Self-made millionaire: You don't need a lot of money to be 'time rich'—here's where to start

You may picture a large sum of money or a lack of debt when considering what it means to be rich.

But having control of your time and the agency to do what you want with it is another component to living a rich lifestyle, says self-made millionaire, money expert and author Ramit Sethi.

“If you are able to be ‘time rich,’ that means you can spend time extravagantly on the things that you love,” he tells CNBC Make It.

When Sethi was young, his father would always pick up the phone when he or his siblings called him at work and talk to them for as long as necessary, he says. This is “the perfect example of being time rich,” he says. “Knowing that for the things that are important to you, you can spend a lavish amount of time on them.”

“Everyone can work towards being time rich,” Sethi says — not just those with flexible schedules or who can afford to outsource tasks like shopping and cleaning. Here’s how.