People who wish to achieve financial freedom must make significant adjustments in the way that they manage all areas of life: relationships, health, time management and their career.
If you doubt this here are a few things to consider: medical bills are the leading cause of personal bankruptcy and can really take their toll on a person’s financial status later in life. Relationships and associations also have a significant impact on your financial success, especially considering the financial impact of divorce.
Finally, the way that you manage your time and energy has a significant impact on your ability to create and execute a sound plan for achieving financial freedom and for building wealth. This is why the focus of PowerSpending is to help someone to build better habits in their health, their relationships, their time management and in their spending of money. Let’s look at a few principles which will help you do this…
Powerspending for Management of Time
One of the primary principles of PowerSpending is to be spending for the sake of adding value when it comes to your money, your time and your energy. As simple as this sounds, very few people obey this principle when it comes to the use of their time. For example, many people will avoid hiring a contractor at $20 an hour to fix something around their home, and will instead do the job themselves. However, if you end up spending 20 hours doing what you could have easily paid a contractor to do in only three hours, you technically just hired yourself out at a little less than three dollars an hour.
Of course, a common line of thinking is: “Well, people with money might be able to afford to hire landscapers, housekeepers or contractors because they already have a lot of money.” However, the reality is that people who have money usually have it because they are willing to pay someone else to take care of these things so that they can focus on a plan for building their own business or building wealth with the money that they do have. In other words, people who trade money in order to get that time back can use that time to create more value and more wealth. On the other hand, those who are always training in their time in order to “save” money almost always remain broke.
PowerSpending for Your Health
Have you ever fallen into the trap of thinking that you don’t have time to exercise or that you don’t have the money to eat healthy? If so, you’re choosing to pay for something later on instead of paying the price now…and the price that you pay later will be much more grave. Better to focus on the value of having good health when it comes to preserving your net worth and avoiding expensive medical bills later in life. Again, you focus always on what’s going to add the most value instead of always thinking about how much something is going to cost you. These are two very important principles which will help you to achieve a life which is conducive to financial freedom.
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