I view a mindset as a set of beliefs and assumptions that shape how we perceive and respond to the world around us.
Not only does it influence our behaviors. But also the actions we often take and the outcomes we get.
Fortunately, a mindset is not a static state. It is dynamic and can be changed and improved upon with practice, feedback, and iteration.
A very important mindset for success is the growth mindset. The growth mindset is the belief that we can improve our abilities and skills through the challenges we encounter and overcome, the lessons we learn and implement from them.
Arguably, having an abundance mindset is also an important mindset for success. There's definitely a case to be made for having a scarcity mindset to bring that sense of urgency to get things done.
But I think the abundance mindset serves us better overall. The abundance mindset is the belief that there is enough for everyone and that we can create more of what we want.
To me, the 'money loves speed' mindset is basically a combination of these two mindsets.
It is the belief that we can create more money relatively quickly by acting decisively and confidently on our ideas and/or opportunities around us. It is also the belief that money likes to be in motion, so as far as it is circulating, there will be an abundance of it.
The Intricacies
The origin of the phrase money loves speed is not every clear. Doing some research on the interweb, I discovered that it was an extension of the 'time is money' phrase.
This was made popular by the legendary investor Benjamin Graham but there are publications of the proverbial phrase dating back before Benjamin Graham. So, it was something like 'Time is money, and money loves speed.'
From an earning income context, the phrase ‘time is money’ suggests that wasting time is equivalent to wasting money, and that using time wisely can lead to more money.
The phrase ‘money loves speed’ takes this idea further and implies that not only should one avoid wasting time, but also act quickly and confidently on one’s ideas and opportunities rather than endlessly thinking about them or trying to find the perfect idea/opportunity.
Some people believe that this phrase reflects the mindset and attitude of successful entrepreneurs and wealth creators.
For example, the internet millionaires I wrote about recently took advantage of the internet opportunity when it arised, rather than waiting for the perfect moment or the perfect conditions to be met. This way, they benefitted from new trends, capitalized on market inefficiencies or gaps, and created value for themselves and others.
There's this seemingly universal law with abundance that the more we give, the more we tend to get. Money isn't definitely exempt from this law. Just from pure observation, the biggest givers tend to be the wealthiest. Robert Kiyosaki covers this aspect in one of his Rich Dad Book Series. Since reading it, I've tried to be always mindful of it.
Speed
The philosophy behind money loves speed is that money is a form of energy that responds to certain conditions and principles. It is not a fixed entity, but a dynamic and fluid one that can change and multiply depending on how we use it.
This suggests to us that speed creates growth and momentum. And the faster the speed, the bigger the growth and momentum. Hence, more money. Let's say the goal is to 10X our wealth in the next 5 years. On what speed are we going to apply the money on? Will we choose to invest in a growing industry or an almost stagnant one?
The answer seems obvious: we would want to invest in a growing industry that has a high potential for returns and innovation.
This will give us the opportunity to capitalize and be part of the change and progress that is happening in that industry. Instead of being left behind or stuck in a rut in an almost stagnant industry.
This is what money loves speed means: it means being agile and adaptable with our money. Seizing opportunities and acting on them quickly, learning from feedback and making adjustments along the way.
Of course, this does not imply that we should be reckless or irresponsible with our money. We still have to do our due diligence, research, and analysis before making any investment or other money related decision.
However, knowing that money loves speed can prevent us from spending forever on those things. We don't need to see or understand the whole board to make a decision. We just have to be assured that growth is happening.
Thanks for reading!! Share your thoughts below on the comments.