“Time is money” expression is fallacious if you look at it through the prism of ‘Elapse-Collapse Paradox’ (Myron Golden).
What is Elapse-Collapse paradox and how it is applied to online coaching or consulting?
If you are a coach or consultant contemplating about starting your own knowledge business online then keep reading as this is directly related to you!
Well, the concept of ‘Elapse-Collapse Paradox’ I heard for the first earlier this year from Myron Golden during his presentation at FHL.
The reason why you should never say “time is money” because it’s NOT accurate. Time is MORE valuable than money!
One way of resolving ‘Elapse-Collapse Paradox’ is when you start thinking of wealth in terms of TIME not money.
Example of elapsing time would be when poor people let their time go by focusing on not important things (e.g. watching TV, etc.).
Whereas, people who become wealthy collapse their time by focusing more on income producing activities.
Now let’s do some math to make this concept more understandable and applicable to an average personal trainer who is in a similar situation.
Here is an unfortunate reality of an average consultant or a business coach who works in a corporate and spends longer hours working sometimes up to with 15 clients per day at low hourly wage and spends less time with their family, friends and on social life yet not making enough…
Any of that sound familiar?
Or, let’s take an example of a personal trainer. An average base pay of a personal trainer in the United States is $33K. For a purpose of simpler math let’s assume a yearly average salary is 40K.
Let’s assume you as a personal trainer want to make one million dollar. In this scenario, it will take you 25 years to make one million assuming you keep receiving your 40K paycheck for 25 years. This is an example of ‘elapsing time’.
Now, if you learn how to make one million dollar in one year instead of 25 years, this would be an example of ‘collapsing time’.
If you think for a second – it’s way easier to make a lot of money in a short period of time than make little money over a long period of time. Isn’t it right?
DISCLAIMER: Now. I am not saying I will make you one million dollar in one year… lol 🙂 [I hope you understand the purpose of this example is to simplify and better illustrate the ‘elapse-collapse paradox’].
Now, let me really drive my point home and show you how this has to do with you if you are in a situation where you work for a corporate company as a consultant and want to quit and start your own online business coaching.
Why online knowledge business is better for you?
When you work for yourself, you can charge a higher rate while doing so on your own terms and on a flexible schedule. You create your own online programs, your following, client acquisition systems, marketing assets, etc. which will be eventually contributing to your business.
Since the time is your most precious resource, coaching clients online allow you to scale your time, i.e. “collapse your time.”
And, this all eventually comes down to universal business truth. If you want to be successful in any business you have to go faster and more efficient – it’s like running vs. riding a bicycle.
Now, the question is would you rather collapse or elapse your time?
I am offering a Free training for consultants and coaches where I teach how to grow online business through proven client acquisition system that will consistently get you qualified and targeted leads on autopilot 24/7.