Don’t Trade Your Time For Money, Trade Tasks For Money Instead
Discover how to earn an extra $50 per day, and you could literally become a millionaire-
Time is not money, money is time
Besides my 9-to-5 job, Side hustle, gig economy, sharing economy, or creator economy are all jobs that work very well for me.
While not every Side hustle is scalable, they are flexible enough that you can do them when you are available and have time. Some Side gigs serve the purpose of getting you more money in trade for a little more of your time.
When you work in a side hustle, it is not exactly the trading time for money. It is not the same as working a 9-to-5 job. Instead, you are trading tasks for money, you get paid for each task you complete.
At first glance, trading time for money and trading a task for money looks like the same thing. Going deeper, it looks like you are still actively trading much of your limited time on this earth for more money in your pocket. But if you navigate further, you will see that there is a big difference. Here’s why:
Trading Tasks For Money Means You Can Work Where, How, And With Who You Want
The main difference between trading time for money versus trading a task for money is that, in the first case, there is a limit on how much you can earn, plus the amounts are set by your employer, whereas, in the second option, you can work with whoever you want, wherever, however, and still set the time spent on each task.
Here is my point:
A job that pays you $17 per hour means that you have no freedom to define how much you can earn, except to trade more hours of your life for more money. If you want to earn more money from that same job, you have to get your employer to pay you more.
And, if you are being paid by the hour, figuring out ways to make more money for your time is also a smart choice. But in any case, you are not in control of things. You are in control of the person who hired or is paying you.
Now, look at how the gig economy works:
Usually, you are trading tasks in for more money in your pocket. The amount of money you can earn by trading tasks for money is not tied directly to the time you work but rather to the completion of the task.
You are still selling your time for money? Not necessarily because of two very important things:
You can accept only tasks or jobs that pay well (in other words, you set your own price for the work you will accept);
Your skills and abilities to finish tasks in less time define your income.
This means that in the world of trading tasks for money, two people can even do the same thing, but they will probably not earn the same amount of money. What determines the amount of money you can earn in the gig economy is your skills and ability to deliver tasks in less time.
What most people don’t understand about gig economy platforms is that they need soft skills to understand what kind of tasks to accept and how to complete the tasks more efficiently in less time, not necessarily hard skills.
Trading Tasks for Money Means You Can Be Financially Free
It turns out that small sums add up to a lot.
Below is a small table that demonstrates what small, consistent amounts of extra income per day can add up to when invested with the long-term in mind (the table illustrates results at a 6% annual rate of return).
The sweet side of trading tasks for money is that they allow you to earn extra income in consistently small pieces. If you can earn an extra $20 a day, it can add up to over $150,000 when invested over the long term. Put this into the perspective of $150 per day, and you are looking at yourself as a millionaire.
Your main task is to figure out how to earn an extra $50 a day, and you can literally become a millionaire.
You may not be able to become a millionaire if you are selling your time for money because there are not many side activities you can do, plus time is a more important resource than money, but if you are doing tasks for money, I have good news for you, you can literally become a millionaire.
Final Thoughts
Obviously, there is a lot of difference between the Gig Economy, creator economy, scalable online businesses, and trading your time for money.
The Gig Economy is not passive income. Your time and skills are all you need if you want to make a lot of money. But there aren’t many things that are really passive income anyway.
One way or another, everyone has to work for money, whether they just work by the hour or put work as an ongoing thing.
At the end of the day, there is a big difference between trading time for money and trading tasks for money. Most people look at these gig economy sites and think that you have to work or get paid by the hour. But actually, you are not trading your time for more money; you are trading tasks that you are doing in trade for more money in your account.
As I said above, the time that comes into play is incidental, and your skills are something that you can potentially improve to deliver jobs efficiently.
This article is for informational purposes only. It should not be considered Financial or Legal Advice. Not all information will be accurate. Consult a financial professional before making any major financial decisions.