Time Spent v Time Invested - why you need to know the difference - The Property Nomads

Time Spent v Time Invested - why you need to know the difference

In this episode, Rob explains an important concept that a lot of entrepreneurs struggle to understand. Something that creates unnecessary stress in their lives and makes it extremely difficult to grow their business beyond a certain point. Every entrepreneur needs to stop trying to do everything themselves and be willing to pay others to take on certain tasks.

Rob defines how to quantify time spent. Then how to do the same for time invested. Ending the episode by explaining how to use this understanding and information to decide which tasks you need to start delegating to or contracting out to others.

KEY TAKEAWAYS

Salaried work is just one example of time spent.
When you exchange your time for remuneration that is also time spent. But so is doing unpaid tasks for your business.
Time invested is what you do to accumulate assets that are designed to provide you with ongoing income without your having to regularly spend a lot of time on them.
Learn to leverage your time.
Hiring others is a good way to enable you to make better use of your time.
Simplify your systems.
Play to your strengths to make more efficient use of your time.
Don´t get side-tracked, when you do that, you lose focus and lose time.
Stop focusing on how much you are paying someone. Instead, look at it as an investment and think about the time you have saved.
Bit by bit start delegating.

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BEST MOMENTS

‘Time spent is when you are in effect exchanging your time for money.’

‘Leveraging is another way to invest your time.’

‘Instead of saying I can´t afford this, ask yourself how can I afford this?’

ABOUT THE HOST

Rob Smallbone the host of The Property Nomads Podcast, is on a global mission to guide your success. Success can happen in many ways, shapes, and forms. Think about what success means to you. More properties? More clients? Financial freedom? Time freedom?

Rob wants to make a huge difference to people around the world. He is here to guide your success in property, business, and life and to inspire you to achieve your goals, dreams, and visions. He's travelled, explored, and invested. And he's not planning on stopping these activities anytime soon.

Buckle up, sit tight, and enjoy the ride that is life.

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