🎁 The best thing you can buy

For me, the thing that most helped me feel financially free is the same purchase that I strongly believe is the best thing money can buy: time.

The subject of this article makes $750k a year, yet complains about being busy all the time. He has the means to solve his problem, so why is he still so busy?

It is often one of two reasons: he isn’t aware of his problem, or he wants to have his problem.

Both situations are extremely common. Busy people often misdiagnose their problem as a lack of time, when it is often a lack of quality systems or a poor mindset. Other people have misplaced pride in being busy, falsely equating busyness with productiveness.

Being the person that got you to where you are today is unlikely to get you to where you want to be tomorrow. The toughest lesson I help my clients with is often the mental adjustment required to go from here to there.

Spending money to buy time is one small part of that adjustment, but an important one. It is the key step between going from a struggling freelancer to a successful business and is rooted in knowledge of opportunity cost.

At some point, your time becomes more valuable than your money.

If you earn an average of $100 an hour, but it only costs $30 an hour to pay somebody to do a task you don’t like, you lose $70 an hour by doing that task yourself.

Your time would often be better spent doing the tasks you are good at, that you enjoy, or simply taking the time to rest so you are more effective at completing your core tasks. You have to shift from the common “employee” mentality of the cost being $30, to the cost being the $70 opportunity cost of the lost hour of time.

A gigantic leap in mindset that takes time and guidance to learn. It is critically important to learn when to buy time if you wish to be a successful business owner.

ACTION: Conduct a time audit

In my opinion, a time audit is the best ROI exercise a business owner can perform. You will be able to identify your “effective hourly rate” (more on that next week), including which tasks you should outsource and which tasks you should get rid of altogether. It is the most effective way I have found to reduce the time you spend in your business while increasing profits. Here is my free guide on how to conduct your first time audit: https://www.johnjdmunn.com/freeresources

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Incidental Comics

💡 Quote I'm pondering

“99% of the harm is caused in your head, by you and your thoughts. 1% of the harm is caused by reality, what actually happens and the outcome. Often, the problem isn't the problem. The way you think about the problem is the problem” - Steven Bartlett

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I used to believe that changing my facts would change my feelings. I now know that they are different things, and both require their own work individually.

I always instinctually understood that my facts influence my feelings - being without money when younger did often influence me to feel bad in many ways - but it took me a long time to realise how much my feelings influenced my facts.

Feeling optimistic about the future and feeling confident in my own ability allowed me to take calculated risks and achieve the success I desired. Feelings are like skills, they can be worked on and developed. Much like rest, feelings aren’t a reward for success but part of the puzzle that helps you achieve success.

I shared this in my Work Smart Wednesday newsletter. Want the full set of related insights? You can read them here: https://worksmartwednesday.substack.com/p/work-smart-wednesday-january-31-2024

👋 Want to work together?

When you’re ready, here are 3 ways I can help you:

🔍 Clarity Call - we will discuss your situation and create a step-by-step action plan together so you know exactly what you need to do next for maximum impact

👓 StartSmart - Achieve a 6 figure income within 6 months, whether you only have an idea or you have already started your business

🧘 Overload to Optimal - reduce your workweek to 20 hours or less within 90 days while running your 6-8 figure business