No one uses an actual punch clock at their job anymore, right? However, the concept of a punch clock — punching in to start a shift and punching out when it ends — is ingrained in many of us, even as business owners who write our own checks and make our own schedules. But it doesn’t have to stay that way! On this episode of Wealth By Design, we talk about how you can start changing your mindset and your life right now.
[01:29] Why the punch clock is the enemy
[01:56] The irony of making your own hours as a business owner
[02:41] Living in the age of distraction
[04:23] Why so many professionals start their own business
[04:57] How financial planning can help you defeat the punch clock
[06:21] The hustle and grind of being a business owner
[08:57] What “revivement” is
[10:54] How your passions can guide your work
[12:03] The important business strategy people aren’t talking about
[14:20] How to start building a safety net for yourself
[15:37] The importance of having a financial life plan
[17:35] What a “BULB” is — in case you haven’t been following us for long
[17:51] How to reach BULB status
If you started your own business, we bet one of your goals was to get away from the punch clock. Maybe the one you saw your parents dealing with. You wanted more flexibility and control over the hours you work. But it’s not that easy. And your flexible work schedule doesn’t necessarily mean you’re free of the metaphorical punch clock.
Here’s why: There’s still a direct correlation into the hours you put in to the money you get back. Hours in, money out. Plus, you’re likely putting in more than the typical 40 hours a week, even though you’re the boss.
This is a problem because, as we talk about in this week’s episode, our time is more important than ever in today’s age. Everything and everyone is competing for just a few seconds of your time. Social media, networking sites, apps, streaming services: everyone is fighting for your attention. Your time is precious, and that’s why you need a plan to make the most of it.
As a business owner, you probably feel intense pressure to “be a boss” or “put in the work” or “rise and grind.” We get it, and we’ve been there. But we’re here to shout a big fat “No thanks” at that life.
We’re team anti-hustle and grind. We want you to stop and smell the roses. Enjoy your life while you can. You want to be able to step away from business, clear your mind, and delegate to others… without feeling like everything will fall apart without you there. You want to get to a place where you don’t have to put in all the hours to receive an income. You want to work not because you have to, but because you want to, right?
Of course you do… but how do you get there?
The first exercise we talk you through in the episode is a little soul-searching. More specifically, we talk about “revivement.” It’s like retirement, but instead of waiting until you’re no longer working to pursue your life’s mission, you do it right now. If you didn’t have your current career, what would you really want to do?
If you’re already doing what you want to be doing, great. You’re one step ahead. But you can dive a little deeper. Is it the actual work that’s your passion? Going to the office, sitting at your computer, having meetings… is that your goal? Or is it the effect of the work that you’re doing that’s your true passion?
Once you start thinking about this, you can begin taking steps to build the life you want and the kind of legacy you’ll leave behind — and stop putting in the time you’ve been spending.
When we read about entrepreneurs, watch documentaries about successful startups, or listen to podcasts about the business owners who made it, we hear a lot about how they built their business. Their dreams. The sacrifices they made. The hustle-and-grind. (There it is again!)
What we don’t often hear about is the saving and investing required at the beginning, and the planning that’s needed after the business is already built. Most self-made millionaires or billionaires build financial planning into their strategy early on. But we don’t hear about that enough, even though it’s a huge part of their success. Frustrating, right?
Basically, what nobody is telling you is: the hustle isn’t the only way these people are getting rich!
And yeah, building a safety net for yourself might seem a little boring, and frankly, not all that sexy. But it’s the necessary stuff that will protect you, your business, and your family. Insurance, legal documents, financial assets, all that jazz. Even if you’re young, your legacy still matters! Do the work and take care of that stuff now. Remember, your time is precious.
Once your safety net is in place, you can figure out what actions you need to take in order to meet your goals. One goal we suggest? Start thinking in terms of your BULB: your back-up life bank. This is a dollar goal that, once you’ve reached it, your work is optional. If you haven’t been following us for long, your BULB is 25 times your minimum yearly income. It sounds like a big number, but it’s totally doable. We talk all about in Episode 063 if you wanna go have a listen.
Imagine the day when you don’t have to sit down at your desk or go to those meetings to make your money. Let’s dream of a day when you can wake up and do the things that really fill your cup, make money, and make more of a difference — without having to spend your time to do it.
This is truly when you can kick back and enjoy the fruits of your labor. But this doesn’t start by busting your 🍑 to make more money now. It all starts when you ditch the punch clock, reevaluate your investments (including your business), and start building your safety net. For more in-depth advice and steps on how to do this, be sure to listen to this week’s full episode. Also check out our show notes for more resources.
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