Wealthy Mindset Series #24

Time versus Priorities

As you know, one of the most important keys to creating wealth is the right attitude. In Series #23  we spoke about how the wealthy focus on how to have their money work for them instead of them working for money.

In this series today we will talk about how the wealthy understand there no such thing as a lack of time; only a lack of priorities.

You have probably heard of the Pareto Principal, more commonly known as the 80/20 rule. This is where you can see that 20% of your efforts or customers can produce 80% of your results.

By the same token, 20% of your customers or clients can produce 80% of your headaches. They are NOT the same 20% that produce 80% of your results, but that’s a conversation for another day.

Let’s say you have one hour and four tasks to handle or complete:

1. Take the mail to the post office (30 minutes)
2. Drop checks off at the bank (30 minutes)
3. Call your best client for a referral (5-15 minutes)
4. Work on a marketing brochure (1-2 hours)

First, you will notice that working on the marketing brochure can take up the full hour or more. Going to the post office and the bank will also take a full hour. But calling your best client will probably not even take 25% of the hour.

This is where you measure priorities against time and look at the 80/20 rule. What has the highest likelihood of growing your business NOW? It is not the marketing brochure or the other two tasks. It is calling your best client for a referral. That is the highest priority, so if you only have one hour, that is the action to take first.

And, I think I discussed in the wealthy attitude series of emails that someone else can go to the post office and bank for you. Who says you are the one who has to go?

And for the marketing brochure, should you work on this alone, or with an expert? Someone else who has expertise in marketing can get it done in probably less than one hour and do a better job. And if you focus on getting more clients and customers, you will have the money to pay your assistant and the marketing expert.

Hopefully, you can see how no one has a lack of time, only a lack of priorities. Whether is it you, me, or the leader of a country we all have the same 24 hours in a day to achieve our goals.

Can you see how by using the 80/20 rule and setting priorities, the results you produce can shift dramatically within any time constraint?

In the next email of the series we will talk about how the wealthy control their money versus hoping someone else can make it grow.

To your prosperity,

Rennie