Would you rather have more time or more money? Now don’t be too quick to say money. Think about it. Really think about it.
Let’s say you buy a new pair of boots for R 1000.00. But you work for R 100 an hour, the boots actually cost you 10 hours of work. So is the boots still worth it for you? If yes, buy it! If no, don’t. Once you begin thinking of what the saying: “Time is money and money is time.” really means, it starts to make sense why you might actually choose your time over money.
Think about this. Someone will pay a gym membership fee to go to the gym, so they won’t have to be home when the gardener is pushing the lawn mower around (which is really good exercise!). And you hired the gardener, because you don’t “have the time” to mow the lawn, because you need to balance work, family and gym.
We are influenced by our peers, and we tend to spend money on things, because it is the norm, and we spend money to make “more” time for ourselves, when we are actually committing to things that occupy way too much of our time, especially compared to how much you are ‘paying’ for it.
Did you know that money can actually buy you time? If you manage your money correctly you can retire early. A study shows that extreme frugality is a direct path to early retirement, especially when combined with a high income. By maintaining an ambitious saving rate of 50 or even 70 percent in your 20’s and 30’s, you can retire when you’re 40 instead of 65. That may not be possible for everyone. I know.
But if you start valuing your time more, you can make more money. Let’s say you are running your own business. You are extremely good at managing customer relationships, designing the products, and building a brand; but you absolutely suck at accounting and general admin. If you delegate the things you hate to someone else and pay them for it, you will save an enormous amount of your time doing something you would otherwise hate.
In other words. Decide what your hourly rate is, if your own business had to hire you. Now decide what you will pay someone else, to do the things you hate, if their amount is less, appoint them. Obviously when you start your business you have more time than money and it makes sense to do a lot of it yourself, but as the profit and business increases, your time becomes more valuable, and it will start to outweigh the money.
So starting today, treat your time as more precious and your money as less precious. Redefine affluence to be based on time, not money. You deserve to have high self-esteem, and this should apply not just to your overall life but also to the minutes and hours that comprise it.
Make others respect your time, and have little tolerance for those who keep you waiting.
Be very careful about selling your time for money in a job you don’t enjoy and aren’t learning from. If you’re working at a job you wouldn’t do if you weren’t being paid to do it, you are selling a part of yourself. Is your price high enough?
Buy other people’s time with your money, by delegating activities that you don’t enjoy or that don’t help you develop skills you want.
And remember that you can’t get time back. It’s once off.