Day 11 - Stop Wasting Your Time and Make Money

Discussion in 'How To Save Money Using 60 Minutes Everyday' started by Shobir, Oct 29, 2013.

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  1. Shobir

    Shobir Administrator Staff Member

    Admin Post
    After turning my personal finances around just by spending 60 minutes every day on small projects I decided to share everything I learned to get my self in a better position when it comes to money. I will be serializing all the 60 minute projects so other people can try them to get their finances in better shape. Most of these tasks will take no more than an hour and it's those tasks that we love to put off. So join me from Day 1 to Day 13 to see if you can get yourself in a more prosperous place financially.

    Day 11 - Stop Wasting Your Time and Make Money

    Time is more valuable than money because you only get a limited number of years to live. As you get older time becomes more valuable which is why people retire! If no value was put on time as we age we would probably work until we die. I realized from the early age of 27 than I wanted to stop wasting time and I wanted to spend my time however I wanted to. Having no constraint on your time is one of the most liberating feelings you'll experience as a human being. Modern people have mortgaged their time with the burden of financial commitment, they have mortgages, car payments, lifestyle inflation and a family(s) to look after. You end up using your time to up pay for things you stop caring about.

    During Day 11 we spend 60 minutes to plan how to stop wasting time and then use it to free yourself of financial burdens so you have even more time to do as you please. The process is simple, you work out how much you need to live well on a monthly basis, you then use your free time to generate income so you can buy assets that pay monthly income. The monthly income from the assets then pay your expenses. Once the income from your assets equal your expenses you'll be financially free!

    1. Stop Wasting Time

    2. Use Time to Generate Income

    3. Invest Income in Assets That Pay Income

    4. Use Passive Income for Expenses

    There are many advantages to being financially free, you can stop working if you choose to and you can spend your time on what really matters. You're not confined to the 9 to 5 grind and the only person you answer to or bow down to is God. The quicker you become financially free the more rewarding your life will become.

    The first step is to stop wasting your time. On a clean sheet of paper write down all your daily activities and then think about the reward or utility you're getting from the task. Is the reward instant gratification or is the reward passive so that it gives continual pleasure over a longer period of time? If you spend all your time pursuing instant gratification then what will happen when you run out of money? When I tried this exercise myself I found I was wasting all of my free time doing nothing of lasting value, most of my time went on watching the TV (Instant Gratification), playing video games (instant gratification) or shopping (Instant Gratification with negative financial repercussions).

    I urge you to use Day 11 to go through your daily activities and purge yourself from doing things that only give instant gratification. Instead use 80% of your free time to generate more free time and use 20% for instant gratification tasks.

    Once you've purged yourself of all activities which have little or no value you'll have more time on your hands to reflect and think about whats really important to you. You can use your free time to learn and then use the knowledge to make money. If you use 80% of your free time learning about ways to make money every day for 365 days you will be able to generate a passive source of income that will help to buy your freedom.

    There are hundreds of ways of making passive income using your free time. Find out more about what interests you and then monetize the passion so long as it's commercial. Do not relent and keep on going even when your making nothing. I know people who quit their job to start their own business and earned $100 per month for the first few months, eventually because they wanted it so much they were able to increase their income to $10,000 per month.

    If you're tight with your money and your time then your life ahead will be much infinitely rewarding. You will have money and you will have the time to spend that money on what matters to you. Consider a person who was tight with their time and money for 10 years, they were able to save enough to generate a substantial monthly income which replaced their need to earn. Now consider a person who was relaxed and ambivalent with their money and time and now have no choice but to work because they have debt up to their eyeballs. If these two people were to ever meet then who would be happier?
  2. Alistair

    Alistair Newbie

    I couldn't agree more! time is so precious to me and I use every moment I have to make my life better later on. Most people will argue that you can't have fun when you're old but it only takes 5 years of concerted focus to achieve financial freedom. 5 years hard work for 50 years or freedom verses 40 years of hard work for 10 years freedom. This is definitely a no brainer.
    Shobir and Simrin like this.
  3. Simrin

    Simrin Newbie

    I think you're referring to the Pareto Law which is also known as the 80:20 Law. It's important to spend your time effectively and using 80% of your free time to buy more time makes sense. Personally I use 100% of my free time finding ways to make or save money. I am financially securer than my peers and I could easily survive 10 years without a job - I wonder if they could say that!
    Shobir likes this.
  4. Shobir

    Shobir Administrator Staff Member

    Admin Post
    Yes, I was referring to the Pareto 80:20. When you spend your life referring to this law everything seems so much easier. Some people use 1000% of time by getting others to help them achieve their goals!
  5. hamza

    hamza Newbie

    It makes me laugh to think that people use their free time to forget about the time they spend at work. It seems as though you're cancelling out the effect of working by blowing your money on entertainment. If only people realized that they could save and use their free time to retire early the western world would be much happier.
  6. MoneyFlux

    MoneyFlux Newbie

    This is a powerful idea and something I agree with, I'm guilty of wasting my time needlessly but this has definitely given me something to aim for. I'm going to get some books from the library and brush up on personal finance, I think it's time to take charge. Plus 1..
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