I don’t think I can emphasize enough how important continual elimination is on your journey of personal, professional, and financial growth. In order to allow space for growth, you need, well, space. Elimination is the cleanest way to create space for something better.
No matter how intentional we are, we all bite off more than we can chew at times. We all commit to things that are not a good fit for the life we desire to be living. This is when we must call upon the skill of quitting.
Don’t get me wrong. If you have read any of this blog at all, you will know that I am all about creating more free time for yourself to spend on the things that are most important in life. However, I think we need to realize that one of the important things in life is work. But not just work. High-value work that impacts others.
I’ve heard it said time and time again by colleagues that they are “putting in their time” to become financially stable or independent and that they will “catch up” on family time when things slow down. Well, it really doesn’t work that way. The time we spend now is spent and done, we can’t “catch up on it later”.
It may seem counter-intuitive, but taking extended time off will nearly always increase your True Hourly Wage. If you take a month off this year, while last year you took off just two weeks, but make the same amount of money each year, you have obviously increased your true hourly wage.
In structuring things that are repeated the same way every time, you not only ensure that nothing is missed (our “creative” mind doesn’t have a perfect memory) but it ensures that we are not wasting our brainpower on reinventing or remembering processes. We then have much more time and energy to think creatively about where we can add the most value.
Although a temporary reduction in income can cause some stress, it often provides one of the greatest opportunities for your long-term financial future. And sadly, most people don’t take advantage of this opportunity.
There is no shortage of literature out there on how to efficiently prioritize your life. You can read book after book on how to setup a system of prioritization in your life. I should know, my audible library is overflowing with books like this. These books have their place of course and I usually am able to find at least one new, helpful tip in each one to add to my own prioritization systems. However, we are often left feeling overwhelmed by our systems with little clarity to show for it.
We are expected to be (or think we are expected to be) in our seat at work for the full work day. So, we put in our time and make sure we are “playing office” for all the hours of our work day. However, much like “playing house” when we were kids was just pretending to do the real thing, much of our time “playing office” is really just pretending to work.
Simply shifting your thinking to evaluate your income sources now, and in the future, as to whether they are one-time or recurring will have a profound impact on how you prioritize your income-creation activities in the future.
My experience with the robotic vacuum created a pretty profound shift in my thinking. Instead of looking for ways to always save money, I began to look for ways to spend money to buy back my time. Spending money to automate or delegate tasks that buy back your time at a rate lower than your TRUE Hourly Wage is one of the best investments you can make.
If you never want to work again, this blog is…NOT for you. If you dream of sitting on a beach and doing nothing for the rest of your life you will be better off switching over to scroll through facebook right now and not wasting your time here.
In a traditional job you are often limited to cost-of-living raises, and some raises or bonuses based on performance. While these raises can be great, ultimately, your boss (nice or not nice), and the health of your employing company have complete control over your income. This is risky in my mind.
On the other hand, when owning your own business, your diligence, learning, serving, and production compounds over time to build your income. There is no ceiling on what you can earn. There are many levers you can pull to grow your THW (true hourly wage) without sacrificing the more important things in life.
Do you know what your TRUE hourly wage is? Most of us really don’t. You may know what you get paid hourly for the “work” you do or what your annual salary is but that is not your THW (True Hourly Wage). Far from it.