Education
Does a 20-hour work week sound appealing to you? Have you wanted to become an entrepreneur but thought it was too risky? When you have a business, you can create streams of income that can build you wealth. WTR welcomes Yasmin Vorajee, an entrepreneur. In this week’s episode, we will discuss how to build assets that could bring you income over time. Ingenious tactics to accumulate wealth, for people who see things differently. Website https://www.yasminvorajee.com/ (https://www.yasminvorajee.com/) LinkedIn URL https://www.linkedin.com/in/yasminvorajee/ (https://www.linkedin.com/in/yasminvorajee/) Yasmin Vorajee Facebook URL https://www.facebook.com/tinytimebigresultswithYasminVorajee/ (https://www.facebook.com/tinytimebigresultswithYasminVorajee/) Twitter URL https://twitter.com/tinytimewithyas (https://twitter.com/tinytimewithyas) YouTube URL https://www.youtube.com/user/yasminvorajee (https://www.youtube.com/user/yasminvorajee) [00:55] Kevin: Today we’re joined by guest Yasmin Vorajee. Today we’re going to talk about making your money work for you, not someone else. Yasmin is an entrepreneur and an expert in making your money work for yourself [02:40] Would you mind sharing a little bit with our listeners where you came from and what inspired you to do what you do today? [02:50] Yasmin: I’m the creator of Tiny Time, Big Results, which is all about how to have a profitable 20 hour week business [04:25] If I only have a few hours a day, how can I make the most of the time that I have so that I can still have a profitable business so that I can still be with my kids and still feel like I have balance? [05:05] Kevin: It’s not just work all day, everyday. Then you’re missing out on a lot of things. To me, I think wealth is important to bring a quality of life [05:15] Yasmin: Wealth for me is not just about the amount of money that you make or the amount of money that you have. It’s about the time you’re spending with your loved ones, the time you get to have some fun. You can enjoy what you’re doing [05:40] What is it that I’m here to do? How can I add more value to this world and do what I love and get well paid for it? [05:50] Kevin: Building wealth is creating assets. If you can build an asset that, when the world turns upside down, you are avoiding that loss since you still have income and that puts you in a better position [07:05] Yasmin: I think being self employed was considered to be the really risky option that you were being super brave if you created your own business. But over the years I’ve really come to realize that actually being employed is incredibly risky. You’re a number in that system. And when they don’t need you anymore, you’re gone. When you have a business and you create streams of income in that business, if one starts to slow down, you can make the other ones be a little more fruitful for you. Whereas if you lose your job, you have one stream of income and that’s gone [08:43] I think for a lot of people they’re probably thinking the time is going to be an issue and that they don’t have the time [11:15] The way that I look at leverage is if I have an asset, how can I create a greater return from that? My book is a leveraged product because I’ve poured all my knowledge and expertise into a book that now sells for me. I’ve created it once, now it sells over and over again for me [12:45] When you’re selling your time, you always have a cap on how much you can sell [13:33] A common complaint that I get from a lot of business owners is “I’m so busy I don’t have time to do marketing.” But when that pipeline dries up, there’s no new leads coming through [14:08] We all have knowledge and expertise that other people will value, and it’s about tapping into that [14:52] I think the biggest mistake that people make is assuming that everyone knows what we know (common knowledge is not that important)