Exchanging time for money – have you got the right mix?

As the CEO of a financial wellbeing advice firm, at Tribeca Financial we have daily conversations with both new and existing clients about their goals, dreams and aspirations for the future, and how money can help enable them to live their Good Life.??

Whilst initial conversations can revolve around cashflow and/or investment, as the trust deepens in our relationship the conversations will shift to what is truly important to our clients, i.e. family, friends, holidays, hobbies and experiences. The one common denominator between these things is that we need TIME in order to experience the things that are truly important to us in life. ?

As we all know our time on this earth is finite, and often it takes a significant life event, scare or even unfortunately losing someone close to us to reprioritise what is really important to us. I am sharing this as a reminder that we shouldn’t wait until it is too late – the TIME to act is now. ?

This starts with assessing and understanding where we are spending our time, and asking ourselves, “do I have the right balance between work, family, friends and personal time?” I mention work first on purpose because for many people, this is where we spend the majority of our adult waking hours until retirement – at least Monday to Friday anyway. We exchange a significant amount of time for a salary or financial reward.??

Is that financial reward enough for the time we are giving up in exchange??

We have seen a lot of people approach us for financial advice who are already asking themselves the same question – am I happy doing what I am currently doing? If the answer is ‘no’, what are my financial options (potential scenarios) that will give me the confidence to change the things in my life that are making me unhappy (or at worst extremely unfulfilled). Funnily enough, we have identified that our time spent going through Covid 19 has helped a significant portion of people to re-evaluate what is truly important to them. No longer is it working extended hours to achieve the job promotion and the pay increase that comes with it. Many more people are putting the time into finding an optimal balance between life and work, as opposed to work and life. ?

As much as it might feel sometimes that we don’t have options and that life is simply happening to us, I can assure you that we always have options…and a lot of the time there are many more options that we think. However, it can be difficult to see this and we just aren’t capable of ‘digging ourselves out of the hole’. This is where a trusted professional like a goals-based Financial Adviser can work with you to understand your short, medium and long-term goals. Then, prioritise them to produce a financial strategy for each, which will in-turn give you the best chance to achieve those goals. You are not alone, and like many of us, you may need a little bit of assistance and direction to get back on track. ??

At the end of the day, you only get one life and this life is just too short to live it unfulfilled. The hardest part about creating any type of change, particularly financial, is just taking the first step – from that point, I can assure you that it gets easier.??

So be brave, screw the status quo and consciously choose to live your Good Life.