Register For Our Mailing List

Register to receive our free weekly newsletter including editorials.

Home / 20

Work life balance is about planning your priorities

I love the Billabong marketing line, “Life’s better in board shorts.”

Financial planning should not be just about the numbers. A good financial plan is an enabler to a life plan, and good financial planners help their clients achieve a fulfilling balance in their lives.

A healthy work life balance doesn't just happen, it's something you have to plan. Work life balance is actually a misnomer. Work for most of us is part of life and not a separate item. Life balance is a more accurate description of how we use our time and more specifically, spending too much time at work.

So what is life balance, and how does it relate to work?

A good life balance is about setting priorities. Some people love work, it energises them, it adds meaning to their life. Others won't work, have no work ethic and still expect financial rewards.

I have spent a lot of time giving financial and personal advice to high net worth individuals and families, and I’ve seen a lot of successful career people who work hard for their families. But in many cases, their families never see them. It becomes a vicious cycle. Overworking often becomes detrimental to their physical health, mental health, relationships and ultimately the business.

This is not a good life balance. It's usually a personal choice but influenced by other factors, such as personal values, peer group pressure, expectations, finances, ego, fear, greed. Another major factor is guilt. Guilt seems to be a big issue for modern executives, both men and women, to deal with. They often feel they should be at work, demonstrating corporate commitment and providing for the family, rather than spending time on their own well-being. They leave themselves last, and they don't include ‘self time’ in their day. Adding to the problem, they don’t include enough ‘family time’.

I'm in the camp where my work has to be meaningful, but it is only part of my life. Each of us has only 168 hours in the week, and we need to decide where we want to spend that time. One way to look at it is to take out work and sleep and see what’s left. I prefer to think the other way round and create an ideal week.

I like to use Stephen Covey’s concept of ‘Big Rocks’, placing the major priorities in your life or week first. He calls it ‘first things first’, but it’s not as simple as it sounds. Often, we leave the major priorities to any leftover time.

My Big Rocks consist of:

  • Exercise and surfing time. Leave this until last and it rarely happens. Do it first thing and feel energised for the day. You will work better and be a happier person and show up positive for the family. It's very hard to do at the end of the day, as you’re mentally tired, the kids expect your time and you start on homework or dinner. There’s less chance at the end of the day.
  • Kid’s time. Try to plan the time, since many working executives spend only 10 minutes per week one on one with their children. My kids are now 18, 16, 14, and 12 and I can't believe how fast the time has gone, and I’m always glad I made time with them.
  • Spouse or partner time. A Friday lunch time date to catch up on the week and life is wonderful, and for those who say they don’t have the time, just schedule it and make it happen.
  • Work time. In order to make this time as efficient as possible, here are a few tips:
    • cut out all the time wasters or time takers
    • be vigilant with your diary time
    • do a To Do list for the next day each afternoon or evening before you leave work
    • include a Not To Do list
    • turn off emails at home - that’s time for one of your other Big Rocks
    • delegate where possible and don't be a control freak: it steals your time.

For our business owner clients, we challenge them to work toward a 4 day 40 hour week programme. It's an initial challenge to get people to visualise this when they are always so busy, and feel guilty if they are not working. It needs a change in thought process.

I have Fridays off, and it's an important day for me and for the business. It's my thinking day, where I revitalise and get some headspace back. I have an opportunity to think clearly about future activities, plan events and take a back seat view of how life's traveling.

An important part of financial planning for everyone is how much is enough? If you have worked this out and your plans are on track, this may allow you to spend a little less time at work, and rebalance your time. You should have life goals as well as financial goals, but it requires making choices and exercising a little discipline.

Here as some well-known quotations that resonate with me with regard to life balance that I think about when making choices about the usage of my time.

  • You can't take it with you
  • Kids don't want your dimes - they want your time
  • On your tombstone it won't read, ‘Great guy, spent a lot of time at the office’
  • No point having wealth without health
  • Give more than you take.

It doesn't always work out 100% for me on the life balance every week but it’s a habit worth fostering, a choice based on the Big Rocks. Sit down with your partner and work out your ideal week. At first, you might feel guilty about not working so hard, but you'll get over it.

