Now money, later money, and long-term money. You need all of them. Getting these wrong will cost you.
Be careful not to make the mistake of perceiving a long-term business with immediate money. This is a recipe for disaster. I learned the hard way that you shouldn’t join a business or open a business to solve your immediate financial issues. If you do, they usually get worse because as a business owner, you have to invest to create the income you desire. If you don’t have the necessary resources, you hold your results back and starve your business and therefore, never make any real money. Therefore, your financial status doesn’t change. If it does, it’s because it’s gotten worse.
The largest mistake the majority of people make begins with not understanding this concept and spending their entire lives in the “now money” (NM) zone. NM comes fast which is the purpose hence the name, but it also runs out fast. It is not meant to solve your financial issues long-term. It’s what you use to eat, pay bills, buy clothes, take your wife to dinner etc. If you can understand this concept, you’re way ahead of everyone else and can now make better decisions based on a better perspective.
Understanding the difference between these will allow you to approach different money-making opportunities differently and appropriately. Typically, you should focus on creating your “now money” to the point where you are stable and have enough to invest into a business or investment to get you to a level that your “now money” opportunity can’t get you to.
“Later money” is what I would typically consider income that will come weeks or months down the line based off of work that you do now. Keep this is mind, regardless of the type of income, they all require you to work now. Because you understand that this is LM, you are not expecting to see results immediately and can give your seeds time to grow. John Wooden said, “be quick but not in a hurry.” Every smart businessman understands that he has to develop the foundation first and give each step in the process its due attention. A building that will stand for decades is not built in days.
Long-term money is money that will come a year from now and beyond. Understand that attempting to create long-term money doesn’t necessarily mean you won’t make NM or LM, it just means that you are putting a structure in place that will continue to pay you for years to come. Creating this type of income requires you to have the right perspective and expectations and can require months to years of work to establish. The work can consist of networking and creating the proper connections, learning and developing yourself as well as skill-sets, branding yourself as credible, creating infrastructure and systems, or creating teams with leverage and duplication.
By understanding this concept of NM, LM, and LTM, you will have a perspective very few people understand and can take action accordingly that will create the lifestyle you want for yourself instead of wondering why you work yet never get ahead like most people.