What are you willing to give up in order to work a 4-Day Work Week?
That might sound like an odd question, but what you're going to find if you haven't already is that in order to get to a higher level of income, a higher level of freedom, a higher level of results, there will be some things you need to give up.
Now, depending on your particular industry, there might be more than the things I'm going to talk about here. But there are 3 things you will definitely need to give up, whatever your career.
Firstly, you're going to have to stop avoiding the most important work.
There’s a luxury that we have if we work let's say a 40-hour work week, and especially if we're an employee for somebody else. Somebody else might say, “You need to get these things done.”
And we can keep putting them off, and we can get to them when we get to them. We...
When you're outside of work and you're no longer earning money, getting ready for work or going back and forth to work, are you enjoying your life? Are you happy?
I ask that question not to stir things up, but to help you take a look at something that might or might not be limiting your desire, your ability or your motivation to create a 4-Day Work Week lifestyle.
Happy People = Fulfilled People = Productive People
One of the things I've learned over the years, while getting my master's degree in mental health counseling psychology and working with thousands of entrepreneurs, situations, team members, and employees, is that very often you'll find that people who are content with their life outside of work come into work, they focus, they get stuff done and they go home.
For them, going home, or whatever else they have going on outside of work, is a pleasant thing. They have this ...
Have you ever wondered what it feels like to work a 4-Day Work Week?
A lot of people wonder this, but they often have a certain picture in their heads of what it will be like, which may or may not be accurate.
I’m going to help you feel what it’s really like to work a 4-Day Work Week, so that you can see whether it’s something you want to create, and, if it is, find a way to move in that direction.
Let me ask you a different question: Have you ever had a 4-Day Work Week? More specifically, have you ever had a Friday off, because a Monday off is a slightly different dynamic.
Have you ever had a week where you know that Friday will be off, maybe for a holiday or something, and you know that you need to get more done than usual? Based on your normal schedule, you’ve had to get 5 days worth of work done in 4 days.
Let me describe a situation that I think will be familiar to most entrepreneurs who are actively growing their businesses.
Right now, you're working with clients who are at a certain level of business ability. But once upon a time, you were working with people at a lower level and at a lower price point. From that point, you grew and you expanded your horizons to bigger opportunities, and you moved on from your first clients.
Now, meanwhile, there's another group of people who don't want to do business with you yet, because you're not at the level that they want to be served at. But as you continue to evolve, you might reach a point where they do want to do business with you. These things tend to flow naturally.
How Can You Serve People at All Levels?
I encourage you to consider, as you evolve, that you might actually still...
If you had a magic wand that let you could schedule when and how you got your own raises, what would you do with that?
Imagine if you could schedule increases to your income on a regular basis. What if I told you this is possible, and all you have to do is get a little more focused and maybe be a little better at what you do?
Scheduling Your Raises as an Entrepreneur
A hugely important thing that all entrepreneurs think about is how to make enough income. For most of us, we have some work that's steadier work but maybe not as well paid, and we have other work that’s not as steady or reliable, but that might be a bigger opportunity in terms of income.
If you do the math using hourly income, there might be some projects where we can make our base rate of x, whatever x is: $10 an hour, $25 an hour, $100 an hour. Then we have some 2x work, and we might have some 4x work.
Who needs more of your time, more of your energy, and more of your attention?
Is it your partner? Does that person need more of your love, more of your ability to connect with them, and more of your presence?
Is it your children? Do they need you to be more present when they come home from school, so you can listen to them, and hear what's actually going on in their day? When kids come home from school, there's a 15 to 30 minute window where they'll actually tell you what's going on, and then after that, if you ask them, they'll just say, "Oh I'm fine, everything's good." Not because they've shut down, just because they've moved on to something else.
Is it maybe a friend who could use your help? A friend who just needs a little support? Who could use your encouragement and your ear, to be able to listen to them, and to hear what's going on with them?
Are you going to let me make you angry if it will help you save some money?
I want you to think about something: How much money is your credit card or your loan interest debt costing you every month? I’m not just talking about the financial cost, which you might be aware of, but also the time cost… What is that debt costing you in terms of hours?
Credit Card Debt is Eating Your Free Time!
The banking industry is an industry that makes its profit from arbitrage: Lending one person money for a certain amount and making a higher percentage on that than what they pay out to somebody who saves. For example, they might charge someone who borrows money 5%, but they only pay out 2% to someone who saves, and then that 3% difference is where they make a profit.
Then there are credit cards. If you look at just about any bank, they market their credit cards a little like candy or even drugs. If you...
What's the difference between a $75,000 car and a $25,000 car?
You know what the difference is? In a lot of cases the difference is simply 3x as many hours worked to afford it.
If you really love cars, fine: we all have our hobbies. But very often, I find people who aren't really that into cars and they just buy the more expensive car because of its brand name, or because they felt like they should. If you ask them why, they often can’t tell you.
I bought a Honda CRV a few years ago. It kind of made me laugh because it's about a $25,000 vehicle. And I once saw a BMW which looked really similar, and it was almost the exact same color blue, so I went up to that car with my clicker and thought it was my car!
There really wasn't that big of a difference between my $25,000 car and this car which probably cost more like $75,000.
When I was younger, I probably would have noticed the difference more, but...
Today I want to talk about the idea of being house poor.
This isn’t about people who don’t have a nice home, or a home at all: that’s another story. This is about people who have a nice home, but one that’s so expensive that they spend their whole time working to pay for the home, and have very little time to actually enjoy it. In fact, they probably don’t really own it: the bank owns it.
I remember when I was just out of college and had started working, I just took my stuff from my parent's house and I moved it to this apartment because I wanted my freedom. But after a few months, I became kind of dissatisfied, because I was hardly spending any time in the apartment.
I was outside in the world, enjoying life at the beach, hanging out with friends, and I realized that I really didn't need a two-bedroom apartment: a one-bedroom apartment would be plenty. Sure, the extra room...
If someone younger than you who you cared about came to you for advice, and they asked you, “What is the best way to get a guaranteed return on investment?” – What would you tell them?
Would you tell them the stock market, because it's been good over the long run? Would you say mutual funds, because they're diversified? Would you say bonds or certificates of deposit? How would you respond to that?
Guaranteed Returns on Investment
As I've worked with clients over the years in their businesses and looked at the risks they take on team members, advertising, new projects or research and development, the only things I’ve found that is a guaranteed return on investment are:
Investing in yourself
Investing in life experiences
Investing in your most treasured relationships.
Those 3 things seem to be just about guaranteed that you're going to get a positive return on your investment.