 

Scott Fitzpatrick founded Fitzpatricks Private Wealth in 1987 and is now a Non Executive Director of the Fitzpatricks Group. 

 


 

Leave a Comment:

RELATED ARTICLES

Why our financial abilities peak at age 53

What are the advantages and disadvantages of family trusts?

Giving and receiving the right aged care advice

banner

Most viewed in recent weeks

7 examples of how the new super tax will be calculated

You've no doubt heard about Division 296. These case studies show what people at various levels above the $3 million threshold might need to pay the ATO, with examples ranging from under $500 to more than $35,000.

The revolt against Baby Boomer wealth

The $3m super tax could be put down to the Government needing money and the wealthy being easy targets. It’s deeper than that though and this looks at the factors behind the policy and why more taxes on the wealthy are coming.

Meg on SMSFs: Withdrawing assets ahead of the $3m super tax

The super tax has caused an almighty scuffle, but for SMSFs impacted by the proposed tax, a big question remains: what should they do now? Here are ideas for those wanting to withdraw money from their SMSF.

Are franking credits hurting Australia’s economy?

Business investment and per capita GDP have languished over the past decade and the Labor Government is conducting inquiries to find out why. Franking credits should be part of the debate about our stalling economy.

Here's what should replace the $3 million super tax

With Div. 296 looming, is there a smarter way to tax superannuation? This proposes a fairer, income-linked alternative that respects compounding, ensures predictability, and avoids taxing unrealised capital gains. 

The huge cost of super tax concessions

The current net annual cost of superannuation tax subsidies is around $40 billion, growing to more than $110 billion by 2060. These subsidies have always been bad policy, representing a waste of taxpayers' money.

Latest Updates

Investment strategies

9 winning investment strategies

There are many ways to invest in stocks, but some strategies are more effective than others. Here are nine tried and tested investment approaches - choosing one of these can improve your chances of reaching your financial goals.

Planning

Super, death and taxes – time to rethink your estate plans?

The $3 million super tax has many rethinking their super strategies, especially issues of wealth transfer on death. This reviews the taxes on super benefits and offers investment alternatives.

Taxation

Raising the GST to 15%

Treasurer Jim Chalmers aims to tackle tax reform but faces challenges. Previous reviews struggled due to political sensitivities, highlighting the need for comprehensive and politically feasible change.

Shares

The megatrend you simply cannot ignore

Markets are reassessing the impact of AI, with initial euphoria giving way to growing scepticism. This shift is evident in the performance of ASX-listed AI beneficiaries, creating potential opportunities.

Gold

Is this the real reason for gold's surge past $3,000?

Concerns over the US fiscal position seem to have overtaken geopolitics and interest rates as the biggest tailwind for gold prices. Even if a debt crisis doesn't seem likely, there could be more support on the way.

Exchange traded products

Is now the time to invest in small caps?

With further RBA rate cuts forecast this year, small caps may be key beneficiaries. There are quality small cap LICs and LITs trading at discounts to net assets, offering opportunities for astute investors.

Strategy

Welcome to the grey war

Forget speculation about a future US-China conflict - it's already happening. Through cyberwarfare and propaganda, China is waging a grey war designed to weaken democracies without firing a single shot.

Sponsors

Alliances

© 2025 Morningstar, Inc. All rights reserved.

Disclaimer
The data, research and opinions provided here are for information purposes; are not an offer to buy or sell a security; and are not warranted to be correct, complete or accurate. Morningstar, its affiliates, and third-party content providers are not responsible for any investment decisions, damages or losses resulting from, or related to, the data and analyses or their use. To the extent any content is general advice, it has been prepared for clients of Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892), without reference to your financial objectives, situation or needs. For more information refer to our Financial Services Guide. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation, contact a professional financial adviser. Articles are current as at date of publication.
This website contains information and opinions provided by third parties. Inclusion of this information does not necessarily represent Morningstar’s positions, strategies or opinions and should not be considered an endorsement by Morningstar.