There’s no doubt that time management and life balance has a significant impact on your ability to stay consistent with your plan for achieving financial freedom or building wealth. Many people have things that they want to do with their life which will help them to earn more money, make wiser investments or to build wealth, but it’s simply a matter of “finding the time” to do it. Well, let’s clear up on thing first, you’re not going to “find more time.” There are only 24 hours in a day and 60 minutes in an hour, and I doubt that’s changing anytime soon.
So what can you do if you feel that they aren’t enough hours in the day to do the things which you need to do? Let’s look at a few principles of time management which can help you to solve this problem…
Thinking About Value Instead of Time
Personal development expert Steven Covey states that time management is more about direction than it is about management of time. Another author, Dan Kennedy states that it’s more important to think your day in terms of value instead in terms of time. What both of these authors are suggesting is that you spend your time only on the most high value tasks possible. So what if you have things left over to do and you have no more time left to do them? You have a few options, the first of them being to hire someone to take care of the task for you.
This could be cleaning your house or taking care of your yard, or even helping you with some household chores. Of course, the first thought that comes to mind is: “I can’t afford to do that, that’s what rich people do.” However, the reality is that many rich people become that way because they outsourced low value tasks early on. Think about this, if you spend five hours a week doing things which you could easily pay someone $10 an hour to take care of, what else could you do with those 20 hours? Start your own business? Work on your investments and get a better ROI?
What would be the value of the tasks which you could do during those additional 20 hours a month? How would the results of those tasks add up over the next year, considering that you would have over 1,000 hours to commit towards something which could brighten your financial future? This is what it means to think value and direction instead of time, and it could just be the key to achieving those goals that you’ve been putting off.
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Image made available by Marian Kraus Photography
