Your wealth is a result of the time that you put into acquiring wealth and in most circumstances your time is valued by money. If (Income – Expenses) < 0 then your life goals need to change. Wealth is an equation which is a relationship between time and money. How you spend your time will determine who much money you make and in the end how wealthy you will be.
Pen and Paper in hand
1. What is the one thing which if you did would make your life rich?
2. What time do you work up? e.g. 6 am
3. What time do you go to sleep? e.g. 10 pm
4. Subtract the time you wake up from the time you go to sleep…20:000hrs-06:00 hrs=14 hrs
5. Now of the time that you are awake how much of that time is spent doing the one thing that will make you rich e.g. 1 hour
6. Now divide the answer on 4 by the answer on 5 e.g. 1/14*100=7%
7. Now how much time per year do you spend doing the one thing that will make you rich 7% of 365 days=25 days?
Question…. In your opinion do you think that you will ever be rich based on your results.
Also read The 4 Laws of Wealth solutions
1. Decide what it is you want to do
No one can reach a destination that they do not know. A strategy is defined by the objective hence one needs to know the end in order to understand the journey. Knowing what will make you wealthy is important in that it enables you to prepare and calculate the amount of time that is needed in order to pursue your objective. If you don’t know what it is that can make you wealthy you cannot know what you will need to do. So once you know what you need to do then you must calculate how much time is needed in order to perform the particular activity on a daily basis.
2. Set aside the time with discipline
Once you know what is needed and you have calculated the amount of time that is needed then you need to set aside that time. This requires a lot of discipline on your part which means being able to consistently create time for yourself. Sometimes your time could be 4 hours a night, or the early morning of the day with at least one hour a day. You might be a writer like me and decide that the first two hours of the day are the best for you. It is critical that you are consistent.
Consistence creates constancy and constancy creates standard which will create a pattern of wealth for you.
Also read 5 Habits of the rich and wealthy
3. Improve on your time
When you are constant on your time allocation and performance of activities you then need to work on your efficiency. By being efficient you create more time for yourself. The activities that used to take 2 hours can be cut down to 1 hour and so on.
The more efficient you are the more wealth creation time there is.
4. Work on Quality more than Quantity
When you started on your time allocation your concentration was on quantity but as time goes you start working on quality even more. When I started unlockedsuccess.com the goal was content with quality. So I wrote a lot of articles at the beginning in order to create content with quality, but after reaching my first 100 articles the goal became quality with quantity. In other words, quantity was still important but quality becomes the driving force of anything that needed to be done. At the beginning I would do 10 articles a week which was a lot of hard work but now I can do 5 articles a week.
Experience is about quality more than quantity
5. Rate your time to money
In time you will also start to discover that your time becomes equal to a specific rate for money. As a former auditor working for the big 4 firms, my time was rated according to my experience and effectiveness of efficiency. So a person at a junior level will start with a low rate per hour but as they climb the ladder to a senior analysts then to manager, their rate will change to signify their experience, efficiency and effectiveness.
By applying these 5 steps you can easily unlock your time to equal money so that your equation become easy and you create wealth.