Man Who Earns Monthly Rs 1.3 Crore By Working Only 5 Hours A Week Busts Money Myths

From being laid off from a job during the Great Recession of 2009, starting a side hustle for earning, to now owning two businesses that fetch him more than Rs 1 crore a month, what a journey it has been for US-based business coach and YouTuber Graham Cochrane.

At present, he has built two seven-figure online businesses, one being a music education company and the other being a business coaching brand. Combined, they bring in about $160,000 a month (nearly Rs 1.3 crore) in passive income for him, that too by working just five hours per week. He is the author of the book "How to get paid for what you know".

Naturally, Graham has learned a lot about what it takes to create a highly profitable business. He always tells people that if they want to start a side hustle or full-time company, there are three complete lies and money myths which they need to stop believing:

3 Money Myths Busted

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Myth 1: You have to work a lot of hours to make a great income.

When Graham started his first business, people would stress the importance of the ¡°hustle and grind.¡± They bragged about 80-hour work weeks and how they¡¯d take their laptops with them everywhere they went.

But as a husband and father, Graham didn¡¯t crave that kind of lifestyle. "I wanted to be present for my family. So I made a pivotal decision to never work more than 40 hours a week, including no nights or weekends, and have since shaved that down to only five hours a week."

That¡¯s all thanks to a principle he learned called ¡°Parkinson¡¯s Law,¡± which says that work expands to fill the amount of time allotted for its completion.

So if you really put your mind to it and give yourself 40 hours a week to get something done, it will take 40 hours. If you give yourself 80, it will take 80. Creating a time constraint will force you to get creative and focused, he said, as per a CNBC report.

Also Read; Millionaire Shares 5 Habits That He Copied From The Rich

Myth 2: You need a large team to scale up business

"I¡¯m not against having a team (I currently work with a small team of part-time contractors myself), but you don¡¯t need one to scale your business. I ran my first side hustle on my own for four years before I hired my first employee. And I was making around $250,000 a year. When I branched out as a business coach, I hit six figures in my first year without a single contractor", Graham said.

He mentions that his secret is automation. He is a fan of tools that can handle email marketing, webinars, product delivery and content creation.

GrahamCochrane

Also Read: Debunking Mutual Fund Myths

Myth 3: Money buys happiness

Graham also shared that he found out at a certain point that your happiness stops climbing alongside your income. In fact, when it comes to money, happiness isn¡¯t actually the result of getting money, but of giving it.

Research shows that when we give money to others, our brain releases endorphins like dopamine and oxytocin. Experts call it the ¡°Givers Glow.¡± As your business grows, you need to realize that the end game can¡¯t simply be to keep making more money. It won¡¯t be satisfying in the long run.

Instead, begin to dream about how you can give back to your community. "This, in my opinion, is the most beautiful and motivational reason to build a highly profitable business."

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