Time is the only 'real' asset.
Other assets can be acquired and managed through time. On the other hand, “Time management” is literally impossible because we can only manage people, things and ourselves. Time ticks by no matter what. We can only budget time and schedule our activities based on the predetermined length of each hour, day, week, month and year. Still, using time management as a term is widely accepted.
If you haven't figured out by now, time is the only single thing that everyone has the same amount of and the one thing that you, me and everyone else keep spending at the same pace no matter what. We can’t ‘save time’ the same way we save money because that means stopping the clock. It drips by and is constantly spent at the same pace (disregarding the law of relativity) for everyone. We only control what we do at a given time as well as other factors that affect our experience of time. We all have the same amount of time every day (24 hours) and normally, we have control over the vast majority of activities we do in every hour or minute. There are some philosophical arguments that may present other contradicting ideas but this is how I see it: Time is the single thing that you cannot buy no matter how wealthy you are. The only thing you can do is to choose how you spend it.
Simplistically, there are two different ways of spending time:
Time for Impulsive Enjoyment
Some people see time as a token for consumption. They spend their time in consuming movies, TV shows, games and social media. Some even spend time “expensively” on vacations, travel or hanging out at the mall until they find something interesting to buy. Maybe they spend it with friends at concerts or parties. To them, having extra time is an opportunity to enjoy and they are always looking for new ways to spend it just for fun.
Time as an Investment
The second way to spend time is first, to look at it as an instrument of investment. When we invest time correctly, we can reap the rewards of compounding interest. Allocate time in the right people, activities, and in the right relationships. This outlook can provide a positive ‘go forward’ value. It’s better to invest time into activities that nurture desired skills or teach your team or family something new that will enrich your future.
We’d better invest time into projects and opportunities that encourage growth in important areas of our lives where there’s a future benefit. Time is a valuable and finite investment tool. The rich know that. -And the more they invest in people and things that accrue compound interest, the richer they become, not only in money but in knowledge, insight, and understanding. The way they invest their money and earn even while they're asleep is only the tip of the iceberg.
The bottom line: Understand ‘Opportunity Cost’.
Unsuccessful people spend time while successful people invest time. In the same manner, unsuccessful people spend money while successful people invest money. The problem is that many people simply don't understand the concept of opportunity cost. Successful people understand that for every minute doing something, that's a minute they can't invest doing something else. We need to be aware of the differences between what we choose to do and what we choose not to and reevaluate our choices.
Most unsuccessful people simply don't understand this opportunity cost and see only what's in front of them. They don’t see what they could potentially do now that would reap bigger and better rewards later. The biggest challenge in adhering to the opportunity cost rule is you have to stay true to the vision that you have for yourself until it manifests into reality. It is not easy to give up what’s immediately gratifying, rewarding and satiating at the moment. Just think about it: That's a small price to pay. If we invest our time in something that will compound into a fortune later, we won’t regret it. There are only 24 hours in a day and if we ‘spend’ them all, there will be no more time left to invest. Thus, we will probably not realize our full potential in terms of skills, resources or even relationships.
The Time management Matrix
Steven Covey presented it well in his book: “The Seven Habits of Highly Effective People”. Using four quadrants, we can easily classify activities in terms of urgency and importance and budget our time accordingly. In a nutshell, it’s ideal to focus on quadrant II where the important activities are. They’re not urgent but they're important. This is where most ‘time investment’ comes in. - Learning a new skill before you actually need it, building new partnerships or getting to know new friends. Helping those who can’t help you at the present can also be considered a long-term investment. -Not because you will ask for something in return in the future but doing good is good for everyone in the end.
What do you think are the best things to invest time in this week? Please leave your comment below.
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