There’s a quote I use often by Harvey MacKay: “Time is free, but it is priceless. You can’t keep it, but you can spend it. Once you’ve lost it you can never get it back.” Understanding the concept of how valuable your time is, from a financial and personal viewpoint, is incredibly powerful in leading a successful and fulfilling life.
Once this concept truly takes hold, it can help cut through the clutter and allow you to focus on what is most important to you. As a business owner, there is financial value to the time I invest. I focus on what I am best at, advising clients and growing the business. I emphasize high value at work in order to get home to what I personally treasure most, my family. We are all constantly in search of that perfect balance, and for each of us it will be different. Today I will cover a few ways you can restore time to your life now and focus on what is most important to you.
First, evaluate what is most important to you and aggressively calendar time to devote to those activities. Business planning, client meetings, kids baseball, vacation time, it doesn’t matter what it is just get it in your calendar and block it off as mandatory. Commit time each month to these most valued activities and you will quickly begin feeling more efficient and more fulfilled. And don’t worry about anyone questioning your activities, they don’t need to know you’re at little league practice and with your increased efficiency they won’t care either. My clients want me to go to my wife’s pregnancy ultrasound or on vacation because they know this allows my firm and I to stay energized and focused in managing their wealth.
Next, be truly accountable, especially on the issues that matter to you most. It is easy to make excuses or point the blame in other directions. Don’t. Take the position that no matter the issue you can complete the task. Were you targeting a business deal that has yet to close? Was there a marketing campaign or research project that never got off the ground? If these are important to you then move the ball forward, if they are not then get them off your plate. Lying to yourself and not taking full responsibility is a self-destructive practice and will hold you back from your true ambitions. Evaluate yourself honestly and adjust accordingly.
Finally, outsource the rest. Anything that doesn’t advance your agendas or could be handled by someone else as well or better should be outsourced. My firm is a perfect example of this in practice. I have the fortunate opportunity to work with many brilliant and highly successful individuals. These folks have complex compensation, wealth and family issues. By hiring our firm, they outsource much of the day to day complexities of managing wealth (researching & hiring talent, managing portfolios, integrating estate & tax planning, etc.) and in turn restore time to their busy lives. You can do the same in many ways but the key is recognizing where you truly add the most value and outsourcing the rest.
Much of these day to day efficiencies are incremental and take real commitment. Stay focused on high value activity and restoring time for a more fulfilled and enjoyable life!
For our next topic, I will be discussing the importance of hiring specialists and not generalists when it comes to managing your wealth.
Tim Golas is a Partner at Spurstone Executive Wealth Solutions, a privately owned firm focused on protecting and growing the wealth of today and tomorrows executive families. Advising executives at all levels and throughout the country, he is passionate about education, technology and efficient solutions to complex needs. For more information on how Spurstone can help secure and grow your wealth while restoring your time, please feel free to contact our office at 860-264-1111 or visit our website and fill out our contact request form.