Continuing our exploration of leverage, in this post we're looking at how to leverage time.
Use Time Leverage
To quote Todd Tresidder’s book:
“The goal of time leverage is to release your income growth from the boundaries of time.”
I had a conversation recently with someone who was complaining about her husband’s low pay. I suggested that he could get a lot done between the hours of 7pm and midnight, perhaps setting up a side-hustle to earn more money. Turns out that he spends quite a bit of time gaming in the evenings, and isn’t likely to give that up. That’s fair enough – how he spends his own time is his own choice.
But then I asked her about what she does with that time, and she says she spends time doing lots of other tasks around the house. I suggested that she get someone else to do some of those tasks to free up the time for her to make money in other ways.
Delegation is a key way you can maximise the use of your own time. For instance, I act as adviser to plenty of entirely capable people. They could easily look after every aspect of their own finances themselves. But many of them have got to the point where it is easier to pay someone else to do that in order to free up time to put their own skills to better use.
How can you do the same? How can you free up more time to concentrate on your own journey towards FI? Can you pay someone to do the ironing or cleaning, thereby freeing yourself up to make money in some way?
I’ve done an entire series on ways to make more money back in Season 12. I have discovered the power of this form of leverage in handing over various aspects of the creation of MeaningfulMoney content to the legend that is Kaloyan, who many of you will know from the Facebook group.
I only really ever had the energy to create the content for MeaningfulMoney, but there’s a lot more to building something like this than just putting out the content – you have to reach people with that content.
Kal has helped me create a social media strategy, he picks out the key messages from each episode from the scripts that I write, he creates the graphics and video GIFs that we share to the various channels and he helps in a million other ways.
I hesitate to call Kal leverage, because he’s way more than that – he’s become a good friend – but that’s essentially what’s going on here. He is freeing up my time to create more stuff which means more income. Meaningful Academy would not be possible without him. Give it some thought – how might you free up time to create the space to improve your own wealth?
You can review part three of the series here, or finish it off here.
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