What do you look for when seeking time or financial freedom?
When deliberating over your life’s purpose: the physical, mental or emotional things that you want in life, have you ever wondered exactly what these two ideas are? Whenever I’m interviewing directors & associates from Prosperity Of Life, I tend to use the word pretty interchangeably in my questions yet find others defining them very distinctly.
When you’re in business for yourself, things can get tough. You’ve got your overheads: this is your rent, weekly payroll, insurance, equipment depreciation, supplies - you name it! Say you’ve got 60 to 70-hour workweeks to get by where sometimes you even have to bring work home with you.
Whether you have a successful business or not, the fact that you make a lot of money doesn’t always = financial / time freedom. You can make loads of money but end up spending it just as equally. Think about your time commitments on top of that.
So, even if you’re running a successful business, does this still mean you’re not financially or temporally independent?
Honestly, it depends on many things. But after interviewing one of Prosperity Of Life’s directors recently, the way he defines financial and time freedom given his career path are the utmost enlightening.
Read Myles Forsyth’s Story…
“I have been self-employed for most of my working life. I was a manufacturer and supplier to the building and construction industry...
Being the Managing director of a small to medium-sized business I was responsible for overseeing all business operations including staff, debtors creditors and financial accounting. Prepare and implement business plans, forecasts, and budgets. A typical day would commence at 6 am returning home at 7 pm. We traded 5.5 days per week.
I loved what I was doing in the early years. I believed that if you didn’t grow your enterprise, then you actually went backwards. I felt my organisation got so big that I was reliant on division managers and I actually lost the control I once had.
In 2012 (when I was 51) I had up to 120 employees at 4 different addresses. I had successful businesses however the Global Financial Crisis devastated our financial position and on top of that I made some poor investment decisions.
I had all the symptoms of burnout.
I sacrificed time freedom and family time in the belief that working hard and building a bricks and mortar business was the key to financial success which would ultimately benefit the family.
“I’ve since learned that working hard and long does not necessarily determine financial success.”
I recognised that I wasn’t living the life that I desired so I made bold decisions and took action to change direction.
While traveling full time and because of my desire to continue to travel, I had been searching for well over twelve months for an online opportunity that had the potential to generate at least the income I had become accustomed to in my traditional business.
There were plenty of choices, but I didn’t find any other online opportunity where you could profit by $1000s per sale, where one person gets paid and one person retains the profit. If I’m going to be working, I don’t want to be generating pocket money.
I work this business on a very part-time basis. Time freedom is paramount for me. I achieved my goal of a six-figure income inside of twelve months of getting started. I’m actually working less the longer I’m involved, but I know my income will continue to grow.
I’m not saying that this is money for nothing but compared to what I used to do as a traditional business owner…this hardly feels like work to me. Travel is my passion. We arrived home on Sunday night…we’re off again next week. We’ll come home for a week before heading to Thailand. We’ll go from Thailand to England, Scotland, and Wales before returning home again….AND I’ll continue operating my business as we travel. There is no way I could have done this previously.
I love our products. I love our community. The income is great but the time freedom is the best. As an entrepreneur and someone that recognized the benefits of being a business owner from a very early age, it’s very satisfying to be able to train and offer others an opportunity for self-employment.”
- Myles Forsyth
What would Financial and Time Freedom look like for you?
Financially speaking, do you feel that you have enough savings and passive income to support your current, and most importantly, your desired lifestyle? When money is no longer a limiting factor in your career or personal life, you can begin to do the things that will enrich your life.
BUT as you’re making a lot of money, are you able to take a break and decide how and when you work? Or, are you constantly working non-stop to make that amount of money in your business?
If you’re making a lot of money yet can’t seem to take a step back and do the things that enrich your life, then you are not time, and thus, financially free.
So whether you choose to structure your days accordingly to seek your passions as opposed to working early mornings through the evening, or, like Myles, decide to be location free and pursue your passions of travel, financial and time freedom are two separate things needed to work in harmony when on the path to your life’s mission.