Richard Bandler: The way to become wealthier isn't to work longer hours because to double your business, you have to double the amount of time away from your family, you're not doing it right. There are billionaires on the earth running businesses that hardly work at all because there's a point at which you get where you cannot become wealthier through labour. You have to become wealthier through wisdom. You have to take the money you have and the success you had and then recapitulate it under the control of somebody else. It's called delegating.
If you have to be the one making all the decisions then to make your business bigger you have to be doing twice as many decisions with twice as many people. There's a point at which you burst into flames. But if you realise what you're doing that's working, then what you do is you make a copy of it over here and you get somebody to drive the bus who reports. So you've now got two people taking an eighth of your time to do what took all your time over here.
So if you were spending eight hours, your job is to get down to four hours and have twice as much profit. Then when you double it again, you want to get down to two hours so that you have two hours of delegating to the right people to increase your business. Then you take the excess money and you figure out how to invest it wisely so that it doubles itself and doubles itself without you having to barely lift a finger.
Look at a guy like Warren Buffett. Warren Buffett looked at the economy collapse and went in and bought almost all the shares in GE at eight bucks a share and then took over the company and streamlined it so that the shares would go back up. There's a point at which you have enough money to do that. But at the point where you are now, you should be looking at growth as something that frees your time. You have to go, "I have this that works."
Another name for this is called franchising. When you franchise a business you build another one and another one and another one. You take your success and pretty soon you've got 30 restaurants all doing the same thing but you're not running one of them anymore. You have people that are running them and people who are running the people running it and you're sitting back there pulling the handle on the chrome God, going kerching, kerching.
Richard went on to give more detail and further strategies for work-life balance in the session.
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