Time as an Asset
Time becomes more valuable when you plan. Giving time a purpose gives it value.
Most are closer to financial freedom than they realize. Planning and using time to achieve those plans are essential to success.
So, how do you make that part of your success?
The first step is to value time as an asset.
Spend Time on a Plan
A long-term plan will give you a framework for short-term planning.
Your daily plans will be more effective if they allow steps to take you to your long-term goals. Defining those goals is an investment of time that can help avoid wasted time.
This is not an easy task. It will require you to assess your present knowledge and skills. Then, compare that to a defined destination, as in a career or a place to live or a lifestyle you wish to achieve. That will lead to a list of what knowledge or skills you need to add to gain a certain job or income level.
By clarifying your destination, you can define the steps you need to take to reach your goal.
Those steps become your markers for progress. Those steps toward your long-term goals become the base for your short-term plans.
Clarifying the Cost in Time and Money
Some goals only take a few weeks to achieve. Some goals can take several years to achieve. The key is to consider that process, working toward a goal, as an investment in yourself!
Think of this process as an investment where you slowly increase your contributions until the returns begin to compound.
By increasing your understanding, your knowledge, and your skills, you will increase your value to others. And your goals will become more achievable.
However, there is a cost. The biggest cost is in time. The cost can be reduced with a consistent commitment to planning and reflecting on the value of your goals. Think long term to keep your focus when you have delays or distractions.
The education you need may be tied to classes or certifications that have costs attached. Hopefully, you can pay cash and not add to the stress by using credit.
Allow the time you need to make your efforts accumulate for your betterment. Think about what will help you see progress toward your goals.
Clarify the cost in time and money.
Perspective on Step Plans
I worked in a large corporation in the accounting department. As you might imagine, there were many functions involved with purchasing, production, shipping, marketing, and accounting.
Every employee had functions that needed to be identified in a job description, in case they did not show up for work. Then, someone could step into the role and follow the job description.
Jobs fulfill functions. That becomes your work experience to put on a resume. Work life is simple that way.
Your goals will require a set of steps which are like the parts needed to build a product. Each of those parts must be sourced and negotiated for a reasonable cost.
Then, as those parts are added to your warehouse of knowledge you can plan the method of putting those parts together to accomplish the finished product, your goal.
Take your time. You have options. But do not let the options scare you. Choose one that seems reasonable to you. Time and effort will help you see if that was a good choice.
No one can see all the facts at once. You will make mistakes or the path you took will take you in the wrong direction. Allow time for that. Make the needed corrections or changes and learn from your errors.
Consider the Farmer
You need some perspective when you consider the steps to reach your goals. And, I think, the farmer offers some good decision-making perspective when he looks at his options for making his land productive.
Most farmers would never get out of bed in the morning if they focused on the heat, draught, potential storm damage, insects, weeds, or disease.
They work hard to make the best of what they have to work with, sometimes in good and sometimes bad situations.
They till the ground and plant the seed. They fertilize and cultivate. Some irrigate to offset the draught. Some use chemicals to kill weeds. And, hopefully, no hailstorms prevent them from harvesting crops.
The farmer may buy cattle to raise and let the herd grow naturally over time. Aged stock is replaced with younger stock. Feeding depends a lot on the grass in the pasture. Lack of rain might cause hay costs to increase along with the number of bales needed.
Like the farmer, there are no guarantees in your plans. Work with what you have. Allow for storms or draught in opportunities. Go with what you know and pray that all goes well!
Fill Your Silo
Remember the story in the Bible about Joseph being sold into slavery in Egypt and then becoming an advisor to the Pharoah?
He interpreted a dream the Pharoah had about seven years of plenty followed by seven years of draught. Therefore, he was put in charge to administer the filling of silos over the seven years of plenty which allowed the Egyptians to survive the seven years of draught.
I am recalling this event to make a point for setting a goal towards your retirement provisions. You may not be able to work after you retire. And there may be other reasons which are too political to mention, that will limit your benefits, like Social Security, to cover your living expenses in retirement.
Fill your silos to cover that part of your life!
Plans for Financial Freedom
There are far too many at their retirement age that find themselves ill-prepared to retire. They were too caught up in daily life to make long-term plans.
Long-term planning will cause you to set time aside for reflection on doing the hard things like legal documents, budgeting, and seeking help from professional advisors.
Those steps are the ones that separate the “haves” from the “have nots”. Admitting that we cannot know it all and getting information from folks who study things we avoid trying to learn about will help us build a better base for long-term planning.
Although it is never too late to start this process, the younger you start the better your chances are to build a base of assets that can compound and give you the financial freedom you desire as you age.
Setting goals takes some time and effort to reflect on how to achieve them. And, over time, your accumulation of knowledge (which must be one of your goals) will help to clarify your goals.
As you save to fill your silos and accumulate assets, you will be able to reduce the stress of debt and feel more secure with economic downturns or other economic threats.
During those draughts, you will have your silos to feed your needs!
Do some long-term planning to make your days valuable as you take steps to reach your long-term goals, which, hopefully, include financial freedom!