If you listened to The Investor Exchange podcast earlier in the week you would have heard Louis and Brett interviewing career coach Nikki Smith about finding your dream life. You can still catch the podcast here https://theinvesterexchange.podbean.com/e/episode-60-gaining-more-financial-freedom-by-creating-your-dream-life/
Louis mentioned the importance of spending cash bonuses or excess cash on outsourcing as a way of better managing personal finance to gain a better work-life balance.
If you can be more productive – that is, get the same amount of work done in less time – then you will increase your work life balance. Forbes magazine’s tips on regaining work-life balance include elevating your productivity and eliminating time-wasting activities. An increase in productivity elevates your mood, resulting in less health-related medical expenses and less frivolous spending.
The key to outsourcing is to be very organised and have a list of what tasks you need to accomplish on a regular basis: whether daily, weekly, monthly, quarterly or annually. Once you have a clear view of your calendar by task, it’s easier to see what’s both the most time consuming and the most feasible for hiring someone else to do.
Another task you can outsource is your accounting. The costs can be offset by having an accountant whose job it is to know and understand a range of accounting, bookkeeping and tax issues in depth. In the long term, an experienced accountant could save you time and money!
Everyone has heard of dog walkers, who’ll exercise your pet when you lack the time. But if time with your dog is part of what you want in a balanced life, consider outsourcing other activities – hiring a gardener or house cleaner, or set up online grocery deliveries so you can spend less time in the aisles and more at the park. The Muse has compiled a list of tasks to outsource
Not everything can be outsourced completely. Many activities still require some input – like managing your investment portfolio.
If you would like to speak with a professional investment adviser about managing your investments, contact United Global Capital today on 03 8657 7640 or email [email protected] for a no cost, no obligation consultation.