The first step of building a new financial budget is usually taking a detailed account of what you are spending. Recording where resources are being allocated is key to understanding what exactly you need to shift about your habits. The same can be said if you want to change how you prioritize your time as it pertains to personal goals, says Rainer Strack, senior partner emeritus at Boston Consulting Group. "Time is the only asset that we can't multiply," Strack tells CNBC Make It. It's a scarce resource, and therefore, you have to understand what you want to do with this kind of resource, concretely."

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Persons: Rainer Strack, Susanne Dyrchs, Allison Bailey Organizations: Boston Consulting Group, CNBC