Finding the Time to Build Your Wealth and Secure Your Future
Disclaimer: Good Day, Readers. WealthBuildingPowers blog is a financial literacy/competency blog and does not provide specific investment recommendations.
Finding the Time to Build Your Wealth: Strategies for Busy Professionals
Most of us spend ~730 hours annually on social media platforms like TikTok, YouTube, Facebook, Instagram, Twitter, etc.
The average individual spends about six hours/year learning about 401K Plans, Owning a Home; IRA; ROTH IRA; Federal Reserve; S&P 500, ETF, etc. SIX HOURS!!
Maybe a wee bit less Facebook time and more time securing your future!
A National Institute on Retirement Security (NIRS) 2020 study shows 40% of Americans aged 65 and older rely on Social Security as their primary source of income, and about 10% live in poverty. About 80% of Americans between the ages of 55 and 64 have less than one year’s income saved for retirement.
A significant percentage of seniors are working today because they MUST!
“Stop Making Excuses and Start Building Wealth: Tips for Finding the Time”
Social media is fun, but there is a cost to spending so much time on these platforms. If you want to grow your wealth, cut a fraction of your time on social media and replace it with the knowledge that can significantly improve your financial situation.
Set Goals and Priorities – Time to Invest in Yourself
The first step in cutting your social media time in half and focusing on personal finance is to set clear goals and priorities. Take some time to think about what you want to achieve with your finances, whether it’s paying off debt, saving for a down payment on a house, or investing for retirement. Once you have your goals in mind, plan how you will achieve them, and set a timeline for when you want to reach each milestone.
Schedule Your Social Media Time – Maximizing Your Time for Financial Freedom
It’s easy to lose track of time on social media. An effective strategy is to schedule your social media time. Set specific times of day when you’ll allow yourself to check your accounts and engage with your friends and followers, and stick to those times. This will help you avoid the temptation to scroll mindlessly throughout the day and stay focused on your financial goals.
Use Time-Tracking Apps – Make Time for Wealth
If you’re having trouble sticking to your social media schedule, consider using time-tracking apps to monitor how much time you spend on various activities. Many apps can help you set time limits for specific apps or activities and send notifications when you’ve hit your limit. This can be a powerful tool to help you stay accountable and reduce your social media time.
Seek Out Financial Education Resources – Prioritize Wealth Creation and Reach Your Financial Goals
One way to make the most of your time away from social media is to seek financial education resources that can help you improve your financial literacy and make more informed decisions. There are countless books, podcasts, blogs, and courses available on a wide range of personal finance topics, so find the ones that resonate with you and commit to learning something new each week.
Create a Support Network – Investing in Yourself
Finally, consider creating a support network to help you stay on track with your financial goals. This could be a group of friends, family members, or even online communities focused on personal finance. Surrounding yourself with like-minded people who share your goals can help you stay motivated and accountable and give you the encouragement you need to stick to your plan.
Financial literacy is a crucial skill that everyone should possess. It involves understanding basic economic concepts such as budgeting, saving, investing, and managing debt. With a solid foundation in these skills, individuals can make informed decisions about their finances and plan for a secure future.
CONCLUSION
Try cutting your social media time in half and focusing on personal finance. Establish clear and achievable goals and priorities, create a plan, and stay accountable. By scheduling your social media time, using time-tracking apps, seeking out financial education resources, and building a support network, you can take control of your finances and achieve your financial goals.
Becoming wealthy is a long-term process involving much more than improving financial literacy. It requires ongoing effort and commitment to financial goals and practices.
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ABOUT ME
I am a proud nerd (as my beautiful wife and daughter have told me) investment and finance blogger with an NC. State, Chemical Engineering, University Rutgers, MBA and Harvard University, Advanced Management education.
I left a corporate career because I desired to make a difference as a speaker and writer. I was blessed to be coached and mentored by strong women and men in my family and professional life. It is my time to serve and give back.
DISCLAIMER
I started my first business at ~13 years of age (a small but brilliantly created plant nursery). I am a successful investor in stocks, options, and real estate and am happy to share my finance and investment lessons. I am NOT a licensed financial advisor. Please do not construe my suggestions on this blog as recommendations for your situation. As an investor, you must establish your risk/loss tolerance. Investment in any asset involves risk, including complete loss.
Please seek your licensed CPA or fiduciary financial advisors for individual financial advice.
I write this weekly blog to make an impact by reaching an audience and demonstrating the need for financial literacy. I will help you get there.
