304 North Cardinal St.
Dorchester Center, MA 02124
“My goal is no longer to get more done, but rather to have less to do”, is rather a smart move than working harder but in-efficiently.
The video gives us a perfect example of relative income where two persons have been compared,i.e Bob and Robert. The yearly incomes of Bob and Robert are 1200000 and 600000 respectively.
Bob works in an MNC whereas Robert is self-employed. If we generally compare their income Bob has a higher income than Robert, but this is a general comparison that cannot be taken into consideration.
When we relatively compare Robert has a much better and smoother task than Bob. The cost of living when taken into consideration clearly puts a great divide between them.
Bob has to pay much more for his every expense whereas Robert has much lesser expenses to meet. This makes Robert a much more financially smart person.
GEO-ARBITRAGE-This basically means leveraging the economic difference between markets to generate a high return.
This plays a crucial role in your financial stability as we can see in the previous example where Bob has a geographical disadvantage even if he is earning more than Bob.
Their expenses differ for the same service due to their location and market stability.
(i)Active-A person needs to stay active in order to earn. Ex-Jobs, Self-Employment.
(ii)Passive-A person need not stay active for earning. Ex-Renting, Royalty.
Also Read: 5 Ways To Create Assets
Produce-Basically this refers to content creation or production of a product. Where the producer is solely responsible for his/her product. This is the most direct way of earning which requires a lot of creativity.
License-This is an indirect way of earning where we acquire a product that has been already pushed into the market. Here more than one player is involved as the producer has no longer the right to change or alter the product. Licensing is generally done where large scale production is involved.
Resale–This is the most indirect form of earning where the product which has been introduced into the market, is bought then altered or redefined and again reintroduced to garner more profit. Many players are involved in this process and generally are carried out for the betterment of the product.
ECO-MECHANICS work. More work can be done in less time which will generate greater revenue. Basically, people outsource to reduce the time they waste in doing less effective work.
To work more in less time, we have to adopt much smarter alternatives as compared to contemporary ones, which allows being more flexible and agile in our work.
AS IT IS RIGHTLY SAID,” TIME IS MONEY”.
Also Read: Best Ideas to Run Youtube Channel