Wealth Building at 55 plus - Changing Your Time Priorities

One of the facts of life is that building wealth requires a daily allocation of your time. By this stage of life you probably have some well established time habits that will need reviewing in order to free up the time required to provide financially for the future.

It always amazes me that people are willing to allocate 40 hours each week to their job so that they can earn a basic survival income yet those same people will resist when you suggest that they allocate a couple of hours each day to getting rich and having a magnificent life.

Those people are stuck in the belief system that basic survival and mediocrity is all that they are ever going to get in life. If you want to break out of that rut you need to accept that it is going to take a couple of hours each and every day.

If you are somewhere around the 55 year mark then one of the realities of life is that you may be forced into retirement in around 10 years time whether you are financially ready for it or not. Your decision on how you spend your time over the next 10 years will determine whether you spend your retirement years in luxury, basic survival, or total poverty.

You need to find time to learn the skills of wealth creation. These skills start with retraining your style of thinking and believing and then go on to include specific skills of creating capital growth and passive income.

So where are you going to find two hours each day in your busy life? Let's look at some of the possibilities.

Firstly you can find the times where you can get a two for one use. For example when you are traveling to work you could also be using that time to listen to educational audios or, if you are not the driver, reading educational material or writing your goals, strategies and action plans.

Secondly you can reallocate some of the time you are wasting now. Do you watch television? I firmly believe that television if the great poverty maker of the modern era. It is not what you are watching that is the problem; it is the fact that you are spending time in front of the television set that you could be spending on far more rewarding and interesting activities.

Groucho Marx once said that television was a great tool for education for him because every time someone turned it on he went into another room and read a book. If you take a leaf out of Groucho's book and reassign you television time to wealth creation activities you will find life far more rewarding.

If you are serious about getting rich, and at your stage in life you should be very serious about it, then you will make a list of how you are using your time now and decide how you can reallocate two hours each and every day to building a wealth portfolio that will provide you with a passive income in your retirement years.

Two hours each day for 10 years is about what it should take. The 10 years are going to going to pass anyway whether you are ready for them or not. It's your choice to make sure that you are ready financially when retirement comes.