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:

The meaning of wealth Why time leverage? Facts of life and why you must change Types of incomes
If you are serious about wanting to be financially free, then you must learn to LEVERAGE YOUR TIME TO CREATE WEALTH. 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

Leveraging Your Time To Create Wealth

by K.C. See

Leveraging Your Time To Create Wealth

by KC See
Copyright See Kok Chong 1999

Human Resource Development Sdn Bhd Published and Marketed by Authorworks Sdn Bhd 7-5 Jalan 8/146, Bandar Tasik Selatan, 57000 Sungei Besi, Kuala Lumpur, Selangor, Malaysia. Tel: 603-9059 6218 Fax: 603-9059 6253 Email: marketing@authorworks.biz Website: www.authorworks.biz

All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means electronic, mechanical, photocopying, recording or otherwise without express permission from the author.

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 agree on what wealth is. Wealth can be defined as the number 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 definition of wealth, then the answer 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.
3

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: TIME IS THE MOST SCARCE 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.

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 NEED TO CHANGE WHATEVER YOU ARE DOING NOW. The only problem is, 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.

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

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: How can 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 now 65 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 from running 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
7

a bed of roses. Firstly, most businesses require a substantial capital investment. Secondly, there will always be a certain level of risk. Statistics show that 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 them and not the other way round. Even if they employ staff, they wind up with a whole range of employee headaches, operational stress and many other problems.

3. FOUR KEY IDEAS FOR CREATING WEALTH

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.

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. You become successful when you help others 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.

$
Have $ No Time No $ No Time Have $ Have Time No $ Have Time Time
Time Leverage Diagram

24

Hrs
9

Lets look back at the concept of time. In a matrix of time against money, there are 4 possible scenarios: Number one you have NO Time and NO Money. Here, you work hard and a large part of whatever you earn goes towards paying your liabilities such as your taxes, car, house and daily expenditure. The moment you stop work, you have no 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 freedom of 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 NO Money. 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.

10

4. DIFFERENT TYPES OF INCOME

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. The more money you want to earn, the more time you need to give up. If you are employed, then you are earning linear income. As an employee, 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.
11

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.
12

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 the best way to leverage your time for 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 from every 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 him and 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.
13

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 income i.e. income that comes to you whether 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.
14

5. WHAT ELSE?
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 to generate income and create what I call your Money Making Machines. Because of this inability coupled with the workhard 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 how can 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 them do 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
15

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 to get 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 focused on supporting 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.

16

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 then K.C. has mentored over 6,000 people, helping them accomplish 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 SFiles - 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 and You 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.

17

MONEY MASTERY MENTORSHIP 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 for REAL. This renowned learning programme goes beyond the normal seminar offerings and provides a long term, doable pathway to financial freedom and personal fulfillment! It is all about PASSION and SUCCESS. The Money Mastery 2-Year Mentorship Programme is a system of learning which exceeds the run-of-the mill seminar experience. It assists you in removing the restraints that you place on your financial goals and on your life. Th roug h our un iq ue Mentorship Programme, the ability, experience, expertise and results become yours. The Money Mastery Mentorship 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 barriers to making money Desire a more fulfilling and prosperous life Want to escape the hectic, 9 to 5 rat race Want to start up their own businesses but lack contacts or resources Are ready for a big change in their lives Want to learn how to attract the right business opportunities, the right people and the right resources Want to know how to become a money magnet

Money Mastery Mentorship Programme consists of Three Components: - Training - Coaching - Support MONEY MASTERY ROADMAP ACTION PLAN FOR WEALTH CREATION

What some Money Mastery Graduates have to say...

