When it comes to understanding the time value of money, most people still have trouble finding time for happiness. Could it be because “Time Value of Money” is deeply misunderstood in society?
Harvard Business Review did a six-part series on being Time Poor and Unhappy, which explains why the pursuit of money doesn’t bring joy to individuals. The series breaks down how to find Time for Happiness.
One major takeaway from the six-part series is that “if there’s one resolution that you keep this year, it should be to focus on making choices based on time, not money. It’s not easy; our entire world and even our brains are rigged to make us value money first.”
Forbes article by contributor David Rae explores the Five Principals of Happy Money, where he had the pleasure of hearing Elizabeth Dunn speak about the science of happier spending at the XYPN Live conference.
Dunn suggests these are the five principals of happy money:
- Buy Experiences
- Make it a Treat
- Buy Time
- Pay Now, Consume Later
- Invest in Others
One thing I have learned is that if you want your business to grow, turn it into passive income and invest in others by outsourcing tasks.
This year make time to take more vacations, opt for 3 weeks vacation and long weekend staycations. Try visiting places that you have never been and leaving the city that you live in to relax on a 3-weeks vacation. Create eventful weekends by turning your hometown location into a fabulous staycation “vacation” away from your home but doesn’t require you to leave the city where you live.
The problem is most people work jobs that take up the majority of their time, creating a Time Poverty society where people lack time to truly enjoy life. For this very reason, I developed Time Rich Empire to practice this concept of creating More Time in every day life through living a Passive Income Lifestyle.
Interested in finding a better solution to make more money and not have to use more time to make money?