Many who are financially sound got that way by being skilled at accumulating wealth. The question is, did they also accumulate quality of life? Working all the time to build wealth, while at the same time lacking happy experiences with those who are important, is not creating a rich life.
Here are some ideas to promote both a healthy and wealthy lifestyle.
Time Budget
For those who already do a decent job at managing their finances by using a budget, congratulations for doing half of the planning well. In order to have a fully-satisfying life, the other budget that is needed is a time management budget.
Allocate time on a weekly basis to all the other things that are important, which, in addition to money-making efforts, may include:
- Personal Growth and Development: Examples in this category include daily meditation, yoga practice, and self-help classes.
- Quality Family Time and Time with Pets: This category is less about the things to do and more about who does them together. Take time to sit with kids and play with them. Walk the dog or use a laser light on the wall to play with the cat.
- Community Service: Make an effort to spend at least one hour each week doing some community service. This is a “pay-it-forward” way to keep everything in perspective and develop an attitude of gratitude.
- Stress Relief: Find a way to release anger and frustration in a healthier way, such as going to a gym and working out with a punching bag.
Make More Time
Time is actually more precious than money. The best practice strategy is looking for the possibilities to create more passive income that requires money investment to produce a positive result but little or no time to make it happen. Creating passive-income streams by investing in real estate is a way to achieve wealth, while also creating free time.
Delegate And Outsource
Make a list of the little annoying things that take the most time. Find a way to delegate some of those tasks to others. Consider using the help of freelancers to outsource things that are time-consuming and can be done more efficiently by others.
Let A REALTOR® Do The Work
If there is some investment capital available to work with, find a real estate agent that becomes an integral part of the long-term business strategy. Make an investment plan together and let your agent find the properties that qualify for the strategy. Be happy paying the agent commission for a property acquisition that meets the investment criteria.
Success Creates More Success
Rewarding others who bring valuable deals that create passive income usually improves the results. If possible, start young, be patient, and, step-by-step, build up a valuable real estate portfolio. The life goal is to eventually create enough passive income, which requires so little time that most of the time can be spent playing with pets along with the grandkids. That is the meaning of true wealth.
If you are in the market for a new home or interested in refinancing your current property, be sure to contact your trusted home mortgage professional to discuss current financing options.
Last week’s economic news included readings from Case-Shiller on home prices and pending home sales. Readings on consumer confidence and weekly reports on mortgage rates and new jobless claims were also released.
