You have very likely heard Billy say, at one time or another, you need three things to build wealth: time, knowledge, and money. Typically, people have one or two of these three things and need a plan to get the other(s). If you have time and money, you can buy knowledge. If you have knowledge and time, you can make money. If you have money and knowledge, you can hire people who have time. This may sound like a simple little formula, but it takes guts, determination, and a plan.
Time is the finite member of this trio—there is no way to make more time. There are, however, many ways to ‘free up’ more time, making it available for more productive purposes. Knowledge is the infinite member of the trio. There is more knowledge available than any one of us could digest in one lifetime. In the case of knowledge, focus is a key to determining what you need to know to accomplish your goal. Money is the risk member of the trio—the piece which requires faith to begin building wealth.
Time
The fact that time cannot be multiplied means we must learn to steward the amount of time we are given. Stewardship involves using our God-given resources with wisdom, aligning with biblical values to further the Kingdom of God on earth. Good stewardship involves managing and maximizing what you currently have to bring the greatest possible return.
We are all given the same amount of time each day and we get to choose how we divide it up and use it. In terms of how to build wealth, using your time to study the investment market would be more productive than browsing the internet for new fishing gear or curtains. Certainly, using your time wisely does not mean cutting everything fun or restful from your life to work every spare moment. On the contrary, times of fun and rest are equally as valuable as times of study and work.
Commit your actions to the Lord, and your plans will succeed. (Proverbs 16:3 NLT)
Stewarding time well begins by committing your ways to the Lord at the start of every day. Laying out your agenda before the Lord each morning will help prioritize your time to become as productive as possible. He knows your goals, projects, desires, needs and the exact amount of time you have to make it all work. Commit your ways to Him and He will bring the success you are reaching for.
Related Post: What Does the Bible Say About Stewardship
Knowledge
For the Lord gives wisdom; From His mouth come knowledge and understanding; He stores up sound wisdom for the upright; (Proverbs 2:6-7a NKJV)
Wisdom is available for the asking, but we are encouraged to get knowledge and understanding (James 1:5). Do you know the basics needed to build wealth, or do you need a beginner course? It’s important to establish a foundation of knowledge built on solid financial principles before you dive into deeper waters.
In this internet age, getting knowledge is easy. There is a wealth of information available, far more than you might imagine. Go to school. Read books. Subscribe to articles and podcasts. Find a mentor that has been where you want to be. Since you don’t know what you don’t know, you need to position yourself to discover the knowledge that God has for you. At WealthBuilders, that’s why we write books and blogs, host conferences, and produce podcasts. We want to give you every opportunity to get the knowledge you need to build wealth!
Related Post: The Cycle of Success: Knowledge, Understanding and Wisdom
Money
To build wealth requires money, but not always lots of money. The Law of Conversion is a foundational law because wealth is created when you convert a lower-valued asset into a higher-valued one. Take raw materials like wood or recycled paper, for example. Artisans or manufacturers can turn those materials into products like furniture and journals. In this way, they are converted to become worth much more than their separate parts.
It works the same way with real estate. Investors learn to purchase property for less than it’s worth. Then, they add additional value by renting or flipping it. Let’s say I’m looking at a single-family home that needs work. I negotiate a lower price point and create a higher value by renovating the house. When I’m done, the house is worth far more than I paid for it.
As soon as you start having money, the goal is to use it to make more money. You could free up more time through hiring employees, or invest in knowledge/coaching to take you to the next level, or you could invest in assets. The essential trio work together to build wealth that will further the Kingdom of God here on earth.
Tell them to use their money to do good. They should be rich in good works and generous to those in need, always being ready to share with others. By doing this they will be storing up their treasure as a good foundation for the future so that they may experience true life. (1 Timothy 6:18-19)
Related Post: 5 Laws Every Wealth Builder Should Know
