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Tuesday, November 23, 2010

The Wealth Formula by Janet Callaway

Though I am writing this article on The Wealth Formula, it did not originate with me. My mentor, Cindy Samuelson, gave this precious gift to me which was given to her by her beloved mentor G. A. “Curly” Smith. 

Now G. A. Curly Smith did create The Wealth Formula and his success is a testament to its efficacy. Born in 1922, a sharecropper's son raised in depression racked Oklahoma, Curly went on to sell airplanes to multi-millionaires. He consistently asked those wealthy individuals how much time they'd invested in building their wealth. When he died at age 78, having followed their advice, he left a legacy to support three generations.

Curly believed that people failed, not because of their pasts or circumstances, rather they failed because of their indifference to time. In teaching people about time, Curly would ask a simple question. Take a minute to think about your answer before you continue reading after the question. Here it is:

How many hours are there in a week?” That's it.

Now, what did you answer? Most people answer 24 hours x 7 days a week while other people answer 40 hours! Neither is correct for purposes of The Wealth Formula. Let's do the simple math; you will be astounded.

The Wealth Formula
168 hours in a week
  • 56 hours for sleep (7 nights/8 hours)
  • 40 hours for work (5 days/8 hours)
  • 42 hours for living (7 days/6 hours)
         30 hours remaining

It's what you do with these 30 hours that makes the difference. Unfortunately, most people spend those 30 hours watching television or playing games on computers. Wealth is built in everything over 40 hours. What was the consistent answer of the multi-millionaires who bought planes from Curly? On the average they worked 70 hours a week; their wealth came from the 30 hours beyond the standard 40.

How you spend those 30 hours is up to you. Your decision will determine if you live the life you design or if you live a life designed by someone else. You can choose to have control over your life or to let someone else have it. Which do you choose? Will you invest those 30 hours wisely?

1 comment:

  1. Great article Janet. Everything we do is based on a decision of one kind or another. And all too often, time slips away from the best of us.