For most people, their career is their most valuable financial asset. But for those willing to make the effort, even a small one, there might be something even more valuable—a side business that could potentially turn into a very large source of income.
My Money Blog raises this issue when he highlights quotes from the latest Warren Buffett book. Specifically, he notes how Charlie Munger, Buffett’s right-hand-man, took an hour each day and worked on side projects. Eventually this time and effort built up until Munger had developed a very profitable business and found himself a rich man. Here’s a quote that summarizes his rationale for taking time for himself:
Charlie, as a very young lawyer, was probably getting $20 an hour. He thought to himself, ‘Who’s my most valuable client?’ And he decided it was himself. So he decided to sell himself an hour each day. He did it early in the morning, working on these construction projects and real estate deals. Everybody should do this, be the client, and then work for other people, too, and sell yourself an hour a day.
Just think what we could all do if we took some time each day and set it aside to write that book, develop our hobby into something profitable, or work on that one idea we’ve had for the past five years. Over a long period of time, the impact to our personal finances could be quite dramatic.
It’s an issue worth considering. What would you do if you took an hour (or maybe even less, as long as it was consistent) and worked on improving your finances? What would the results be five, ten, and twenty years from now?
Buffett on Charlie Munger: Work For Yourself An Hour Each Day [My Money Blog]