My #1 Goal In Life Is To Become Wealthy
But Not The Type Of Wealth You’re Thinking
Happy Thursday, fellow Hybrids!
In today’s newsletter, I will share my #1 goal in life…and how you can use it to frame your investing journey.
(Today’s issue takes ~3 minutes to read)
If I had to pick, I have 1 big goal in life.
And that goal is to become wealthy. But not the type of wealth you’re thinking of.
Wealth is often associated with having a lot of money. However, there is another kind of wealth that is often overlooked but equally important…
Time Wealth
“Time wealth” is measured by your ability to control what you do with your time.
By that measure, getting “rich with money” is not the only way to gain wealth.
If you think about it, time is the most valuable resource we have. No matter how much money you have, you cannot buy more time.
There is no better way to illustrate this concept than to ask you this question:
If you could become Warren Buffett today ($105.7 billion net worth), would you do it even though that means you’d also be 92 years old?
If I had to guess, your answer was a resounding “Nope!”…
At the end of the day, we all value time more than money. (Apologies if I have any 92-year-old readers…I mean no offense)
Therefore, it makes sense to focus on gaining time wealth rather than just monetary wealth.
To gain time wealth, you must change your mindset.
More money ≠ more happiness, rather more time = more happiness.
This shift will change your goals around your career & your spending.
Here are some guiding questions to ask:
How much time do you have to sacrifice to gain the money to fund your spending habits?
Does your job pay well but require you to spend nights & weekends away from your family?
Can you view the dreaded b-word (budgeting) as an opportunity to gain more time rather than a chore?
Creating a time wealth filter on your activities will change your life for the better.
By focusing on gaining time wealth, you'll be more intentional about how you spend your time and money.
Of course, it's important to note that money is still important. You need money to pay for basic necessities like food, shelter, and healthcare.
However, once your basic needs are met, it's time to focus on gaining time wealth.
For me, the ability to have dinner with my wife & daughter every night is the wealthiest feeling imaginable. So I have to work hard to build a life that supports that goal.
So how can you start building time wealth? Here are a few ideas:
1. Track your time.
A time audit can be quite revealing…Use a time-tracking app or a simple spreadsheet to track how you spend your time each day.
This will help you identify areas where you're wasting time (for example…the average adult spends 2.5 hours per day on social media) and where you can make changes to gain more time wealth.
Resource: 7 Free Time Tracking Apps
2. Set priorities.
What are the things that matter most to you?
Schedule time for these activities and prioritize them. This will help you avoid wasting time on things that don’t bring you joy.
3. Learn to say no.
I often find myself squandering my free time on things that don't matter. It turns out free time isn't actually free if you spend it the moment you get it.
Saying no to things that don't align with your priorities is an underrated skill, but is essential if you want to gain time wealth.
Resource: Learning to Say No When You Need To
4. Automate your finances.
Don’t waste your precious time doing administrative banking tasks.
Set up automatic bill payments, savings contributions, and investments to save time and reduce stress.
5. Focus on experiences over things.
Instead of spending money on material possessions, focus on experiences that will bring you joy and create memories.
Go to that concert, take that trip, live life while you’ve got it.
Gaining time wealth is about more than just making more money. It's about shifting your mindset and being intentional about how you spend your time and money.
By prioritizing the things that matter most to you and avoiding wasting time on things that don't bring you joy, you'll be able to gain more time wealth and live a happier, more fulfilling life.
See you next week.
-Aaron
PS: What’s one small change you can make today to build more time wealth? Reply and let me know. I’d love to hear from you.