can have it now. The problem with credit money, is the same problem that one gets with hourly money, but much worse. Not only are we selling our precious time for money, but now we are selling and committing tomorrow’s time for money today.
Hourly money is the most obvious way to make money. Hourly labor for hourly money. Approximately 90% of the world’s population gets their money through hourly money. It’s a very inefficient way to get your money, but you get it. Security of a pay check is the #1 reason why people strive to get hourly money.
Before reading this post, you may have never even thought about the 3 different types of money. You may have not even considered that there is another type of money, other than hourly money and credit money, but there is.
Fast money is what the 10% wealthy people strive for. The financial owners of planet earth are the 10% of the population that create money, and have their money work for them, not the other way around.
The art of fast money can be boiled down to 1 specific, and it’s that it’s not connected to time. In this strange world, $100,000 in 10 minutes is nothing unusual. $1,000,000 in an afternoon is typical. $30,000 in 2 days is nothing special. You may balk at these time frames and dollar amounts, but that is the point. The “TIME” component is completely irrelevant.
So, if hourly money and credit money are centered around time…what is fast money centered around?
Fast money is centered around solutions. An example of this can be found in an old dentists joke. A guy goes in to have a tooth removed, and the dentist tells the fellow that it will cost $1,200 to remove. The fellow replies, well how long will it take? The dentist replies with 2 minutes. The fellow replies, you mean to tell me that you want $1,200 for 2 minutes of work? The dentist replies, well, if you want me to take an hour to remove the tooth, I can do that to.
You see, the fellow needed a solution to his problem. The dentist had that solution and the tools to achieve the solution in 2 minutes. The fellow wanted a solution to his problem, and that is what he was paying for, not the time spent, as his dentist adeptly pointed out.
Fast money and the art of finding and getting fast money, can be found by finding people with urgent/pressing problems, and solving those problems.
To get involved in the fast money world, you must seek out these types of people, the one’s with urgent/pressing problems, and provide them with solutions, to make fast money.
“A penny saved might be a penny earned, but a penny multiplied, makes dollars. Dollars multiplied, makes a living. Dollars multiplied effectively, makes you financially independent!” Michael “MJ The Terrible” Johnson – Founder & Owner – Masters of Money, LLC.
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