Posted by Sofia Hogan on August 14, 2009 at 12:34am
Finding the right balance between time and money is one of life’s never ending sagas. We all have heard it before. People get up in the morning in a dead heat, take a shower, make breakfast, eat, drive one hour to work, come home late, feed the kids, pet the dog, do a load of laundry, say hello to the spouse, work the home business for a couple of hours and poof! 24 hours is gone and the bills still haven’t been paid. Perhaps a second job is in order but, there is no time.The struggle for time and money is a delicate life technique few people can achieve without diligent thought and planning. Without reflection of desires and goals, many of us spend time as though it has no worth or, spend money as though it comes to the bank without great effort. Both time and money are needed finite resources. When used properly and thoughtfully, time and money can bring great joy and satisfaction. Follow some of the tips below to help pave the wave for a money/time balance that promotes life happiness.But How Do I Balance Time and Money?1) What are your immediate, midrange and long-term goals. By identifying what you want to accomplish, you can better plan the time and money necessary to achieve your goals.2) Determine who is going to be involved in your life plan. If you have a husband, wife and children, sit down and discuss what the goals are as a family and as individuals. Consistent communication and negotiations of goals will allow everyone’s needs to be met. The same philosophy holds true for any worthwhile relationship. If Joe knows that Suzie wants to earn money for the family by working on her business two hours a day four nights a week, Joe can agree to take up the family chores for that allotted time. On the weekends, Joe may want to improve his golf game on Saturday mornings so, Suzie makes sure little Jimmy gets to his ball games on time so Joe can meet his leisure goals. By communicating desires and goals to the family, everyone can have the balance of time and money they need.3) Decide what is important. As we mature, life events make us examine our needs more acutely because time is not on our side. We may have money, but time with our friends and family start tipping the scale.4) If you are starting a new business and want to be one of the top 20% income earners world wide, capitalize your business with time because working more at your nine to five job will not make you wealthy. Slash the household budget but do not put more time into salaried employment.5) Does your family need more time? If you have more money then time, find other people to do the things you are not skilled in doing for your business. For example, maintaining a wordpress blog can take enormous amounts of time. Spend the extra $50 a month to have a technical specialist make adjustments because in the end, it may take you 10 hours to do what an expert can do in one hour. Ten hours is a lot of time that can be spent with your family and your time is definitely worth more than $50 an hour.6) Be respectful of your time, it is a non-renewable resource. Once used, time is gone forever.7) Make an investment of time in yourself. Your willingness and desire to work extra hours to master a field by investing time, to gain the experience of failure in a world of uncertainty, will pay off. Those who are unwilling to master their field will always remain in mediocrity for the rest of their lives.8) The compounding process is what produces great success. Consistent action is key. However, the front-end costs, especially psychological costs, keep most people away from their life goals. People unwillingly serve as salary earners rather than creators.9) Respect your family and friends throughout your journey. Without their support, time and money have little meaning.Time is money but, when spent wisely, a life of balance and joy will follow.Authors Note: For a free 30 minute consultation on how to start your business for success, contact me at sofiahogan.com. Together we can win in this business.
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