Improving Your Work Life And Bank Balance By Working Less And Earning More
Dr. Paul Lanthois
December 19, 2008
In the various surveys that I have conducted amongst people from various occupations a consistent theme that seems to interfere with their ideal work life balance is money. More accurately it is the perceived lack of money relevant to their desires. Ten years ago this perception of lacking the ideal amount of money to raise a family drove me to overwork and over stress to the brink of a nervous breakdown. Not only did I learn new perspectives of dealing with stress but I also leant a lot about money, how to handle it and have it work for you.
Don´t get me wrong, I´m no qualified financial planner, nor am I some multi-zillionaire but financially I am in a position where my family and I have choices about how much we want to work. I now choose to only do work that I enjoy. Most people´s response to this is to say that I´m lucky to be in that position. Even though I am extremely grateful for what I have I do not believe that luck was the major factor. To me it was because of some common sense financial management.
Many survey participants have flippantly remarked that they would like to be able to earn more money and work less as if it is some pipe dream. If you want to earn more money while spending less time at work you can. You just need to get your money to work. In other words you need to begin investing some money to purchase assets that increase in value.
You may ask, "Where do I get the money to start? I have no money left over."
This is what I get my children to do...
I bought them each three money boxes.
Two of the money boxes can be opened and one of them can´t be opened unless you break it.
On the money box that can´t be opened I write "investments". This money you invest to make more money.
I labelled the other two money boxes "donations" (you give to your favourite charities) and "savings" (you save up to by whatever ´stuff´ you like).
Now here is how you begin to save money to start investing...
We all have loose change in our purse or wallets at the end of the day. Rather than spend it, divide those coins into three and equally distribute the coins into each money box.
I also recommend that you do the same whenever you win any money or receive any money as a gift even though my wife and mother strongly disagree with the latter. "People give you money so you can buy yourself a gift so you should buy something," they say. I believe that you can make your gift last longer and make a difference by using the three money box method. "You get to buy yourself something. You get to experience the joy of giving to others and your money also continues to grow."
But what do you invest the money in?
Firstly, you need to invest in education to learn about sound investing principles.
Secondly you need to invest in learning to control your emotions when it comes to money so that you are able to sleep comfortably at night.
Thirdly, seek advice from someone experienced in investing who is in a better financial position than you. Just because someone is a certified financial planner doesn´t mean that they are financially proficient.
The so-called "credit crunch" and stock market crash has scared many people out of investing. The credit crunch was the result of people spending beyond their means. They spent most of their money on things that lost value rather than buying assets that increased in value. I don´t see many people fleeing the shops when the prices of their goods drop. It is the best time to buy.The share market should be really treated the same way. Consider this time as a time when the share market is having a sale. Consider it as a time for opportunity as opposed to something to fear.
So if you want to experience the pleasure of working because you want to as opposed to working (often in a job you hate) solely for money buy yourselves three money boxes and begin your journey to financial happiness.
Don´t get me wrong, I´m no qualified financial planner, nor am I some multi-zillionaire but financially I am in a position where my family and I have choices about how much we want to work. I now choose to only do work that I enjoy. Most people´s response to this is to say that I´m lucky to be in that position. Even though I am extremely grateful for what I have I do not believe that luck was the major factor. To me it was because of some common sense financial management.
Many survey participants have flippantly remarked that they would like to be able to earn more money and work less as if it is some pipe dream. If you want to earn more money while spending less time at work you can. You just need to get your money to work. In other words you need to begin investing some money to purchase assets that increase in value.
You may ask, "Where do I get the money to start? I have no money left over."
This is what I get my children to do...
I bought them each three money boxes.
Two of the money boxes can be opened and one of them can´t be opened unless you break it.
On the money box that can´t be opened I write "investments". This money you invest to make more money.
I labelled the other two money boxes "donations" (you give to your favourite charities) and "savings" (you save up to by whatever ´stuff´ you like).
Now here is how you begin to save money to start investing...
We all have loose change in our purse or wallets at the end of the day. Rather than spend it, divide those coins into three and equally distribute the coins into each money box.
I also recommend that you do the same whenever you win any money or receive any money as a gift even though my wife and mother strongly disagree with the latter. "People give you money so you can buy yourself a gift so you should buy something," they say. I believe that you can make your gift last longer and make a difference by using the three money box method. "You get to buy yourself something. You get to experience the joy of giving to others and your money also continues to grow."
But what do you invest the money in?
Firstly, you need to invest in education to learn about sound investing principles.
Secondly you need to invest in learning to control your emotions when it comes to money so that you are able to sleep comfortably at night.
Thirdly, seek advice from someone experienced in investing who is in a better financial position than you. Just because someone is a certified financial planner doesn´t mean that they are financially proficient.
The so-called "credit crunch" and stock market crash has scared many people out of investing. The credit crunch was the result of people spending beyond their means. They spent most of their money on things that lost value rather than buying assets that increased in value. I don´t see many people fleeing the shops when the prices of their goods drop. It is the best time to buy.The share market should be really treated the same way. Consider this time as a time when the share market is having a sale. Consider it as a time for opportunity as opposed to something to fear.
So if you want to experience the pleasure of working because you want to as opposed to working (often in a job you hate) solely for money buy yourselves three money boxes and begin your journey to financial happiness.
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