Can You Be Time Rich And Cash Rich?

Is it possible to have the best of both worlds?

Many of us dream of having it all – a successful career, a happy family life, financial security, and time to enjoy it to the full.

Many working professionals will identify with being cash rich, but time poor. There just aren’t enough hours left in the day to reward themselves for the hard work they put in. For those seeking work or in their later years, the opposite is true. They’ve got plenty of time on their hands but can’t necessarily afford to do what they want.

Is it only the super wealthy who can be cash rich and time rich?

What will it take to have all the financial resources to support your lifestyle and achieve your goals, while also having the time and flexibility to enjoy the things that matter most to you? That might be spending time with your family, pursuing hobbies or interests, or simply having more time to relax and recharge.

“If you want to create the perfect work-life balance, it’s going to take some careful planning, smart decision-making, and a willingness to prioritise what matters most,” says Jack Teasdale of Pinnacle Wealth Management. “The starting point is to determine your own definition of rich.”

It means looking beyond your investment portfolio or retirement savings, and taking a holistic approach to financial planning, considering all aspects of your financial picture, including your budget, debt, and expenses.

“There are also two simple rules to stick to that will set you on the right path: spend less than you earn; and save and invest as much money as you possibly can. Those rules apply whether you’re in your first Job or the peak of your career ”, adds Jack.

To analyse your expenditure, we refer individuals to the ‘Needs, Wants, Must’ model. “It’s a great exercise to help understand where your money goes and identify potential funds that can be repurposed into your savings and investments.

Creating the discipline of ‘must do’ saving really counts.

Putting away money consistently into a pension or an ISA could make that goal of retiring before you are 60 a reality.

Being time and cash rich is possible, but it’s about finding a balance that works for you and your lifestyle. This may require some sacrifices and tough decisions along the way, but with careful planning and a long-term perspective, it’s possible to achieve financial security and enjoy the things that matter to you – today.

Redefining Wealth Limited (trading as Wheel of Wealth) – introduces to St. James’s Place Wealth Management Plc, who are authorised and regulated by the Financial Conduct Authority.

Pinnacle is an Appointed Representative of St. James’s Place Wealth Management.

SJP Approved xx/xx/xxxx