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Speaker 1: States Forest Service and the AD Council. What Girls in

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Speaker 1: the Forest, our imagination, and our family bonds. The forest

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Speaker 1: the United States Forest Service and the AD Council. M

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Speaker 1: Good morning. This is Laura. Welcome to the New Corner Office,

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Speaker 1: the podcast where we share strategies for thriving in the

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Speaker 1: new world of work, where location and hours are more

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Speaker 1: flexible than in the past. Today's tip is about how

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Speaker 1: to strike the right balance between spending money in ways

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Speaker 1: that buy you time now versus investing money which can

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Speaker 1: buy you time later. This tip stems from a question

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Speaker 1: I got from a New Corner Office listener who manages

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Speaker 1: her own business. She noted that I write a lot

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Speaker 1: about hiring childcareen outsourcing chores. Even if you work from home,

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Speaker 1: business owners can also outsource work tasks. In both cases,

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Speaker 1: the reason is that taking some tasks off your plate

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Speaker 1: means that you can focus on your professional goals during

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Speaker 1: the hours that you've designated to do that. Of course,

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Speaker 1: outsourcing costs money, and so the listener noted, well, you

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Speaker 1: are also pretty for goal and you like to spend

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Speaker 1: your time and money wisely. So I'm wondering how you

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Speaker 1: decided on money spent now for time today and money

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Speaker 1: saved now for time in the future. The listeners said

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Speaker 1: that I'm at the stage in business in life where

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Speaker 1: my business is starting to make more money, but it's

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Speaker 1: also needing more time, and so I'm at this weird

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Speaker 1: fork in the money road. She could invest more for

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Speaker 1: retirement so the money would have time to grow, or

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Speaker 1: she could invest the money in hiring contractors for her

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Speaker 1: business and outsourcing some personal tasks to free up time

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Speaker 1: and possibly see an investment on that too, So the

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Speaker 1: question by time today or by time tomorrow. This seems

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Speaker 1: like a tough question, but my answer is yes or

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Speaker 1: really both. No one ever saves as much money for

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Speaker 1: retirement as they potentially could, and no one ever outsources

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Speaker 1: every single thing they could. Either, it is possible to

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Speaker 1: do some of both, knowing that when you invest strategically

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Speaker 1: in buying yourself time now, you'll probably be able to

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Speaker 1: earn more and also save more along the way. First,

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Speaker 1: you definitely should save something for the future. As this

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Speaker 1: listener notes, compound interest is an amazing thing, and the

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Speaker 1: more time your money has to grow, the better off

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Speaker 1: you will be. But businesses can grow too. They can

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Speaker 1: kick off more money which can also be invested, and

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Speaker 1: the business itself might be worth more, which is a

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Speaker 1: good thing if you should ever decide to sell it.

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Speaker 1: So one option is to figure out the pot of

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Speaker 1: money that you could theoretically save and then roughly split it.

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Speaker 1: Half goes toward the future and half goes towards strategically

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Speaker 1: buying time now so that you can grow your business now.

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Speaker 1: You may decide that that ratio doesn't make sense in

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Speaker 1: your case. There are many cases out there but maybe

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Speaker 1: it does. You have to start somewhere then, to figure

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Speaker 1: out how to best use the money that is freeing

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Speaker 1: up your capacity. Really analyze your time. What ways do

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Speaker 1: you spend your hours that have the best return, and

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Speaker 1: what ways have the least. Many business owners figure out

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Speaker 1: that spending time building relationships with current and prior and

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Speaker 1: potential customers has a huge return. Basic administrative stuff like

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Speaker 1: bookkeeping might have less of a big return. It's important

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Speaker 1: to do and it's important to do it well, of course,

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Speaker 1: but possibly not by you. Likewise, you might be more

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Speaker 1: relaxed for evenings with your family if someone else helps

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Speaker 1: drive the kids to after school activities, thus freeing you

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Speaker 1: up to focus during business hours. The returns on buying

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Speaker 1: time can be quite large. When I finally talked myself

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Speaker 1: into getting enough childcare a few years ago, my business

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Speaker 1: income didn't go up by something like eight percent, it

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Speaker 1: doubled because I could actually start traveling for speeches, opening

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Speaker 1: up a business line that wasn't really there before. In

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Speaker 1: any case, my answer to the question of by time

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Speaker 1: now or by time later is yes, by time invest

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Speaker 1: for the future, but by investing in a few extra

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Speaker 1: hours that might yield big returns, you can generate more

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Speaker 1: revenue that can help make your future really sweet too.

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Speaker 1: These are both good ways to use money, so there's

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Speaker 1: really no wrong choice. In the meantime. This is Laura,

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Speaker 1: Thanks for listening, and here's the succeeding in the New

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Speaker 1: Corner Office. The New Corner Office is a production of

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