Almost everyone I know wants to make more money. We concentrate on doing our jobs and running our business, but many times ignore the best way to make more money. If you had more time in your life, you could easily make more money. We all have a finite amount of time given to us, we can’t add hours to the day no matter how much money we have. We all have projects in the back of our minds, better techniques to implement at work or research we would love to do, if we had more time. If you can figure out how to manager your time better, you can make more money and have more time!
This article is going to break down multiple ways to help you manage your time better and make more money. Manage your time better and you will have more opportunities to go after what you really want! Remember, if you blow all your extra time watching television, it is not going to do you much good. I have gained a ton of time in the last year, thanks in large part to Jack Canfield coaching. Much of my extra time I spend blogging or investing in rental properties. To learn about how I invest, check out my complete guide to investing in long-term rentals.
The more time you have, the more money you can make and the more money you make, the more free time you should have. In my opinion it is much easier to take steps to increase your available time, than to increase the money you make. Many people make the mistake of mismanaging their time, even after they have made enough money to last the rest of their lives. All the money in the world does you no good, if you have no time to enjoy it. Manage your time better now and you will be able to live life to its fullest.
How does free time allow you to make more money?
You may be asking how in the world free time can equal more money. There are a lot of unemployed people with tons of free time not making any money. This article is meant for those of us who have a job, family and very little free time after all our responsibilities are taken care of. If you find yourself with a ton of free time and nothing to do with it, then start taking action. Research ways to make money, exciting things to do or a business to start. Think about what you really love to do and find a way to do it more. If you own a business, have a full-time job, or even a home maker, most of us are short on time. If we had more time we could pursue a new career, a new source if income or pursue a hobby.
All of these pursuits can lead to more money and more happiness. Pursing a hobby means you are doing something you love. If you love doing something, there is a great chance you will be successful at it and be happier! I have a huge list of business ideas and ways to add sources of income to my current business. My biggest problem is finding time for everything. Between my job, my blog and my family it does not leave a lot of extra time. Thanks to my coaching I have been able to decrease the amount if time I spend on my job and increase the time I spend on new pursuits and my family. Every time I gain free time, I am able to fill it up with a new opportunity or venture and almost immediately make more money. How have I been able to increase my free time and make more money?
I enrolled in Jack Canfield life coaching, at the start of this year. It has been an incredible experience and I blog more about it on Bigger pockets in these two articles. It has helped me manage my time better by changing many things in my life.
One of the principles of the coaching program, was learning how to focus on one task at a time. Our society promotes multi-tasking and doing eight things at once. I know I was guilty of multi tasking all the time. I would check my email every five seconds, answer my phone every five minutes and constantly switch between tasks. The fact is when you are switching between tasks constantly it takes longer to compete those tasks. Every time you switch tasks, It takes time to figure out where you left off on a task, where to find information or paperwork on another task and to remember all the tasks you are trying to complete. Multi-tasking is not a good thing.
I have learned to concentrate on one task at a time, until that task is completed or a set amount of time has past. I don’t check email, I don’t answer my phone, I concentrate on that one task. I will be he first to admit it is hard to do! I constantly want to check email or switch between tasks, but I make myself concentrate on one task. This saves me a lot of time over the week and I complete my tasks at a higher level of quality. Focus, has allowed me to manage my time better.
Another technique I have learned from coaching was to schedule everything. Scheduling is very hard for me. I took the Myers Briggs personality test and it said I like things to change constantly. I don’t like the same routine over and over, I guess that is why I love Real Estate. That personality trait makes it very hard for me to schedule my day, let alone my week.
I have been scheduling more and more and I am able to manage my time better through scheduling. The reason scheduling saves time, is you have a plan for the day or week. You don’t waste time thinking about what needs done or if you will have enough time for everything. One great technique is planning the next day, the evening before you go to work. If you know exactly what to start working on, you won’t waste half an hour getting settled in and deciding what needs done first. If you have your day planned out, you are able to manage your time better and make more money.
Never work below your income level
The most Important thing I learned in coaching, was to never work below my income level. This is an extremely difficult thing for many people to do. The idea is to hire out any work that can be done for less than what your time is worth. Calculate what your time is worth per hour based on your income level. If you are worth $100 an hour, don’t mow your lawn when you can hire someone to do it for $40 an hour. Use that extra time on money-making activities that earn $100 an hour or spend it with your family. If you run a business, don’t bog yourself down with busy work that someone can do for $15 an hour.
Being busy does not equal being successful. Hire someone to help with the busy work and tasks you don’t like. It will make you happier and allow you to make more money, because you are focusing on the money-making activities. I have a great article on how delegation and hiring people can help you manage your time better.
