I was reading about "Financial Literacy" a few days ago. It's a basic concept that is found in many financially-based books. Many tout it as the way to begin creating real wealth for yourself. Here are the 4 key elements:
- Understand the difference between an asset and a liability.
- Concentrate your efforts on buying income-earning assets.
- Focus on keeping liabilities and expenses to a minimum.
- Mind your own business.
As I reviewed the process I began thinking about how I could apply this same process to how I use my time and energy. Kind of a "Ringmaster Literacy" if you will. Would it have the same effect? Let's look at it:
Understand the difference between an asset and a liability. I would evaluate every use of my time from the perspective of how it would contribute to my purpose (asset) or take away from an opportunity to accomplish my purpose (liability).
Concentrate my efforts on buying income-earning assets. I would look for ways to invest my time to get the best return on accomplishing my purpose. Not just spending it with no thought as to its future impact on my success.
Focus on keeping liabilities and expenses to a minimum. Every potential distraction or interruption would take only the minimum amount of time and effort from me-unless it was an opportunity to further contribute to my purpose. Sometimes you might get a chance to invest in something that was originally not in your portfolio. If you have built up some "wealth of time" you might be able to invest in it-and reap the rewards.
Mind my own business. I would look at what is important to me and my purpose. I would be my own ringmaster more often and not let others run my circus.
Hmmmmmm... it just might work.