"I benefited greatly from the Money Mastery Mentorship Programme and now have more business opportunities than I can possibly handle! My business is about to go into Singapore, the Philippines and Indonesia - all thanks to the wonderful contacts I made during the bootcamp!" Teoh Penang, Consultant, Creative Wizard Class of Poh Yew Malaysia Sdn Bhd MM0103

"Do you want to make money? If you do, this is definitely the place to make it come true!" David Maynard, Australia Class of MM0201 At Money Mastery, I learned that we dont wait for moneymaking opportunities to happen - we create them! The best part about the programme is that we didnt merely learn how to make money, we actually experienced it! George Tang Kuching, Sarawak, Malaysia Director, Shingda Constructors Sdn Bhd Class of MM0502 "I made S$300,000 within a week after attending the Money Mastery bootcamp!" Bellum Tan, Singapore Director, Multiaire Engineering Class of MM0900 "Talk about life-changing! Wow! Ever since I enrolled for the Money Mastery Mentorship Programme, my financial situation has changed for the better! My mindset is now one of wealth and prosperity; I am no longer unhappy, unhealthy and broke!" Edward Clark, America Class of MM0900 For more information on Money Mastery Mentorship Programme or to find out how MasteryAsia can help you change and enhance your life, please contact: Tel +603-9059 6488/6218 (MSIA) or +65-6225 2968 (SPORE) Fax +603-9059 6248 (MSIA) or +65-6225 8298 (SPORE) Email: customercare@masteryasia.com Website: www.masteryasia.com

Discover The Secrets of Creating Multiple Sources of Income

YOU CAN CREATE WEALTH SEMINAR
Creating wealth Anytime, Anywhere for Anyone. This seminar can help you discover within yourself the power that can changes everything. 5 REASONS WHY YOU SHOULD ATTEND 1) 4 ideas on how to improve your financial results dramatically 2) Why you need financial re-education and how you can get financial mentors 3) 3 ways for ordinary people to get an extraordinary income 4) How to attract money making opportunities 5) How to find money making opportunities Register NOW for the You Can Create Wealth Seminar. FREE CD Money Mastery Roadmap to Wealth for the first 100 who call and attend the seminar. To register: 1) Call KL: +603-90596218 or SG:+65-62252968 2) Email: customercare@masteryasia.com 3) Website: www.masteryasia.com/yccwticket MasteryAsia, a global mentoring organisation that is dedicated to helping individuals achieve financial independence through education and mentorship.

SOME OF OUR LEARNING RESOURCES

The Science of Getting Rich by Wallace D. Wattles (Special Forward by K.C.See)
Format: Book Retail: US$7.90

You Can Create Wealth

by Tan Teck Beng & K.C. See Format: Book Retail: US$8.90

Quest for Excellence - An Asian Executive Guide to personal performance, productivity and profit
by K.C. See Format: Book Retail: US$9.90

Lure The Tiger Down The Mountain... The Art of Influencing

by K.C. See Format: 2 Audio CDs Retail: US$13.90

Positive Business Minutes - recorded broadcast for News Radio 93.8 FM, Singapore
by K.C. See Format: 1 Audio CD Retail: US$9.90

For bulk purchases or purchases for charitable purposes, kindly email us at: bookorders@authorworks.biz

Order Form
Send or fax the following order form with payment to: Authorworks Sdn Bhd (531967-V) 9-5 Jalan 8/146 Bandar Tasik Selatan, Sg Besi, 57000 Kuala Lumpur, Malaysia Tel: +603-9058 2248(DL) Fax: +603-9059 6253 or Email: bookorders@authorworks.biz

No

Book title

Qty

Unit Price

Total

Total
Shipping & handling fees: Please add 5% for orders within Malaysia/ Singapore &15% for other countries (minimum of US2.50 per order)

Total Payable in US$

Yes, I would like to order the above books. Kindly send to the following address:

Name__________________________________________________________ Tel (HP)_______________(O/H)____________Fax_____________ Email______________________________________________________________________ Address (books cannot be sent to a p.o.box) ___________________________________________________________________ ______________________________________________________________________________________
Payment Method AMOUNT DUE: ________________US$ Amount due in local currency if applicable @____________rate Please indicate local currency and amount____________________
Cheque (Please make payable to Authorworks Sdn Bhd) Cheque No_____________________ Credit Card ____Visa ____ Mastercard Expiry_________(mm/yr) Name on card_________________________________________________ Credit card no_________________________________________________ Signature (as per card)_________________________________________