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This Week at a Glance

• Using your wealth to buy back your time is one of the best things you can do for your well-being. But if you don’t approach hiring help in a mindful way, it could cost you. That’s why this week I cover three things you can do to avoid hiring a bad fit for help around the house.
• Stocks in the US rallied Wednesday, with the S&P 500 breaking above 5,300 for the first time, and the Nasdaq 100 gaining 1.3% and hitting a new record high. April’s CPI report showed that both headline and core annual inflation slowed, and retail sales unexpectedly stalled, bolstering expectations that the Fed might start cutting interest rates in September.
• I should have done something about it sooner. Don’t let this be you when your company’s stock value declines and you need the money. Last week I discussed steps you can take now to ensure you have a handle on your stock options, RSUs and stock held in your 401k ESOP.

Don’t Pay the Price by Doing the Work Twice

Have you ever hired someone for help around the house, and you immediately regretted it?

You know, I’ve had my fair share of unhelpful helpers over the years.

In fact, I remember a time when I hired cleaners that didn’t leave my house as clean as they promised.

You see, my family is pretty good about keeping our home tidy.

But, every once in a while, we’ll hire someone to come out and take care of the deep cleaning we sometimes can’t get to.

You know, it’s the stuff like wiping down the baseboards, dusting in high places, cleaning the ovens, and otherwise getting into those deep nooks and crannies.

Well, one day, we needed help cleaning, and having recently moved to Pennsylvania, we were looking for a new crew.

And so, after doing our research online and calling around, three nice ladies showed up at our home one afternoon and offered to give us a “deep clean” for what seemed like a reasonable price.

Well, as they got to work, it immediately became clear that they wouldn’t be able to get the job done in the time they had allotted for the work.

And how did I know this?

Well, they didn’t have the same hustle or focus on their work as other professionals that we had hired in the past.

And wouldn’t you know it, as soon as I left to pick up the kids from school, the crew took off.

And you know the biggest disappointment in all of this was that I could have done the work myself.

But, I just wanted to use my money to buy back some of my time so I could spend it with the family.

And because of this bad hire, I was left paying the price for the same work twice.

Have you ever found yourself in a similar situation?

Have you ever hired someone to help you out, but they didn’t meet your expectations?

How to Effectively Buy Back Your Time

Well, having lived in different parts of the country and having hired plenty of contractors, here’s one of the biggest lessons I learned when it comes to hiring help:

If you want to achieve your desired outcome and effectively buy back your time, then it’s crucial to have a clear set of expectations and a personal definition of success for your project before you get started.

That’s because having clarity not only prevents common pitfalls like cost overruns, unnecessary complications, and potential disappointments.

It also ensures that you can devote more of your time to what truly matters: like family, close relationships, and developing your passion pursuits.

So then, by clearly defining your success criteria and selecting help wisely, you’ll be able to optimize the cost and quality of the service you receive.

But more importantly, by taking this approach you’re likely setting yourself up to effectively buy back more of your time in the future.

Here’s what you can do get the help you need:

Step #1: Clearly Define Your Success

Without a clear definition of success, the help you hire may not meet your expectations, and waste your time and money.

So then, defining success means identifying outcomes you expect from the project. It’s about focusing on the result rather than the process.

Ask: “What specific outcomes do I expect to see once the project is complete?”

Focus on the “what” rather than the “how.” What do you want the individual or team you plan to hire to accomplish?

Then, make a list of clear, specific goals and be ready to clearly articulate this vision when you engage potential service providers.

Step #2: Hire for Outcomes, Not Cost

Hiring based on price alone often results in lower quality work.

Hiring for outcomes means ensuring that the quality of work aligns with your clearly defined goals from step one.

That’s why it’s crucial to know what you want as you’re interviewing.

Ask: “Is my intended hire truly committed to my defined outcomes?”

Consider whether they are willing to go the extra mile by asking your potential hire to describe how they’ll perform the work.

Pay attention to outcome-based language, rather than task-based language.

Step #3: Have a Backup Plan in Place

A backup plan is crucial because it allows you to be prepared for possible failures or letdowns in service delivery.

What you want is to ensure your contracts or agreements have clauses that address non-delivery, such as penalties, refunds, or exit strategies.

Ask: “How will this crew make the situation right if the work goes wrong?”

Look for specific solutions rather than vague assurances.

Before signing on the dotted line, review your service agreements, and ensure you have a clear exit strategy.

Then, act decisively if the work doesn’t meet your standards.

I talk more about this approach in this week’s post >>>

What I’m Reading

We’re all busy in the daily rush of things. That’s why I’m sharing a list of articles that I’ve read this week to help you stay on top of your own financial independence journey.

I’ve consolidated all of these links here for your ease of viewing.

• Hiring a Contractor Checklist and Tips
• Here are hiring tips to ensure your home is both tidy and secure.
• How to Avoid Getting Ripped Off by an Auto Mechanic
• Choosing and Instructing a Babysitter
• How To Hire A Landscaper: Checklist And Tips

Thanks for taking a look!