When I read this title, I thought, Money can be regenerated, time can't.
My objective is to create enough passive income, and trade that for time.
Like yourself, I'm an online entrepreneur, so I can relate to the dynamics you speak about.
One point where I'd beg to differ is where you say that, "Most people waste 8 hours a day sleeping."
Well, in my case, I wouldn't consider that a waste. If I can get by on 6 hours, good, but if I'm tired and ignoring my body's call for sleep, I find that i won't be focused enough to even write well.
For me, adequate, good quality sleep is a non-negotiable.
I will add a bit of a qualification to that: ideally, I like to sleep after I've exhausted some effort into my day. If I know I worked hard, or made some progress, then I deserve to sleep.
I sleep not to sleep, but to recharge so I can do more.
RE: Trade Your Time for Money, Or Money For Time?