How to make a six-figure income working 20 hours a week as an entrepreneur

According to a 2023 survey by Small Biz Silver Lining, a company that provides tools for entrepreneurs, 75% of small business owners are concerned about their mental health. More than half (56%) have been diagnosed with anxiety, depression, or stress-related issues by a doctor or mental health professional.

I personally realized the magnitude of this when I launched my own financial education company during the peak of the COVID-19 pandemic in 2020. But since hitting my first FIRE milestone, I've gotten into the habit of voraciously guarding my calendar, both literally and figuratively. This weekly habit has helped me make six figures a year while working 20 hours a week, and actually loving what I do.

It takes a few everyday elements to let go of time-consuming commitments and focus on the activities that will bring you the most results towards your financial independence goal.

• Spend 20 minutes on Sunday night or Monday morning optimizing your schedule for the coming week.
• Use online apps like Google Calendar that allow you to edit quickly from anywhere. Paper planners are not efficient for managing a busy schedule.
• Color-code by energy type. It doesn't have to be the same color every week, but it's helpful to distinguish between different types of meetings. For example, I color-code health and exercise green, social gatherings purple, client meetings blue, and non-client meetings orange.
• Group similar activities together. Limit your calendar to no more than three different activities per day.
• Use a scheduling tool like Calendly or Acuity to let people know your availability, including your personal time. I've noticed a lot less cancellations because I have to be more conscious about scheduling and canceling.

Refuse to take part in meetings that seem like traps

To develop this habit, it's important to set strict boundaries about cutting back on meetings. Have you ever found yourself at a work meeting or social gathering thinking, “I feel like I'm wasting my time?” If the answer is yes, and it happens a lot, you need to practice saying yes or no to adding time to your very limited schedule.

Long story short, I turn down a lot of meetings. I won't lie. It's tough and I wonder if it makes me a jerk. I feel like, especially as a Filipina-American woman, I'm expected to be likable and available to anyone who gives me their time. But as my business and wealth grew, more people started asking me for meetings, which was unsustainable without sacrificing my own freedom.

Now, I strictly refuse any meetings, personal or professional, that violate any of these five rules:

First, don't attend meetings where the agenda isn't clear. If you don't know why you're in a meeting, you should ask specifically and ensure that all parties agree on the agenda beforehand. Speaking as a former HR professional, don't put yourself in a situation where you're caught off guard by attending a meeting where you don't know why you were called in.

Next, decline meetings that could be done by email. This seems pretty simple, but it's often underused. If an email or two can accomplish your agenda, do it by email. Reserve meeting time for in-depth discussion.

Thirdly, “Let me hear your thoughts.” This was the hardest part because I want to help, but many of the requests I receive from strangers have no intention of following my advice or paying me. I've learned to say yes by sharing my previous content and offering consulting for a fee.

Fourth, decline meetings with unpleasant people. Life is too short to spend time with people who don't value your time. If one of these unpleasant people is your coworker, address their behavior early. Once or twice is okay to assume they were just having a bad day. But three or more times is a pattern.

Finally, don’t attend any gatherings that aren’t a fervent “yes” to you.. Before, I would attend social gatherings out of obligation, even if I felt uncomfortable with the people around me, but now I have so much more freedom that I only attend them when I enjoy them.

Imagine how far you could have gotten financially if you had devoted all those meetings to budgeting, investing, or meeting with a valuable money mentor. Money is in abundance. What's in short supply is time. The tricky thing about creating clear meeting boundaries is that you have to be consistent in them.

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When I talk to new financial education students about strict calendar habits, they often see them as restrictive rather than liberating. But effective budgeting requires allocating funds and time to caring for your physical and mental health so that your routine is sustainable over the long term.

Before I implemented a regular budgeting routine and weekly calendar review, I was working 50+ hours a week. I only scheduled health-related appointments after my symptoms of burnout became severe. When I started to prioritize planning for my personal care expenses, I found that I could cover the costs if I planned at the beginning of the month instead of on an ad-hoc basis.

Now I allocate at least 25% of my monthly budget for healthy activities that rejuvenate me: yoga, dance classes, counseling, rest, etc. These items are non-negotiable, both in terms of my budget and my schedule.

Keeping a drama-free calendar means you're enthusiastic about what you'll accomplish and who you'll meet during the week. It also means that every hour of every day isn't packed with plans. You have actual space to be spontaneous or just take a break.

What does this have to do with your money planning? It has to do with everything. Remember, financial freedom isn't just about numbers. The true test of freedom is seeing how you can live your life as moments where you choose from joy instead of obligation.

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