We’ve all heard the maxim “time is money”, which is meant to highlight the importance of time, where wasting time is equivalent to wasting money.
I wholeheartedly disagree with this statement. Money looses value, money can be replaced. How many
millbillionaires have gone bankrupt only to bounce back years or even months later? Time on the other hand, is a non-renewable resource which has significantly more value than money. It should be treasured and not given away easily.
I personally don’t mind paying extra money for a product or service if it helps me save time. I don’t mind paying $6 for a toll-road if it cuts 15 minutes off my trip. I don’t mind outsourcing some of my administrative work at $20/hour. This allows me to spend time doing more productive activities that have a significantly higher relative value.
You need value your time. Would you work for $10/hour? Then why do activities that deplete your time while only providing a small monetary gain?
This requires a shift in your mindset.
Think beyond the short-term financial loss and focus on the time you’ve gained. Time that could be spent on:
- A valuable side-project
- Upskilling and digesting valuable resources
- Automating your personal systems (to become even more productive and save more time)
- Working on high-level strategy for your business
- Gaining knowledge and learning from other professions
- Building influential connections
Now, the one thing I hate worse than spending your time ‘saving money’ are the people who complain about having no time in the day. I bet if you dissected their day you would find they poorly prioritise their daily tasks, many which could be either outsourced or eliminated. Developing an inefficient routine based around these tasks is a surefire way to deplete your most valuable resource. Do you think Mark Zuckerberg somehow has 48 hours per day? Look at the empire he was able to create with exactly the same amount of hours in the day as you.
No, I’m not advocating removing leisure-time because it has no monetary value. What is a life worth living without leisure after-all? I write this blog, not to make money but because I enjoy it. I enjoy getting feedback from putting my ideas out there. I enjoy discussion and contributing to part of the community.
Rather I’m advocating you treat your time as a precious resource which ALWAYS trumps money. A small amount of money
lost invested in the short-term will reaps benefits later on, if it saves you time.