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Here is the thing: money doesn’t buy happiness. But, it can buy freedom. The freedom to spend time on things we care about. Do you agree? Naval Ravikant co-founded Angelist and now AirChat, the newest social media audio app. He wrote about this in his famous threads on X. Morgan Housel also said this in the Psychology of Money, “the ability to do what we want, when we want, with who we want, for as long as we want, is the ultimate freedom that money can offer.” In this week’s newsletter, I want to highlight 3 ways that we can all embrace more time and freedom in our daily lives. When I started my business, I thought I had finally started the road to freedom as an entrepreneur. But instead, I found myself in a business working with many clients. I traded my time for money. I can only take on so many clients at a time. I took on almost too many and got to the point of burnout. Most people, like me back then, want to grow money instead of wealth. And true wealth, as I now come to learn, is in the freedom to do what we want with our time. Let’s unravel how to approach this differently, so you can live with more freedom and time in your ideal life: 1. What is your personal hourly rate?For most people, the fastest and most easiest way to generate revenue is selling your time for money. I did this in my first few jobs after college. I was paid a monthly salary. I also did it in my previous freelance business, where I was paid a day rate. Society and the market value each and everyone at what they are worth based on this. But, no one is going to value you more than you value yourself.
Early on, I didn’t have this concept. I accepted what was given to me as the value of my time. It was based only on my job title and where I rank in a company’s hierarchy. Eventually, I decided that, to truly move forward in life, we need to value our time much more than the market does. 2. Establish your hourly rateYour “personal” hourly rate is how much you value an hour of your time. If you valued your time at $100 per hour, would you pay $20 to get a task done by someone else? Most definitely. ($100 > $20) I’m constantly reminding myself of this daily, that our time is worth more than we think. And most times, others can do the task better and faster than me. So we can focus our time where we are valued the most in our zone of genius. 3. Set an aspirationally high hourly rateLet me explain… This is more of a mindset than an exact calculation or number. Naval sets his hourly rate at $5,000 per hour. He relentlessly delegates tasks that he can’t do. He spent the hours that he saved creating his multiple startups and businesses. He also spent them on quality time with his family, which is worth much more. Feeling like you never have enough time? It’s time to list tasks you can outsource and what you can afford to pay others to help you. I did this exercise a year ago. It’s amazing how many things I have taken on that I can drop. Doing so frees me up to do work that excites me, creates more revenue, and helps more people. What would you set as your aspirational hourly rate? Write this down and put it somewhere you can see it every day. To your success, Laurie 🙌 🎥 My Thoughts on How We Can All Take That Next StepI sat down over a week ago to record this video. I peeled back the layers of the biggest lessons I’ve learned from the challenges I’ve faced. I also explained how I learned to overcome them. Your reaction and feedback meant a lot to me ❤️. Many comments have said they are inspired to take the next step toward their dreams. I’m so excited for you. If you haven’t had a chance to watch it, check it out here. 🧠 Quote of the Week “All the returns in life, whether in wealth, relationships, or knowledge, come from compound interest”.
– Naval Ravikant
A Collection of Things that Can Help You in My Tool Box in 2024
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