Dog rose.
7 Steps You Can
Take to Stop Trading Time for Money
We were all lied to. Growing up, we were sold the
misconception
that we should follow the traditional career
path of working 50-hour weeks
to receive a stable paycheck. In short: Get into the
office early, stay late
and even come in on weekends -- then maybe, just
maybe, you'll get a raise one day.
Hopefully, if we worked “long” enough, we'd save
enough money to retire at the age of 65.
So, who the hell invented that?
Since when was there a rule saying we have to trade our
time for money?
In fact, this is one of society's biggest
hoaxes.
Time is our most important commodity, and all the
money in the world cannot replace that fact.
Your income is
limited by time.
When you’re trading time for money, your income will
always be limited.
The first reason: There are only 24 hours in
a day to devote to the pursuit of money.
And most of us need eight hours to sleep, two hours
to commute to and from work and two to four hours, total, to cook, eat,
tend to hygiene, relax and spend time with friends and family.
That leaves us with 10 to 12 hours to trade in for
income. That’s it.
But the reality is that no matter how much your time is
worth to your organization:
$20, $30, $50 per hour, there will always be a cap
imposed here: time.
Another consideration in the pursuit of money is that few
of us can just ask for more
simply because we want it. We have to wait
years before obtaining the necessary job promotion, and there’s a fair chance
that we may not get that promotion at all.
The second reason for limits on income is that
the more we make, the more we’ll lose.
Employee tax is the most heavily taxed income there is,
and the more income we earn,
the more tax we face. Which means that when
someone goes from making $60,000 to $100,000
due to a promotion, they’re not actually making $40,000
more.
Your impact is
limited.
When we’re continuously trading time for money throughout
our lives, time is limited
for pursuing the things we’re passionate about. This
could be a hobby we love,
giving back to the community or building something
that could have a real impact in the world.
Simply put, with limited time comes limited impact.
The question is, then, how do we stop trading time for
money? Consider getting yourself
onto the one sustainable pathway to stop trading
time for money. Follow these seven steps:
1. Change Your
Mindset
The first thing we must do is change our beliefs. When we
drop the mindset that says
that in order to make money, we have to trade
our time for it, our minds open up to
the possibilities. There’s no rule that says
that to make X dollars, we have to work X hours.
In fact, it’s more important to spend time “un-learning”
the old than “learning” the new.
So, think about trading value for money, not
time. Think about what value you can create
for other people, and how you can deliver that
value. What assets, skills, knowledge, connections or ideas do you have that people value? Recognize
your strengths and competency, then go all-in.
2. Build your
expertise and authority.
Once we understand the strengths and value we can bring
to others, we next need to build
expertise around it. Developing expertise translates into
larger value creation for ourselves
and others, because we can now solve problems that few
others can solve.
However, being recognized as an expert takes time and
work,
which is why building authority is just as important.
Building authority around your expertise is what
will help people discover your expertise
in the first place. You could be the best in the world at
something,
but if no one has heard about you, then it doesn’t
matter.
Authority has many factors to it, but the most effective
are testimonials, press & media,
influencer associations and case studies. Give
people the confidence to realize that you know
what you’re talking about. Developing expertise
& authority will immediately increase the value
of your time and allow opportunities to come to you.
3. "10x the value of your time."
Not all of us can leap into entrepreneurship in the blink
of an eye.
This is why if you’re freelancing or providing
professional services for your time,
multiply your time times 10: "10x the value of your
time."
Instead of working with 10 clients that are going to pay
you $2 per hour, find two that will pay you $20 -- then drop the
rest. This is easier said than done, of course,
but the logic here is to stay focused on the few that
deliver the most results.
That way, you'll be working fewer hours for the same, if
not more income.
Which gives you more time to…
4. Focus on
creating a product.
To stop trading time for money, create an offer that
you can sell and deliver
without having to be there.
A powerful way to do this is to create an online product
-- an ebook, training program,
membership program, software apps, etc. You can also sell
physical products online,
but you’ll have to find someone who can manufacture and
deliver the product to your customers (through drop shipping).
The reason why an online product can be powerful is that
you can create it once,
then focus the rest of your time on selling it. Yes,
you’ll have to improve and optimize the product, but those tasks will happen on
your own time.
This means you could go on vacation, spend time with
friends or sleep
and still have the ability to benefit
as customers purchase your offerings.
5. Automate
everything.
Figure out a way to automate and systemize everything you
can in your business.
This could range from how you acquire customers, to how
you deliver your products,
to how you drive traffic -- multiple aspects of your
business, whether that means your content calendar, automated email
series, webinars, social media posts, facebook ads, etc.
The more you can systemize, the more time you’ll have to
focus on the business, not in the business. Your time
should be spent on long-term strategy, building relationships
and growing
the business --the drivers that will make your business thrive.
Now of course we can’t automate and systemize everything
in the business. So what do we do?
6. Hire someone.
Eventually, it just makes sense to hire someone to help
you in certain areas of the business.
How do we know which areas are appropriate? To find out,
create your 3 Lists to Freedom.
This list, designed by Chris Ducker, will change the way
you look at your time.
Here’s how it works.
First, create three columns with the titles:
1. HATE doing
2. SHOULDN’T do
3. CAN’T do
2. SHOULDN’T do
3. CAN’T do
Get your employee (or assistant, intern, etc.) to start
with the tasks you hate doing.
Getting past what you hate doing will not only help you
appreciate the value of outsourcing tasks, it will maximize the strengths you
already have and help you to avoid focusing on your weaknesses.
7. Build your next
offering
You’ve built authority, you've built your
product and you've figured out a way to automate
and hire someone to grow your business. What’s next?
Often, it’s not enough to have one offering out there in
the market. The biggest businesses
expand into different products/services, or they find a
way to upsell their current customers.
Is there a product idea that your customers have been
nagging you about?
A set of features that you can add to provide a
premium pricing package?
Understand what your current customers are looking for
and figure out a way to deliver it
using the systems and resources you already have in
place.
Now: Reward
yourself
The final step is to reward yourself.
What’s the point of having more time if we’re not
able to enjoy it?
Spend time with your loved ones, learn something new,
or travel the world.
We must be able to visualize and reward the results we
have achieved in order to
associate the notion of having more time as a positive
result.
Take the time to recharge, reconnect and do more of
what you love. Time is only worth having
if you spend its worth. As First Lady Barbara Bush has
said, “At the end of your life, you will never regret not having passed
one more test, not winning one more verdict or not closing one more deal. You
will regret time not spent with a husband, a friend, a child or a parent.”
https://www.entrepreneur.com/article/244745
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