What’s the most precious and important purchase you can make? In other words, when you get your paycheck, what’s the first thing you want to buy or save for?
For some, the focus is a new house. For others, it’s a vacation or a sexy new car.
But none of these tangible delights comes close to the value of your most precious asset—time.
Too often when we think about money, we don’t think about time. Even though the two are forever and inextricably linked, and time is precious. Ultimately, your relationship between money and time is the difference between a life mired in the shackles of work and debt or a life filled with opportunities and abundance.
What things cost in time
Consider the purchase of a new $2,000 gaming computer. Rather than thinking about how much money your new piece of tech will be, figure out the cost in time. So if you bring home $100 an hour after taxes, your new computer will is worth 20 hours of your labor.
Are you willing to give up 20 hours of Freedom for something you can do without? Or would you rather invest $2,000 into your Freedom Generator where it could work for your?
Let’s consider another example.
You need to replace your vehicle, and you have the choice between an affordable sedan or a $100,000 luxury SUV. If you have to work two years to afford the SUV, that pushes your Financial Freedom forward two years. So before you even take the test drive, ask yourself: What could I do with two years of Freedom? If the answer is: “live abroad,” or “travel to Antarctica” or even “pay off my house,” maybe the car of your dreams isn’t so dreamy after all. And investing that $100,000 is the better choice.
You don’t need more stuff
Buying stuff will never lose appeal. And with the amount of advertising we see every day, your list of wants is probably endless. You may even rationalize buying more stuff, because Freedom seems like an elusive goal. But that couldn’t be further from the truth.
In reality, Financial Freedom is a worthy and attainable goal. One you can achieve by simply approaching cost differently.
Time is precious
But unfortunately, you can’t get time back that’s already been spent. Even the wealthiest person in the world can’t buy yesterday back. But investing in your Freedom and your future trumps anything tangible you could possibly purchase today—whether it’s an Armani suit or a house on the riverfront.
Dr. Tony is the co-founder of MindShift.money and the best-selling author of three books on personal and business finances. Having achieved Financial Freedom at 27, Dr. Tony believes that through Financially Fit Bootcamp and Cash Flow Cure everyone can get there. He has made it his life’s mission to help others live a life where their money works for them—not the other way around.