.: Reduce Time Wastage!
By:Max Ng
Category:Home / Finance / Wealth Building
Reducing time wastage is not just for busy people. I feel that is it an important thing that everyone learn to reduce time wastage. I believe that if spare time is probably invested, it can make a whole lot of difference in the quality of my life.
For example, if I had invested my spare time to learn and create wealth consistently, then I would be able to accumulate more wealth in the long run than if I had done nothing. This extra wealth would definitely help to improve my quality of my life. As I have gathered from Rich Dad's series by Robert Kiyosaki, time is one of the two available components that I can invest to create wealth. The other being money.
Another example is that if I had invested my spare time to learn how to drive, then I would be able to benefit from the convenience of having a car. I could go anywhere at anytime because now I had a car and I knew how to drive. Thus, my quality of life would improve.
If I want to improve my quality of life, how will I go about reducing time wastage?
Firstly, I need to know currently what are the activities that I am spending my time on. If I do not know how I spend my time, then there is nothing much I can do to reduce my time wastage.
Just like in financial planning, I have to keep track of all my expenses to know where my money goes. From the list of expenses, I will then identify which one of them is unnecessary and think of a way to do away with.
For example, I had subscribed to a weekly magazine. But I never seemed to have time to read it at all. Every month, I would be paying for the subscription without getting any benefits out of it. The money was wasted on the subscription. To fix this issue, I would cancel my subscription since I knew I would never have time to read it even though I wanted to.
Similarly, I can monitor what I have done every day. I will end up with the list of activities that I am spending my time on. From this list, I will then identify which one of them is unnecessary and do away with it. For any time that I am not doing anything, I will classify it as an activity for lazing around. For time that I am relaxing, I will classify it as an activity for relaxing.
Which of my activities are considered to be time wastage? Is relaxing and lazing around considered to be time wastage? That really depends on individual perception of the value of time.
This brings me to the second point on reducing time wastage. The key to reduce time wastage is by increasing the perceived value of time. If my perceived value of time is high, then I will be motivated to reduce time wastage.
For example, if I had only six months of lifespan left, then every single moment counts. To laze around and do nothing will be considered to be time wastage! If I had one thousand years of lifespan left, then time is not as valuable. To laze around and do nothing will not be considered to be time wastage.
Just like in a case of money, I will find means and ways to reduce money wastage because I perceived it as very scare and valuable. This is because I need more money to be invested in assets that generate passive income. Passive income will enable me to become rich. But if I am already filthy rich and earning lot of passive income, then I may not be so concern with money wastage.
How to increase the perceived value of time? One way is to monetize time. I will divide my monthly income by the number of working hours per month to figure out how much I earn in an hour. Let say I earn $10 per hour, then each hour that I am not doing anything useful, I am wasting away $10.
The other way is to remind myself constantly that life is fragile. Each day that has passed, I am nearer to my death. Thus, I will feel the urgency to make full use of time. For people who had survived life-threatening situation, you will understand why I feel that time is precious.
By reducing time wastage, I can afford to have more time to invest for creating wealth. Since I have more time to invest, my path to become rich will be accelerated. And I will be able to realize my dreams in a shorter time.
* DISCLAIMER *
The author only provides the material and information as a layperson's views about an important subject. The materials and information are from sources believed to be reliable and from his own personal experience, but he neither implies nor intends any guarantee of accuracy.
All the materials, information and procedure in this book are only the author's personal opinion. You must consult your own professional advisor and other reputable sources on any matter that concerns you or others.
The author, publishers and distributors are not competent and do not profess to give legal, accounting, medical or any other type of professional advice. The reader must always seek those services from competent professionals who can review your own particular circumstances.
The author, publisher and distributors particularly disclaim any liability, loss, or risk taken by individuals who directly or indirectly act on the information contained herein. All readers must accept full responsibility for their use of this material.
Article keywords: rich dad poor dad, robert kiyosaki, rich dad, wealth, time, passive income, invest
Article Source: http://www.articles32.com
Max Ng helps people who desire success to learn from his mistakes and realizations by sharing his personal struggle for success at http://www.richdadsecrets4me.com.
He is the author of "Your Greatest Gift! Why Waste It?" at http://www.yourgreatestgift.com
.: New Wealth Building Articles
1). Reduce Time Wastage!
By reducing time wastage, I can afford to have more time to invest for creating wealth.
2). Pains And Pleasures!
How to make use of pains and pleasures to accumulate wealth.
3). Fearful To Be Rich!
Other than fear of failure, there are other fears that one need to face during the struggle for financial freedom.
4). Turn Good Debt Into Assets!
How to use good debt to build assets and pay for bad debt?
5). Good Debt And Bad Debt!
What is good debt and bad debt? How to make use of good debt to gain wealth?
6). Building Wealth
For almost anyone, one of the biggest concerns in life is building wealth so that you and your family are comfortable and prepared for the future.
7). Learn To Invest Time!
To create wealth, one must learn to invest time and money.
.: Top Wealth Building Articles
1). The 7 secret keys to wealth - Key #6: Specialization.
This article is one out of seven that I wrote about wealth. The whole series contain a lot of free valuable information about key factors that can help you become wealthy. The rich do things in a different way. That difference is the one I want to explain here. Let’s scrutinize together these strategies that can make you more money and help you boost your income.
2). How To Step Into The Flow Of Abundance
When you give, you set in motion the process of receiving. And when you give with love, simply because your heart is open, the receiving comes back multiplied, pressed over, and overflowing.
3). Making Millions, Your Chance in a Lifetime
Do you have a wish list? How far have you gone in your wish list? Let me share to you this one:
4). Leverage Is The Only Way To Wealth
To build any serious income you have to use leverage. You accomplish this by spending your time creating and managing levers. I’d bet that if you are creative enough, you could probably create a lever on anything that can provide an income. Let me explain this with several examples.
If you do not have an employee, you are not leveraging your time. Start leveraging your time in a tiny way with something that doesn’t require complex skills, like a dog walking service.
5). Start Saving Money...Now!
Could you use more money? Of course, who couldn't?
Whether you are overwhelmed with bills and expenses or just looking to save some extra cash for a nice family vacation, you basically have just two choices:
1. Make more money.
2. Lower your bills.
Making more money is easier said than done. Most people only get a salary increase that barely covers inflation and the increased cost of living.
6). BJ’s Wholesale: The Club That Helps To Save Money
BJ’s is a wholesale club situated in Natick, Massachusetts, started in 1980s and functions as a warehouse club in the eastern part of the United States. Since the 3rd of November, 2005, BJ’s managed almost 161 warehouse clubs and a majority of it operates gasoline stations and only 2 belong to operating restaurant supplies.
They sell over 7,500 products.
7). Where You Can Save Money With Your Sewing
Everyone likes to save money. With your sewing, it is easier to do than you might think. And…think about this, the more you save, the more you will have put aside when you want that special fabric or that new sewing machine.
Here are a few ideas to help you save money with your sewing that you may not have thought of.
Save buttons, zippers etc from clothing that has worn out.