Why the Rich Have More Time
How to create more time by becoming financially independent
I love traveling around the country talking to women about beginning their journey to financial independence. Nothing energizes me more than meeting women who are fired up to start their business or begin investing in an asset that excites them.
But for every woman I meet who is ready to get started, there’s another one who offers the excuse, “I don’t have enough time.”
For most of us, this statement probably rings true. We feel we don’t have enough hours in our day to accomplish everything we want. We have full-time careers, a spouse or relationship, even children, plus additional day-to-day activities. The thought of adding another thing, even something as important working towards financial freedom, seems overwhelming.
So how, then, do the rich seem to accomplish so much more than the poor in the same 24 hours? It’s not because they don’t have the same time-consuming responsibilities or activities. It’s because they know how to generate time the same way they generate wealth.
What we really mean
We often use excuses, disguised as reasons, when we don’t want to do something. So when I hear someone say, “I don’t have enough time” I know what they really mean is, “What I have on my plate right now is more important.”
Creating more time for yourself starts with knowing your priorities. The rich know that financial independence is one of the most important things in their lives.
If you were diagnosed with a rare disease, you would make going to the doctor your top priority. You wouldn’t put it off a few weeks, or wait to go to the pharmacy to pick up your medications when it was more convenient. Getting back to a healthy state would be the most important thing to you.
It’s the same with your money. If your finances aren’t healthy, they won’t get any better until you start taking care of them. And that means making them a top priority.
How important is the hour of tv you watch before bed? How big of a priority is sleeping in on the weekend? When you start to look at how you spend your time, and cut out the activities that really aren’t that important to you, more time magically appears.
Make money work for you
We are raised believing if we want more money, we have to work for it. For most Americans, that might mean picking up an extra part-time job, or working overtime at the office. But we are human, and there are only so many hours we can physically work.
That’s why the key to success is not to work for money, but to make money work for you. This is what the rich do by creating systems or investing in assets that generate money with little to no involvement from them. They might start a business that runs independently, or invest in real estate that produces steady cash flow every month.
The great thing about these systems is that they don’t just generate wealth, they generate time. You can be earning money even while you sleep. So instead of working late at the office, your real estate property will supply you with extra cash. Instead of getting another job, the business you started by selling online will generate extra income.
Eventually, with the right financial planning and education, you can achieve financial independence, and all those hours you spent working for a paycheck will yield more time for what’s most important to you.
It doesn’t stop there
The rich don’t use the extra time they generate being lazy or accumulating liabilities. They use their time to create more free time in the future. They use the cash flow from one investment to invest in another, building on their wealth.
We all have the same 24 hours every day. How you use those hours determines not only your financial status, but also your future.