The secret of wealth-building that often goes unnoticed is not just how we manage our money, but how we manage our time.
Time is a finite resource. Once we spend it, we can’t get it back.
Learning how to leverage time effectively can distinguish you as a top performer, and as someone who truly understands what it takes to build lasting wealth. A recent encounter with a successful business mentor illuminated the true value of time in the grander scheme of financial planning and personal growth.
The Paradox of ‘Busyness’
High-performers understand this intrinsically; they don’t just fill their days with activities but invest their hours in meaningful tasks that align with their broader goals.
In contrast, many people fall into the trap of equating busyness with productivity. They clutter their schedules with a myriad of activities, often neglecting to consider whether these actions bring them closer to their long-term objectives. This approach not only dilutes focus but also squanders time that could be better invested. Being ‘busy’ in this manner is essentially like throwing money into a pit; it’s a waste of a precious resource.
Therefore, the challenge is not just to manage our money wisely, but also to manage our time with the same, if not greater, level of care. High-performers make this a cornerstone of their strategy, thereby not only enriching their lives but also amplifying their financial success.
Paying for help
Top performers prioritise time over money, knowing they can always make more of the latter but never of the former. Instead of micromanaging every aspect of their life to save a few dollars, they delegate tasks that don’t align with their skill set or goals. For example, hiring a cleaner, a driver, or even a personal shopper can free up valuable time. Busy people often fall into the trap of doing everything themselves, misguidedly believing that they are saving money. In reality, they are wasting time that could be invested in more profitable ventures.
Long-Term Vision
Top performers understand that their present choices shape their future. They engage in activities and form relationships that will enrich their lives in the long term. They are willing to invest time in people, projects and learning opportunities that promise future benefits, unlike those who seek immediate results and shortcuts. Your current situation is an accumulation of past decisions, and being aware of this empowers you to make smarter choices moving forward.
Stop the information overload
Successful people know when to stop gathering information and when to act. Continuously seeking more data can be counterproductive and delay decision-making. In contrast, busy people often get stuck in an endless loop of information gathering, which consumes time but doesn’t contribute to action or results.
When giving holistic financial advice, we often stress the importance of making wise investment choices. However, the most critical investment you can make is in your time. Start by conducting an audit of how you spend your days. Eliminate activities that do not contribute to your wealth or well-being, and focus on what truly matters.