Today we’re going to talk about what I like to call, The Employee’s Trap and how to get out of it.
When I’m working with clients privately, the first thing I do is help them organize their finances in one place. They send me their bills and we get a clear picture of how much their life costs. Then we look at what comes in per month. For many clients they make more than enough, the funds just aren’t been allocated properly.
So we make adjustments, make a cash flow plan to make sure they’re paying their bills on time, paying off debt and saving.
In some clients, we find that they live at zero, meaning they spend exactly what they earn with little left over. In these cases, I always invite them to think about ways to bring in more.
I mean, it’s not rocket science. If you’re at zero, and you need more, you’ll either have to cut to make up the difference or increase earnings. (Or both!)
But here’s where some people get tripped up. They’re caught in what I call the Employee Trap. Yes, they see that there’s not much left in the budget to cut.
And yes they understand that in order to reach their goals, they’re going to have to bring in more.
And yes they’d love to… but! Because they are working full-time, usually in jobs that drain them, they find that they don’t have enough time (or energy) to put into creating anything new when they come home from work. Weekends, of course, are reserved for running errands, spending time with family & friends and enjoying themselves.
Therefore not only is there not enough money, but there’s not enough time to create more. This is the Employee’s Trap.
So what do you do?
Here are my top three tips to getting around the Employee’s “No Money, No Time” Trap.
1) Recognize This is As Scarcity Mentality in Disguise. This is the absolute first step. I’ve had countless clients say to me: sure I totally believe that I can create what I want, but I don’t have enough time, energy, support etc. When the words “don’t have enough” come out of your mouth, you know you’re expressing Scarcity mentality. The truth is, there’s always time, (even though it may not be A TON and it may not be at a “convenient” hour). You have to believe that you can create time and space for you what you want by being more mindful of how you’re spending your hours right now.
2) Commit to starting small. Everyone has an extra 20-30 minutes somewhere in their day to devote to activities that could potentially generate some extra income, if they’re committed. Can you find one extra half hour in your week to get started? And move up to one extra half hour per day?
3) Find ways to get paid to do things that energize you. Ever notice that you can be “so tired” sitting at your work desk at 4pm but the second you leave the office you’re practically skipping down the street? While your job may be demanding, if you spend your free time doing projects that not only energize you but bring in extra cash, you’re closer to winning the game. I’ve had clients spend their nights and weekends writing grants, giving yoga lessons, helping people with resumes, coaching/counseling, teaching workshops and even coordinating weddings while creating extra income that helped them pay down bills. The key was to find something THEY enjoyed doing so that even after a long day of work, they’d have the energy to keep going.
4) Be willing to sacrifice. No one likes this word because it sounds like a downer. But be willing to let go of some of the habits that are zapping your time. If you’re committed to creating more, you’ll have to carve out the time to do it. That may mean, getting up an hour earlier before going to work. Or it may managing your time better in your day job, so you’re not stuck working late hours. It might be limiting your time with people that are complete time wasters. It might be letting go of the need to do everything yourself and ask others for help. (I had to sacrifice all of these things to start earning more, by the way.)
5) Start using a calendar. Before I started running my business full-time, I rarely used a calendar. Now I can’t function without one. Take inventory of how you actually spend your time. I bet you have some chunks of unused time in between meetings, travelling, watching TV or sleeping in. Schedule your half hour chunks and devote that time to activities that will help you to earn more in the future. I made it a habit to open my laptop at 7am every morning before my day job and take action towards helping people with their finances. That simple act let me know it was time to SOMETHING towards my goal and I had 30 minutes to do it. Over time, 30 minutes turned into two hours.
I’m teaching a free teleseminar on Tuesday March 18th at 7pm EST called:
Make the Money Leap: How to Prepare Yourself Financially
See, I believe that if you really want to succeed in working for yourself, DON’T QUIT YOUR DAY JOB! There’s plenty of things you’ll need to prepare for your big exit. And one of the first steps is to get out of the Employee Time Trap.
In this 90 minute teleclass, I’m going to share with you the real down and dirty action steps I took to get myself prepared financially before making the leap to work for myself full-time.
If you know exactly what you want to do once you leave or even if you’re still figuring it all out, this is going to be an eye-opening course that lays out what you need to prepare. And it fills up quickly every time I offer it.
Click here to grab your seat!