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Time Is NOT Money | We Need To Change Our Thinking | Time > Money

https://millennialmoney.com/time-is-not-money/

millennialmoney.com

Time Is NOT Money | We Need To Change Our Thinking | Time > Money
If you think time is money, you're WRONG! We keep trying to get more and more money, but it could be killing us. Start changing your money mindset today.

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Time is not money

Time is not money

Even if these two share some connections, time isn't money. Time is energy, money is a thing. And they each have power over our lives.

Money is infinite but time is not. You can always get a part-time job or start a side gig, but you’ll never be able to get back this moment or this day. Equating the two I think diminishes the value of time in a way.

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Disrupting the time-money relationship

Investing and passive income disrupt the time-money relationship.

To make money without having to trade any of your time frees up your time to ultimately do things that are more important to you.

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The best investing strategy

  • Make as much money as you can
  • Keep your expenses low
  • Invest the difference
  • The more you invest, the faster your money will compound and bring you more money
  • Sit back and earn money with no effort. You are no longer trading your time for money.

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When we believe that time is money

Our work culture promotes the ideas that time is money.

And we end up managing our money poorly so we end up wasting our time. We also trade more of our time to make more money, but if we would use that time to do things that make us happier, we would live happier lives.

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Passion is money

The challenge is how do you make money and use the money to live a life that you love.

Maybe this translates into moving from full time to part-time job or moving to a different city, and in a less stressful job.

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Learned Optimism in Psychology

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Pessimism Vs Optimism

Pessimism is defined as the anticipation of good or bad things to happen in the future, while optimism is generally considered the opposite. Optimism can be defined as the individual difference variable reflecting the extent of which we hold positive expectancies for the upcoming event.

The ways in which we think affects our health, well-being and success, even though the situations are the same.

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Investing

... is the trading of your money today for a lot more money in the future. It is a high yield over the long term.

What happens to your money

Banks don’t like to give away their money. That mindset is reflected in the interest rates of checking and savings accounts of 0,5% and 0.9% avg. annual interest respectively.

When you deposit your money in the bank, the bank turns around and invests that money at 7% a year or more. After they collect their profit, they give a tiny shaving of it to you.

Portfolio and Diversification

  • Your portfolio reflects your long-term wealth building investment strategy – not the short term. It includes everything you own. Your retirement accounts, your investment accounts, even your home are types of investments.
  • Diversification is a way to describe owning multiple types of investment assets. Diversification is smart because you both protect yourself from failure and position yourself to take advantage of multiple robust methods for building wealth.

Choose your field of activity wisely

Nowadays people are mostly driven by the idea of making a lot of money in as short of time as possible.

However, one thing everybody should take into account is that unless you are really ...

The key to success

There is no such thing as the key to success.

However, being ambitious, lucky and persistent can really work. While nothing guarantees success, finding what you like and trying to become good at it are definitely important steps in that direction.

Focus on your own goals

There is a certain temptation we all feel when it comes to other people's success: check out exactly how they made it u to this level.

Nevertheless, this is not really the appropriate approach, as each individual has its own path in life: so better focus on your goal and how you plan to achieve it.