Score Your Things & the Value They Bring to Your Life

Now we’re going to turn our attention to your possessions, how you can use your things without them using you and make them work for you. Rather than you working too hard to support them. We’re going to define things in three different ways. They’re either assets, their liabilities are their time wasters. And what we want to do, of course, is have as much as possible that your possessions your things, or assets, and as little as possible that they’re time wasters for liabilities. So real quick definition on the three of them from a lifestyle and a wealth perspective. Assets make you money, make you happy, or make your life better. time wasters cost you time and give you nothing back in return. And liabilities cost you money, or happiness or quality of life or a little bit of all three with a clear definition of assets, liabilities and time wasters, we can now appraise the possessions you currently have, and see how they impact your 10 primary wealth areas. And so assets will be things that in some way, support one or more of these areas in your life to where the net effect is a positive impact. time wasters for the most part won’t make a significant contribution. And liabilities will actually hurt each of these areas. So when we do this, we’re going to use a positive one for all the positive situations. A zero if it’s a time waster or a negative one, if it’s something that is a liability in that particular area. And as we total them up, we’ll end up with a score somewhere between a positive 10 for sort of the ideal asset. A zero would be really just an absolute time waster. Nothing really bad coming from it financially, but no gain from it and a loss of time. And a liability being something that hurts you in these different areas. So let’s look at some examples here. If I have an oversized car, maybe it helps me get my family members in there, which is great. And maybe it’s fun. But maybe it costs a little more to have that between the gas and the upkeep. So it’s a, it’s a plus one, it’s not really that big of a positive thing for me, it’s helping me a little bit, but not much. If I have a debt free car. It’s supporting all these different areas of my life, because it’s performing for me. And it’s not requiring me to put more money into it, at least in the ownership of it. And unused education will cost me it’s not that fun, takes away my money. It takes away my ability to grow my career and to give to others if I spend the money on the education but do nothing with it. And yet an education that is used for the benefit of others and to create impact and income in the world would positively impact all these areas. an overpriced house hurts just about every one of these areas and some could argue all over Have them. And so in each of these cases, these investments can not only hurt you once, but they can hurt you multiple times. And that’s perhaps the difference between a one time expense, it’s a bad decision, and something that keeps causing you to have to pay or invest money into it. So the first thing I want you to do now is to write down your five biggest liabilities. And these are possessions or financial commitments. Maybe it’s a group of membership doesn’t have to physically be a thing. But if it’s something that’s ongoing, as opposed to an expense, something that really is costing you and indicate each of those primary welfare is whether it’s a plus, or a minus, as far as how it impacts you. Once you’ve done that, score, your most costly time wasters so this might be something that you simply spend a lot of time on and nothing comes from it. It could be a specific thing that you Do you put money into it or you put time into it and nothing really comes back from it. But you just find that you could have done something better with your time. And then score your most valuable assets, the five most vital assets, what are those look like? What are those things, because identifying those as well as the other categories are going to help us to determine where we want to invest more, and which are the things that are truly assets for us and which are not. And then finally, take time to score any other high investment things that you have. So maybe there’s some things you’ve invested a lot of money or time into. They’re not yet on this list, and I suggest you put them here as well. So each of these four steps I’ve kind of gone through quickly in the video, but feel free to pause or go back and complete the exercise on each of these. And that’s going to set us up for the next part of our exercise.