Like many, you probably think working 40 hours a week is more than enough, thank you very much (science supports that being enough, too). But if you want to make the big bucks--you know, in the millionaire range--just putting in those amount of hours apparently isn't going to cut it. That's according to self-made millionaire Grant Cardone, who went from debt to owning and operating not one, but four companies.
So, just how much time do you need to put in?
Cardone claims that, to have even a hope of approaching the seven-figure mark, you must work more than double the standard 40-hour week. He asserts that he works closer to 95 hours weekly. Experts like author Steve Siebold agree, noting that wealthy individuals get paid based on results rather than time.
But why so many hours?
The reality is that we're often pulled in many different directions -- especially entrepreneurs. They're notoriously known as the 'Chief Cook & Bottle Washer' and have to commit time to:
- Developing and implementing an overall company vision & roadmap
- Making major business decisions, including data review and analysis to justify why products/services require the suggested iterations
- Communicating between staff, suppliers, board members, and other internal/external stakeholders
- Any and all capital-raise initiatives
- Prepping the company to be sold to prospective investors
- Overseeing everyday operations
- Market study
- Evaluating staff
- Soliciting advice
- Auditing performance of individuals and the company as a whole
- Representing the business to the community or larger market
- Discipline and reward
- Being chief spokesperson
And that's before you factor in looking at research and development, attending conferences, of course, coming up with new ideas to keep the company competitive. All in all, those hours add up really quick.
It takes a special kind of person to perform all these tasks and stay upbeat. But keep in mind, entrepreneurship doesn't have to be your only path. Talk to Warren Buffet about investing, for example. And it's worth noting that research shows that, while you do need to take the geographic cost of living into account, making more than around $75,000 isn't going to make you any happier. Be realistic about what you can do and want, and from there, stay the course.