Time is the most valuable commodity you have, but, if you waste it doing things that don’t matter in the long run, then your time will be wasted for good. However, if you spend your time wisely, then there’s a very high chance that you will end up with much more than you had before. In other words, time is the master of all masters. Time is what keeps everything moving forward, and it never stops until the end of time. So while we may not always feel like it or acknowledge its importance, time remains constant at all times.
This means that if we want to earn more money or increase our net worth -or whatever other ends we hope to achieve through wealth accumulation- then spending less time on less important things is one of the best ways to do so.
This is why we'll look at some specific ways in which a good usage of our time on important activities can help you accumulate wealth faster and reach financial independence sooner than expected.
Decide what’s important to you
First of all, you need to figure out which of your wealth goals are more important to you. If you want to earn more money, then do your best to prioritize the things that will help you get there. If you want to retire early or save more for your kids’ future, then you’ll need to get a bit more granular here. You’ll also need to make sure that you aren’t wasting your time on things that aren’t important. This means that you need to spend less time on activities that don’t bring you much value and more time on activities that do.
Don’t waste time on things that don’t matter
There's a big difference between investing time in something and doing it because you believe it will accomplish something important. The thing with investing your time is that you need to make sure it’s being put to good use. And if it’s not, then you’ll end up with nothing out of it. At the end of the day, you can only do so many things before you’re either getting paid for them or have so much free time that you could be investing it in something more productive.
You need to be very careful when it comes to how you use your time. And the best way to do this is to stop wasting time on things that don’t matter. Eliminate your life's nonessential stuff, stop spending much time on Facebook, watching TV shows you don’t care about, and other things that don’t make you money.
Cut out the dead weight
There’s a very big difference between being busy and being productive. The way to become more productive is to simply cut out the dead weight from the work that you’re doing. Try to keep track of all the money that you’re spending and make a deliberate effort to cut out the dead weight. Stop doing things that don’t make you money, and start focusing on the types of things that bring you the most money.
Make your time count
You can't spend your time wisely if you aren't aware of how much time you have in the first place. You need to keep track of how much time you have in a day so that you know when you need to take a break. You can use a timer like the ones that you use for cooking, cleaning, and workouts. Or you can simply keep track of your time on paper. Set up a routine where you don't have to think about it too much. You could put your phone on silent and then put it away when you're done with it, or you could clean your desk so that you don’t have to think about your work again for a few hours.
Set up automated systems where you don’t have to dive in constantly
Ensure that you have systems in place where you don’t have to think about it too much. For example, you could automate your savings, investments, and other money-related actions that you do all the time. The best thing about automation is that you don’t have to think about them.
Stop spending money on things that aren't worth it
Yes, you heard that right stop spending money on things that don’t bring you any value. Look at all the money that you’re spending that doesn’t bring you any money. Then, be sure that you're taking advantage of every tax deduction and credit that you qualify for. This means that you need to make sure that you’re claiming every financial benefit that you’re eligible for.
Break up with bad relationships and get rid of debt as soon as possible
The final thing that you need to realize while dealing with time is that you need to break up bad relationships and get rid of debt as soon as possible. Why? This will help you focus more on what matters most.
If you aren't paying off any loans or making any payments, then you're free to spend as much time and effort as you want on building your financial future. Simply keep track of your expenses and make sure that you don’t have anything that isn’t worth it.