How do you think wealthy people spend their time? Do you think the rich play all day? You couldn't be more wrong.
The wealthy work. According to Nobel winner Daniel Kahneman, the wealthy enjoy much less leisure time than other people. In fact, Kahneman says that wealth and work are strongly related.
Shocking. I wonder how much of our tax money went to pay this egg head to figure out you need to work to get rich? It seems much of what passes for science these days is really just the verification of common sense.
On a positive note, Kahneman recommends that instead of watching TV and dreaming of getting rich, people "should think of spending a lot more time working and commuting and a lot less time engaged in passive leisure."
Watching Television Will Make You Poor
If there is one factor that could predict success, it's the number of hours of television watched per week. Watching TV is the worst thing you can do. If you want to be wealthy, you should spend your leisure time reading, studying or with your family, not watching television.
I've found that as I've gotten wealthier, I've spent less time watching TV. These days I watch almost no television. I do watch the occasional movie, but that's much different than watching TV.
I also spend less time in leisure activities overall. I used to play golf at least once a week but I've found that it was a huge waste of time and money. Golf is for retired people. Plus I never liked the game itself, rather I enjoyed the time with friends.
The Rich Enjoy Their Work
Ask anyone who's earned their wealth and they'll tell you they enjoy what they do. Warren Buffet has said "I enjoy what I do, I tap dance to work every day."
I really enjoy what I do. In fact I work on most weekends. Work is satisfying to me. My father was the same way. He used to work 7 days a week. Now he barely works at all, he doesn't need to.
The Rich Enjoy Their Leisure
Buffet also plays online bridge with Bill Gates 12 hours a week. Spending time with friends is satisfying.
Back when I used to watch TV I usually felt guilty after an extended period. It's such a waste when there are so many other things you could be doing. Watching television doesn't give you any satisfaction. Finishing a book gives you an immense feeling of satisfaction.
How to Use This Information
You don't have to give up leisure time, just spend it wisely. If you're a TV addict, slowly cut back on your hours per week. Get a book you're really interested in and start reading. You might find that reading soon replaces your TV time.
Plan a way to make more money. Can you go back to school? Could you start a part time business?
Things You Can Do With Your Spare Time
- Reduce (Eliminate) TV Time
- Exercise
- Read (Books, magazines, websites)
- Go Back to School
- Start a part time business (make sure it's something you like to do)
- Put in more time at work
- Only participate in leisure activities you really enjoy
Related Posts
- Why You Shouldn't Buy a New Car
- Don’t Ask What Causes Poverty.
- About
- Close Old Or Unused Accounts
- Your FICO is Worthless