Wealth Vs. Poverty Series: Part 2: Time Management
1. Own Your Time Or Else It Will Own You.
Wealth mindset: Time is precious and scarce and must be used wisely. Time management is essential.
Poverty mindset: Time is abundant and can be squandered at leisure.
One of the most important factors separating those who have the wealth mindset with those who have the poverty mindset is time management. This is one of the most crucial things you can master. People who are wealthy treat every second of every day like it is precious and devote it to improving themselves mentally physically and financially. Those who have the poverty mindset squander time and treat it like it is infinite.
The reason those with who have the poverty and mediocre mindset do this with time is ironic. They actually tend to value money over time. The wealthy value time over money. You often hear that people who are wealthy are simply greedy and only care about money. The reality is that they know that money is used to buy time. Most people are more concerned about saving every penny. They’ll do this even at huge inconvenience and time expense. The Millionaire Fastlane talks about this in detail and how to be the person who puts their time first. What time you lose can’t get back.
2. Poverty Mindset: Severe Inconvenience Is Worth It To Save Money.
Have you ever known people go through severe inconvenience just to save some money? I know I have. I’ve seen people drive all of the way across town to save a few pennies on gas. I’ve seen people move things themselves and spend days doing it rather than using a moving service or renting a large truck. These are people who worry so much about saving every penny that they’ll often go through extreme inconvenience just to do it. What they don’t realize is that they’re costing themselves an insane amount of time.
The bottom line is: what’s your time worth? Is it worth $3 or less an hour to drive across town and spend 2 hours trying to save a few dollars when you include the gas cost and inconvenience? It definitely isn’t to me and I would rather be productive. Those who succeed focus on productivity as much as possible. Being productive and making others lives productive is how you make wealth. If you’re not making the most of your day, try writing things down in a schedule. Do the important things first and work from there. A great scheduler will make planning your day out much easier.
3. “Time Spent Having Fun Isn’t Time Wasted”.
This is another saying of those who waste their lives away. Somehow if they’re “having fun” then they aren’t wasting time. Are people alien to the reality that you can enjoy yourself doing a myriad of things that are more productive? Why do people think pointless escapism is the only way to enjoy yourself?
This point really hit home to me when a game had “free content” that took hundreds of hours of grinding to unlock for what you could buy for $30 if you wanted everything. Someone actually said that the only people who wanted to buy the product outright were just “lazy”. I mentioned that maybe they weren’t losers and valued their time. at more than pennies an hour. My comments naturally made them upset. They tried to rationalize but the truth set in. These are the people that play video games from 60-100 hours a week.
You can’t value your time like that if you waste it on nonproductive nonsense.
4. Time Is Simply Means To Opportunity.
People with wealth value their time highly. They see time as fuel for opportunity. They see time as something that is irreplaceable while money is abundant and can be replaced. Once time runs out you have no more. This means the wealthy want to utilize it as much as possible and build wealth as early as possible because they want to enjoy it in their youthful prime.
People who have a poverty or mediocre mindset would rather trade freedom for “security” and work until they’re old for the promises of something in the future, no matter how vain that promise may be. People who have a wealth mindset are not only doing things, but they’re doing them in as a productive manner as possible so they can maximize their time in other areas.
5. How Can I Make More Time?
The wealth mindset is always about using more time. Since we don’t have a time machine just yet, we have to find a way to use our time the best way we can. For the wealthy that means waking up early by at least 3 hours before they start their “work” and exercising to charge their brain. They hire others to duplicate themselves and they buy products which increase how productive they are so they can free themselves as much as possible.
It isn’t just making time, it’s having the freedom to enjoy life with as many options and in their peak as much as they can. This is why time is paramount. It allows you to actually enjoy life. Not to trade your 5 days away for 2 where you can celebrate your temporary “freedom”. That is counterproductive. When you are getting things done, get yourself a nice stopwatch (I like military watches) and time yourself. You’ll be surprised how much time you waste.
Knowing this, how will you manage your time in the future?
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