Time Freedom: Embracing an Abundance Mindset for A Better Quality of Life

time freedom

One of my favorite things about my life is the time freedom that I have. I worked hard to be independently-employed. The money I earn is nice but it’s simply a means to an end. The structure of this kind of work affords me the opportunity to define how I spend my time. Recently, I’ve been reading a book about abundance that allows me to take this to the next level.

What is Time Freedom?

Time freedom is really a very simple concept. It’s the ability to define how, where, and with whom you would like to spend your time. It is the cornerstone of why I love working freelance instead of 9-5.

Time freedom doesn’t mean that I don’t work. It means that I do work that I enjoy. More importantly, I’m able to adapt my work to a schedule that allows me to maximize my time. I’m able to do all of the things that I want to do in a day including my work.

The Fear of Scarcity Reduces Time Freedom

One of the traps that I’ve fallen into over the years is that of reducing my own time because of scarcity fears. I worry that I’m not going to make enough money. Therefore I devote more hours to work than is healthy. If I’m passionate about a project and really involved in it, then that’s different. However, if I’m driving myself to the brink of exhaustion because I want to earn more money, then I’m eating away into my own time freedom.

Embracing Abundance

Recently I’ve been reading The Abundance Project by Derek Rydall. The gist of his belief system is that we all have exactly what we need within us. In order to experience abundance, we merely need to recognize this fact.

Of course, he goes into a multi-step approach to practically realizing abundance. The main point, however, is that changing your perception from one of scarcity to one of abundance makes all of the difference in your life.

This makes perfect sense when it comes to time freedom. When I am in a scarcity mindset, afraid not to earn enough, I overwork. I don’t give myself the balance that I need. On the other hand, when I am in an abundance mindset, I balance everything better. I still give time to work. However, I use my time freedom to make sure to enjoy my other priorities as well.

Giving Time to What Really Matters

Abundance means so much more than just having more-than-enough money. In fact, to embrace an abundant lifestyle means digging deeper into core values. Money helps, and certainly aiming for an abundance of money is fine. However, when you look at what you really value, you realize that you need much more than money. Some of the things I personally value include:

  • Long walks with my dog
  • In-person chats with my friends
  • Attending performance art and other events in my city
  • Connecting regularly with my siblings
  • Spending time each day reading and writing
  • Creating art of various kinds

These are just a few of the things I want to focus on. Earning money isn’t on the list, though it’s necessary. In order to have these things, what I really need is time freedom. When I recognize how important it is to give my time to those things, I loosen up on a work focus. As a result, I more thoroughly enjoy each day of my life.

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Does More Time or More Money Cause Happiness?

Does more money cause happiness?

Does more money cause happiness?

They say money can’t buy happiness, but research over the years shows that those better off financially do tend to have a better well-being…to an extent. Everything has a limit, of course, but if money does not cause us to be happier what does?

Those who are able to pay bills on time and not struggle financially do appear to be happier in general terms, but money being the cause to happiness seems to actually be more about what we buy, according to some research. It is suggested in recent studies that what we spend our money on does determine our happiness, and that actually, spending money on experiences has a longer lasting effect. Although, this is a thought that could have been assumed even without the study.

Conversely, a popular study by Daniel Kahneman and Angus Deaton expresses that a higher income does improve your life but not necessarily your emotional well-being. It goes on to say that those with an annual income of $75,000 seem to have the best of both worlds (looking fondly on their life and associating quality with everyday experiences).

There is a point where money begins to no longer provide your well-being and seemingly starts to cause more heartache due to losing satisfaction or desiring more, which becomes a never-ending cycle with needing more money in order to satisfy your urges or new financial demands. Of course, this does also partially depend upon what is important to us as individuals in life and our desires. Is it money that really makes us happier? Or would more of something else solve all our problems?

A study published in the Social Psychological and Personality Science journal found some interesting data to this question.  The researchers at UCLA and Wharton School involved in this latest article (published May 25) found that roughly two-thirds of 4,400 people surveyed mentioned that they would prefer having more money over time. However, the one-third who chose more time were happier. This does come with gray areas, though, and raises a couple important questions.

Are people who want more time truly happier? Is it that not desiring more money makes them more content or is that they already have enough money so now they want more time to enjoy their income?

The researchers did use the $75,000 salary amount to evaluate questions such as these. When asking which was preferred, more time or money, to individuals with this base income, those who answered more time did appear to still have more happiness in their lives on average.

So, which is better? Time or money? Does one cause more happiness than the other? While still up for debate, it appears better to be in a situation where you have enough money to take care of all your needs and obligations in life while wanting more time rather than the other way around. Although, if you have minimal to no debt, money may be of little concern and, thus, more time may be better in those particular situations as experiences in life tend to fulfill us more, according to the study mentioned previously in this article.

There is definitely a difference between needing more money to better your financial situation and wanting more money for superficial reasons. At the end of the day, only you can determine what makes you happy. It’s all about creating balance, both with time and money.

What are your thoughts on the topic?