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Financial Freedom vs. Time Freedom

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.