What does your income mean to you ?

Are you earning a Dying or are you earning a Living ?

Do you read?

I have to thank COVID for this fairly new habit of mine. Pre COVID I had completed only 3 books outside of books used for studies, but this book above is my 18th book since lockdown, and it is August of 2022.

The habit creation methods is actually from another great book call?The Power of Habit?, but that is for another post.

Today we focus on a very simple yet effective question and concept from the book titled?Your Money or Your Life?, and that question is “are you earning a living or are you earning a dying?”

Interesting right? and that leads into the title of this post, What does money mean to you?

Income = hours of time in exchange for money? Or benefits or both

I believe we can all agree on the above formula or statement. What this formula does is add time and energy into the equation of your reimbursement from your employer or a company that you own. If you have ever changed jobs or interviewed for a job you know the process and then you get an offer letter (or you sit and weigh up the opportunity or multiple opportunities in your own way). On this offer you see things like salary, expected hours per week, possible overtime opportunities and depending on the level of the job, different T’s and C’s. When you look at these numbers you normally focus on the salary and benefits and if that can afford the responsibilities of life. Rent or Mortgage, Car, Petrol, Food, Electricity, WiFi etc.

But do you factor in energy and time?

How much time and energy will you spend at work, on the road to work, at work events, on the phone or laptop from home, away from your loved ones, traveling abroad. How many times will you battle to have dinner with your partner or wake up sweating and not sleep peacefully due to an assignment or work need?

Does this activity of yours that we call work, and an activity that consumes a lot of our time on earth. Does it earn you a living? Does the benefits of the activity allow you to live? or are you caught up in a narrow vision of elevating your position within the proverbial walls of the company structure?

If your mind jumps to the age old line, Work Life Balance, then I think you need to look deeper at your situation, because we should be working on the Life Work Balance…surely?

If you are making decisions between jobs, working remotely, promotions with more money and situations similar, I only ask that you consider yourself first, prioritize your wants and needs before the companies. If you have expensive habits, then you should be making moves that can afford these habits. If you love traveling then you will need a source of income that has travel as a benefit or time allowed for travel or remote log in opportunities. Heres the questions and thought process from the book,?Your Money or Your Life?,that got me though.

If you have pick an income activity that provides you with less money in your bank, then what are you saving?

How much petrol will you need per month and will you need a car at all? Do you need to dress up or eat out or spend money on dinner and networking? How much wifi do you need a month or what is your phone bill each month. If you have less money coming in, is it possible that you can maintain your lifestyle needs and wants, or form healthier habits with the extra Energy that you can Budget (B.Y.E.)

In the year 2022 I reached a financial turning point where I paid off my loan and credit card from living the fast life in the big city in my 20’s and what I realised quickly is that I now have extra money each month to put towards things I value, which at the moment is the future and family. Such a simple concept right?

But do you do the same exercise with time and energy?

I did actually. I was offered a promotion and new role within my company and I did not ask for money, I had more money than I usually have available due to the fact that I did not owe anyone any money. I asked to manage my own time (and energy of course) I asked to be allowed the freedom to control where I need to be and when whilst being measured and aligned on goals and performance indicators that prove value to the company in the role I have.

One of my best friends of all time (my accountability partner) was up for his yearly review, and he entered the review with a goal that he was content with the amount of money coming in each month, however he wanted to work on passive incomes and side hustles and he needed time and energy for this. So instead of getting an increase relative to inflation and all of that he went in asking for Fridays off and after negotiation came out with every second Friday he gets to do whatever he wants from home (or wherever he chooses)

This is what motivated me to follow suite in a similar fashion, and there are two important points here.

One, understand and actually calculate how much your time and energy is worth to you in monetary terms, and calculate if the offered money matches the time and energy that you are offering.

Two, surround yourself with people that hold you accountable, people that motivate you to be a better version of yourself through how they ACT not what they say.