Are you a busy leader? Here’s how to improve your “time wealth” (feat. Justin Donald)
What do you picture when you think of wealth?
For most executives and entrepreneurs, wealth means one thing: having more money. We build our teams and lead our companies to grow and scale as quickly as we can, all in hopes to increase revenue and make more profits.
But those who focus on money alone may experience deep regret later in life.
Justin Donald is a lifestyle investor who is leading others to achieve financial freedom. Before his 40th birthday, in under two years, Justin achieved a passive income that enabled him to stop “working.” He has been called the Warren Buffet of Lifestyle Investing and is committed to “create wealth without creating a job.”
In this episode, Justin shares a new definition of wealth and how to create the life you want.
What does having “true wealth” mean?
While Justin was working 18 to 19 hours a day at a startup, he knew his schedule wouldn’t be sustainable in the long term. His ultimate priority was to start a family and spend time with his loved ones. “I just wanted to divorce time equaling income,” he said.
Justin’s career progression sparked an essential mindset shift. He realized money isn’t the only kind of wealth; there are other parts of your life you need to value even more.
Justin describes wealth in several different categories, including time, connection/relationships, purpose and passion, physical, and emotional wealth.
True wealth isn’t a number. It is a balance between each of the different categories in a way that feels aligned for you (in your personal and professional life).
After all, you can have all the money in the world, but how can you enjoy it when you have no time?
How to create more time as a busy leader
In the latest episode of The Enlightened Executive podcast, Justin and I discuss the fact that most leaders lack “time wealth.” They don’t have true control over their schedules because their time is ruled by the demands of their company.
Justin recommends getting creative to take some control over your life and time.
Here are some of his suggestions:
- Hire someone to take over a role or task you don’t want to be doing.
- Instead of cooking dinner, hire a service to make and deliver pre-cooked or easy prep meals.
- Offload your errands by hiring a contractor.
- Start investing in assets that produce ongoing income.
There’s no need to quit your role if you realize you want more time in your life. Justin says he’s worked with doctors and lawyers who cut their hours to 20 hours a week and now they love their work, at that pace. Adjusting their schedule and lifestyle made a profound impact on their passion for their careers.
By exploring the steps above, you’ll start to discover your version of true wealth.
Why leaders need to clarify what matters
To build true wealth, Justin advises creating a “freedom vision.” Leaders must carve out time to articulate their goals and dreams for their life, not just their business.
Most of us know what we don’t want in life, whether it’s a job, schedule, or lifestyle choice. Knowing what we do want is the real challenge.
But without a vision, without a clear picture of your goals, how can you know which direction to take?
Listen to this episode to hear how Justin creates and refines his vision annually and how you can create your own freedom vision.
“Carve out time to be proactive and intentional about what it is that you want out of life.” – Justin Donald
Justin also shares…
- Why delegating helps you work smarter
- What leaders need to do to create the life they want
- How to shift from a scarcity mindset to an abundance mindset
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