One key difference between those that consistently experience financial success and those who don't is this thing called time management. ‘Time is money’ might sound cliché, but it’s the absolute truth. We all have the same 24 hours in a day, only those who make good use of their time will be successful. Here are my five tips on time management:
1️⃣ Growing your wealth requires time – time waits for no one:
A big area of focus in my latest book on investing is ‘the power of time’. The most important factor when it comes to earning compound interest is time. The more time you have, the longer you can allow your money to grow. There is no substitute for time when it comes to investing; the sooner you start the better.
2️⃣ Self-development requires time – time waits for no one:
Your ability to make important financial decisions depends on your personal finance knowledge. You must make time to learn and acquire knowledge about money management. Self-improvement and personal growth should be an important and highly valuable part of your life. The financially successful people out there never stop learning!
3️⃣ Say ‘NO’ to time wasters - time waits for no one:
Time is not only fleeting, it is costly. It’s perfectly okay to say ‘No’ to people whose motive or intention impact your productivity. By saying “no” to circumstances you don’t want to waste time on, the more time you have at your disposal to say “yes” to the things that matter. All you have is your time; if you’re freely giving your most precious resource away to time wasters, then you're robbing it from yourself.
4️⃣ Don’t waste time worrying about the little things - time waits for no one:
Learn to allocate your time and energy properly. Don't spend a ton of energy debating the small things. Don't spend a ton of energy worrying if you should switch your savings account because it dropped from a 1.0% interest rate to a 0.8% interest rate. Savings accounts aren't designed to make you rich, and the difference of 0.2% is barely a few pounds/dollars a year.
5️⃣ Done is better than perfect - time waits for no one:
You can’t afford to let perfection ruin innovation and creativity. Make a start on saving. Make a start on investing. Make a start on clearing your debt. Make a start on that business idea. No matter the financial goal you’re pursuing, some of your drive for perfection needs to be second to your priority, which is to kick procrastination out of the way and make a start.
How are you spending your time? What are you spending your time on? “The great dividing line between success and failure can be expressed in five words: I did not have time.” – Franklin Field.
About Nike
Oyenike Adetoye (aka Nike) is an impactful speaker, author and personal finance expert. A Chartered Management Accountant by profession. Nike is the founder and CEO of LifTED Finance, a private financial firm that educates, coaches and supports people on their journey through financial fitness and wealth management.