Time is Money

04/07/21 • 13 min

Welcome to the Financial Independence UK podcast! Join your hosts Tom and Alex as they talk about time and money and how it impacts your FI journey.

In this episode we speak about the link between time and money and much of a role time plays in our modern society. Many of us trade hours at work for money in our payslips at the end of the month, for example. This creates an income ceiling as people won’t work ridiculous hours each week nor be paid a very high hourly rate for their field.

Value based payment instead of an hourly rate.

Breaking the time barrier, how to unlock your true earning potential - Mike McDerment and Donald Cowper.

The way to increase income is to either work more hours or increase the amount you earn per hour. These both have limitations.

As always, if you have any questions for the team, feel free to email us at [email protected]

Resource:

Swedish Investor. 80% of the benefits for 20% of the effort.

Links featured in the show:

https://www.youtube.com/channel/UCAeAB8ABXGoGMbXuYPmiu2A

Piano music for intro and outro:

Heroic Reception by Kevin MacLeod

Link: https://incompetech.filmmusic.io/song/3871-heroic-reception

License: http://creativecommons.org/licenses/by/4.0/

Ecossaise in E-flat (WoO 86) by Kevin MacLeod

Link: https://incompetech.filmmusic.io/song/3700-ecossaise-in-e-flat-woo-86-

License:

http://creativecommons.org/licenses/by/4.0/

Welcome to the Financial Independence UK podcast! Join your hosts Tom and Alex as they talk about time and money and how it impacts your FI journey.

Value based payment instead of an hourly rate.

Breaking the time barrier, how to unlock your true earning potential - Mike McDerment and Donald Cowper.

The way to increase income is to either work more hours or increase the amount you earn per hour. These both have limitations.

As always, if you have any questions for the team, feel free to email us at [email protected]

Resource:

Swedish Investor. 80% of the benefits for 20% of the effort.

Links featured in the show:

https://www.youtube.com/channel/UCAeAB8ABXGoGMbXuYPmiu2A

Piano music for intro and outro:

Heroic Reception by Kevin MacLeod

Link: https://incompetech.filmmusic.io/song/3871-heroic-reception

License: http://creativecommons.org/licenses/by/4.0/

Ecossaise in E-flat (WoO 86) by Kevin MacLeod

Link: https://incompetech.filmmusic.io/song/3700-ecossaise-in-e-flat-woo-86-

License:

http://creativecommons.org/licenses/by/4.0/

Previous Episode

Motivation and Discipline for FI

Welcome to the Financial Independence UK podcast! Join your hosts Tom and Alex as they talk about the motivation and discipline required on your FI journey.

Initial motivation can make starting any new venture seem easy, the enthusiasm can enable you to throw yourself into a new project. But how long does it last? It is the discipline that keeps you on the right path. Especially when this sort of idea goes against what everyone else appears to be doing.

The learning curve is steep, there is a plethora of information out there, it can be hard to filter out the less useful information. Our reading list can help with this, we did the research, so you don’t have to: https://fiuk.org/reading/

What can keep you optimistic?

1) Having more than one method of earning money, the choice, the different challenges and other social circles can help keep you motivated.

2) One page financial plan for you to read back to help keep you on the right path when life gets in the way and it will.

3) Celebrate the smaller milestone. Hit a figure on the way to your FI number? Celebrate it. Made a positive change in your life, celebrate it. Worked smarter to get promoted or new idea becoming profitable, celebrate it!

As always, if you have any questions for the team, feel free to email us at [email protected]

Piano music for intro and outro licensing:

Heroic Reception by Kevin MacLeod
Link: https://incompetech.filmmusic.io/song/3871-heroic-reception
License: http://creativecommons.org/licenses/by/4.0/

Ecossaise in E-flat (WoO 86) by Kevin MacLeod
Link: https://incompetech.filmmusic.io/song/3700-ecossaise-in-e-flat-woo-86-
License: http://creativecommons.org/licenses/by/4.0/

Next Episode

Behavioural Investing with Daniel Crosby

Welcome to the Financial Independence UK podcast! Join your hosts Tom and Alex as they talk about (enter topic name) and how it impacts your FI journey.

Discussion with Dr Daniel Crosby, author of The Behaviour Investor.

Realising that your behaviour is the best predictor of whether you reach your financial goals. People think that externalities have the most impact, whereas Daniel’s research suggests human choices have a much greater impact on wealth building.

Learn to utilise the emotions along your journey of self discovery so they are recognised rather than a detriment.

Awareness of your emotions is key, allow yourself to feel them, recognise why you feel like that. As attempts to control emotions can lead to worse results. Automation to remove decision making from the journey.

Managing market volatility from an emotional view. Market historians, look at historical data. Understand that severe drops do not frequently occur but be prepared for them. Look at things from a wider perspective to allow a clearer view. This drop will be a small squiggle on a long chart just like the past ones.

Financial plans are powerful, to help you through the fear. A route through the chaos.

It can also help you decide when to make decisions to enable you to make the highest quality, best thought out decision. We have least access to our faculties when we need them most.

“Money can buy you the absence of misery, it cannot buy you happiness.”

“Maximise your own earning power” Earn more per hour of your time, if it is time you sell.

As always, if you have any questions for the team, feel free to email us at

[email protected]

Piano music for intro and outro:

Heroic Reception by Kevin MacLeod
Link: https://incompetech.filmmusic.io/song/3871-heroic-reception
License: http://creativecommons.org/licenses/by/4.0/

Ecossaise in E-flat (WoO 86) by Kevin MacLeod
Link: https://incompetech.filmmusic.io/song/3700-ecossaise-in-e-flat-woo-86-
License: http://creativecommons.org/licenses/by/4.0/