Manage your email and phone
Another great tip I received through coaching, was how to handle email and phone calls. I am an REO broker and I do most of my work through email. I have to check my email frequently because my clients require it, but I don’t have to check it constantly. If possible set out chunks of your day for checking email. Email can eat up huge chunks of time if you check it every five minutes. Always take care of the most important emails first. Then work your way down to the least important and try to save personal emails for after work.
My phone rings all the time during working hours and many times during non-working hours as well. If I were to answer every call, I would spend half my of my day on the phone. My coach suggested I change my voicemail to let people know when I will return calls. On my voicemail message I tell people to text or email me for the fastest response. If they leave a voicemail I will return it between 10 and 11 or 3 and 4. Most people know to email or text me and it saves a ton of time! If I call someone on the phone, it takes at least three minutes and could take much longer. An email or text response takes me about 15 seconds.
One exception to this rule is I have the most important numbers for asset managers saved in my phone. I answer those calls or return their messages ASAP because they make me more money!
Eat that frog
Eat That Frog, is a book on how to save time in your day and stop procrastinating. The basic premise is to eat that frog first, which means to do the most difficult and dreadful task first. By doing the most difficult task first, it eases your mind and makes the rest of the day much easier. Manage your time better by not procrastinating!
Another great book that helps with procrastination is the War of Art. It talks a lot about distractions in our society and how to avoid them and get work done. The book talks about resistance and this term has helped me tremendously. Resistance, is that thing that keeps us from competing a task, finishing that paper, or pushing through to finish something really important in our life. Do you ever notice how a really big task is always hardest at the very end when you think you are almost done? It is hard to finish with the same enthusiasm you started with and the same quality. The War of Art calls this resistance and if you can recognize it, it can change your life. “Conquering the resistance” has helped me break through those difficult tasks and even work out harder and more often.
With a time budget, list all your activities during the week and how much time you spend on them. List out the most important activities and the least important. Take a good look at what you are spending time on and if the majority of your time is spent on the most important things. For work, don’t block out 8 hours a day and forget about it. Break down those 8 hours into exactly what you are doing and what are the most important tasks. Then try to plan your next day or week using that time budget. Allocate a certain amount of time for family, job, hobbies, sleep, eating etc.
Many of these techniques work best if you own your own business. If you work for someone else or are in the corporate world, they can still be utilized. The Four Hour Work Week, is a great book on learning how to delegate and use your time better. The author had a regular job and ended up outsourcing almost all of his work for much less money than he made. This allowed him to pursue other interests and start his own company with his free time. I would Advise anyone who tries this to consult with their boss before outsourcing their work. I don’t want you to get fired. The author Timothy Farris, ended up with a business that earned him $80,000 a month. In his business he does basically nothing, it runs better without him being involved.
Even if you aren’t able to outsource your job, you can use these techniques to improve productivity and that will get you noticed. Getting noticed usually leads to promotions and more money. The worst case scenario, is you manage your time better and have more free time to pursue other money-making activities.
Too Perfect, is another book that changed my life. It is about obsessive compulsive traits in people and how it affects our lives. When my coach first had me read it, I thought I am not obsessive compulsive, this is a waste of time. Then I read the first chapter and realized there is a lot more to being obsessive compulsive than being a clean freak or a complete over the top compulsive. I realized I have a lot of obsessive compulsive personally traits.
- I always think about work
- I have a hard time relaxing completely
- I want tasks at work done perfect, not matter how important they are
- I always want to get the best deal and I worry about the quality of completed work.
I realized these are traits are found in most good businessman. I also realized many good businessman focus on work and seriously lack quality family time or me time.
The second part of the book talks about how to be less compulsive and relax. I realized not every task has to be perfect. I can concentrate on the most important tasks, not spend too much time on the less important tasks and not worry about the past (completed tasks). Not only have these changes reduced stress and anxiety, they have increased my time. The better I manage my time, the more money I make!
Make a list
It is so simple, yet many people don’t write down what they need to do for the day. The less time you think you have, the more important it is to make a list of everything you need to do. If you have it all written down, it is much harder to forget a task. When you get super busy, it is also easy to get anxious and overwhelmed. When I get anxious and overwhelmed, the quality of my work suffers and I make more mistakes. I always make sure I have a list of tasks and once I look at that list I realize “I can do this” and get to work. I take a deep breath, focus on one task at a time and very rarely do I not get everything done. I manage my time better by writing everything down and making as many lists as I can.
You should have noticed some common themes in this article. The more relaxed you are, the better you work and more you get done. The more organized you are, the more work you get done. The more you schedule and the more you concentrate on one task the more work you get done. The more you delegate the more work you will get done. If you get more work done, you have more free time. Manage your time better. The more time you have to focus on money-making activities and you will make more money!