David wrote a paper published in this journal – here’s a summary
In the article “The Time-Purpose Map – Finding Balance in Wealthy Families,” David explores how wealth can be balanced through the concept of the Golden Mean. Inspired by the idea of moderation, the article emphasizes the importance of managing time effectively in a world of abundant options.
He delves into his personal entrepreneurial journey, illustrating the transition from selling time to creating intellectual property (IP) and eventually owning a business with recurring revenue. It sets out the universal nature of time as a resource, emphasizing that all individuals share the same 24 hours each day, regardless of their wealth. This introduces a spectrum categorizing individuals based on their income generation stages, ranging from having a job to becoming an investor with no operational involvement.
The article introduces the “income journey,” categorizing individuals based on reliance on personal effort versus capital. It explores profit and non-profit pursuits, stressing philanthropy in wealth-driven families.
A “time-purpose map” is proposed as a tool for balance, helping individuals allocate time between profit-driven and altruistic activities. This mapping process enables assessing the current situation, defining goals, and charting a course towards balance.
By recognizing the interplay between active and passive income, and aligning for-profit and non-profit activities, individuals can manage wealth and find fulfillment. The article concludes by advocating for diverse activities within family enterprises, promoting collective purpose.
In essence, “The Time-Purpose Map” offers insights into managing time, wealth, and purpose for individuals and families.