Here’s your Quick Tip for Freelance Writing Success for this week . . .
Learn How to Use Your Time More Wisely
With the busy season almost upon us, figuring out how to maximize your time will not only increase your earnings, it’ll make your work days go much more smoothly. One of the things I do to is time block my days, as I wrote about in a guest post on Jennifer Brown Banks’ freelance writing blog, Pen and Prosper.
One of the Things I Do to Increase My Productivity as a Freelance Business Owner
Explaining why I timeblock my days, in the above-mentioned post, I wrote:
I time-block my days down to the hour. This way, if I’m tempted to spend too much time surfing or am just having one of those off days where I can’t decide what to work on, all I have to do is look at my calendar to see exactly what I should be doing at that hour.
Remember, your daily calendar is simply a breakdown of the lifetime hopes and dreams you want to achieve – chopped up into daily increments. If you goof off today, what dreams are you NOT achieving tomorrow?
One of the Things I’m Learning as I Become More Successful
We’ve all heard the phrase “time is money.” Sometimes, I think when we hear little idiomatic expressions like this, they don’t sink in because they’re so common. But let me tell ya, one of the things I’m learning as my freelance business grows — and as I get older — is that how I use my time is DIRECTLY tied to my income.
It’s no longer some little expression that I hear and dismiss; it’s my living, breathing reality. For example, one of my income streams is self-publishing ebooks. For each one I publish, I’ve started to put an annual dollar amount I strive to earn from it (it’s very nominal). To achieve the income goal I’ve set for myself in three years (I almost always plan things two to three years out), I have to produce every day, week and month.
If I don’t, I’ll be able to look back and see what I didn’t do that’s cost me.
Time Can Make You a Millionaire! An Eye-Popping Truth
Another thing I like to do to stay motivated is play around with numbers — as in projected income. Did you know that if you started saving just $100 per month at 20 years old, by the time you’re ready for retirement (65), you’d have well over $1 million ($1,048,338.53 to be exact). How/why? Compound interest is the simple answer. When I see this it just makes me sick because, of course, I didn’t start saving for retirement that young!
You don’t have to learn any fancy investment strategies, ever have a high-paying job, or play catch up in your 40s and 50s. If you just start putting a measly $100 bucks per month away at 20, you’ll be a millionaire when you retire. Can’t get more easy or straightforward than that.
How did I arrive at the above number? By using this simple savings calculator, I plugged in the following (click graphic for larger view).
The reason I used 10% interest is because the stock market has returned on average of 10% per year since its inception. It’s actually a bit higher than this, but that’s usually the figure you hear thrown around when it’s talked about, so it’s a good gauge.
The reason I used this as an example of how important it is to maximize your time as a freelance writer is that what you do with your time is like compounding interest.
How you use time are the rewards (or not) that you’ll reap in the future; or as I said in the piece on Jennifer’s blog, if you misuse your time today, what dreams are you NOT achieving tomorrow?
So figure out one or two ways where you can better maximize your time. Is it:
Hiring a VA to handle your social media marketing (something I’m looking into)?
Batch writing a week’s worth of blog posts?
Getting up an hour earlier to get your marketing out of the way?
Putting in a few hours on the weekend to get all admin tasks out of the way?
Start dieting/exercising so you can have more energy during the day?
Maximizing your time as a freelancer is an investment in your future you won’t regret; one that will pay great dividends. And the sooner you get on it, the sooner that ‘compound interest’ (career rewards) can start to kick in!
Share Your Thoughts
Please share some of your time-saving tips in the comments section below.
Have a Quick Tip for Freelance Writing Success?
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Can you believe it’s Friday already! This week flew by. 🙂
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