Why You Get The Value Of Time And Money Wrong
Abstract:
When you ask anyone what’s more valuable, time or money, they’ll all say: Time! Jim Rohn famously said that time’s more valuable than money, because you can get more money but you can’t get more time.
However, I still argue that we – and that’s all of us – get it wrong sometimes. What we know and how we act, are not always in agreement.
Your mission today is to learn why you get the value of time and money wrong, and how to change that.
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Task 1: The value of time and money in practice
I advocate for a simplified life with the correct priorities that make you happy. We have normalised doing entirely too many things, and then feel like failures when we can’t manage it all.
You might agree that time’s move valuable than money. But every one of my clients I have suggested to that they get a cleaner or outsource their laundry or ironing, have said: “Nah, I can do that myself. Why spend money on it?”
These are the same people that struggle to pursue their passions because they’re always either busy or distracted. And every one of us has made similar mistakes. We’ll drive the long way around rather than pay motorway tolls, we spent ages figuring something out rather than paying a coach to help do it in half the time, etc.
Task 2: How to change
Obviously, if you’re broke and desperate, it’s not a question of just deciding you’ll spend more money to get more time. I’m addressing people with a normal income.
Sit down and reflect on how many things you do in an average week. Look at what you could oursource or streamline. A few examples:
a bookkeeper for your taxes
a cleaner to do household chores
laundry and/or ironing services
an independent financial advisor
Think of all the time you’ll save that you can then spend on doing what you love. Can you afford not to do this?