Are you Already Rich? (Part 1)

• Tweet

• Tweet

 ”Time is more value than money. You can get more money, but you cannot get more time.”
Jim Rohn

How many times have you heard some form of this quote? And, don’t forget Ben Franklin’s version: “Do not squander time for that is the stuff life is made of.” Obviously, everyone knows that time is irreplaceable. This is not a new concept. But, have you ever really thought about it? I mean, while you are doing some activity? Have you thought about whether this is how you want to spend this moment of time which you will never ever get back? And you may be thinking, “So what? So I don’t get that time back that I was watching TV or playing my 4th hour of World of Warcraft. I had fun and didn’t you mention that it’s important to have time for your true passions?”

 Main Topic

 Make a Mindful Decision about How You Spend Your Time and

Your Life Satisfaction Will Rise.

 Ask yourself this question, “At this moment, am I getting the most enjoyment for my time?” or could you be doing something that would offer more satisfaction?

With discretionary time (leisure) comes the freedom to do the activities that are most important to you. No one has an unlimited amount of time. The busy upper level executive works 60 hours per week, attends countless obligatory social functions, and does a few chores around the house. When you add up his/her discretionary time, it’s probably not more than an hour per day and maybe a few more on the week-ends. In fact, having lots of money and little time to actually enjoy it creates stress and dissatisfaction. If he/she loves their work, then their life satisfaction goes way up, if not, it goes way down. Consider how much discretionary/free time you have. And you may be richer than the executive, if you have more time to pursue your true passions in life!!!

Up in the Air, the 2010 movie with George Clooney, is the story of a guy who probably makes a ton of money and travels all over the world. Yet over time he comes to realize that there is more to life than having an “empty backpack” with no intimate relationships or cozy home. He is an example of an impoverished, yet wealthy man. 

Look at wealth and riches in another way. Money does not equal true riches, if you loose money, it is replaceable. If you lose time, you NEVER get it back.

 TIME is another measure of true wealth.

 Are you wealthy?

 ü      How much discretionary time do you have each week?

ü      How much time do you spend on activities that offer fulfillment and satisfaction?

ü      Do you appreciate your family and friends?

 If you have a satisfactory job, some friends, family, a decent place to live, and some spare time to devote to entertainment and recreation, then don’t you have a certain degree of wealth? Many of us spend so much effort trying to get ahead-we forget to fully invest in and enjoy what we already have.

 Change your outlook, change your life.

Practical Application

 This is a personal finance blog, so let’s relate these concepts back to money. The take-away here is; determine what you value most in life. Then, whatever your most treasured pursuits, inject more of them into your life! If you love nature, hike more, if you like science, buy a science magazine or watch a science show! You get the idea! If you want to be filthy rich, your life will look a bit different from the person who wants to be financially comfortable. Regardless of your priorities, learn to grow your net worth and put your finances on auto-pilot and you will have more discretionary time!

Action Step:

 Get a notebook and label it: “(your name) Personal Finance” and keep it by the computer. Use it to keep all of your personal finance goals, thoughts, activities, and plans.

 Write down a couple of paragraphs or lists about how you want your life to look. Include money goals, leisure activity goals, personal goals, and/or career goals.