When I study wealthy entrepreneurs of our past and present they all have one thing in common: They are experts in time management. They understand it to be their most valuable asset as we have a limited supply of time in our lives. Time management is learned well before their wealth is obtained.
Hiring employees to streamline production once funds are available is easy, but before that time, the entrepreneur is responsible for everything. They must build the prototype for their product or service, then sell the idea to investors as they try to secure the funding needed to start production. Of course, all of this is in addition to their regular family responsibilities. Most work other jobs to pay their bills at first. Without time management skills, many of today’s businesses would not exist.
Time is important in the retirement planning equation. History has proven investing consistently over time has a greater chance for success. It’s hard to save for retirement when you’re a young adult as there are so many opportunities to spend money, but saving is exactly what we must do. Considering that many of us have little extra money to save, we may be able to maximize our return on investment because of time. Smaller contributions now will have more time to grow, similar to a seed needing time to become a plant. Plus, consistent saving becomes a great habit!
I know we’re busy and we don’t have time to think about the future, but remember the entrepreneur. Because of technology we already operate like a wealthy CEO. We basically have an accounting department with online banking and automatic bill payments, our groceries can be delivered to our car, and we even have personal assistants. “Alexa, can you turn on the light?” It sounds awfully like we’re living with time-saving luxuries thought only available to the wealthy. So, why can’t we get ahead?
A wealthy entrepreneur uses extra time to grow their business. What if we use our time to prepare for our future instead of binge watching a show? Please understand, I love television. Mine is on all day, but I am careful not to allow television to compromise my productive parts of the day.
Recently, I looked at a typical day for me. Because of my disability, it takes longer for bathing, eating, etc., so I found that I only have 5 productive hours each day. This is where I would have client meetings and do other activities I can’t do on my phone while leaning back in my wheelchair. This time is also used for extra exercise and fun activities as well, so I must be disciplined in my time management.
It was an eye-opener for me, so I recommend you analyze your typical day as well. Maybe you’ll find some moments where we can have a meeting. Then we can start your financial plan where we try to make sure your money has the time it needs to help you reach your goals.