Tuesday, March 21, 2017

Time is money

Well, time is not money if we take it literally, but time and money are very important aspects of man’s life.
If you use your time well, you can earn more money and accumulate assets. Time and money are almost bound together. People are spending money to save time and people are spending their time to earn money. Lot of people say ‘If I had more time, I would start ...’ You can put in anything
from ‘my own business’ to ‘take better care of my body.’

The basic fact is that you will never have more time. Each day has 24 hours; you can’t have 25 or 30 hours a day. Sometimes we wish we had less time. Usually it is when we are bored or tired and we wish to stop the activity we are doing right now. This means time is constant and only our perception of time changes. Learn how to achieve more in less time. What you do with your limited time is the difference between yourself being wealthy or poor.

Procrastination is your enemy. The older you get, the more you realize your limited time on this world. Use that time well; don’t waste what you have been given as a gift. Be strict with yourself  about your time usage at work.

Don’t spend ten minutes on a call that can reach its goal in two minutes. Use your time as effective as you can. If you can get your work done in 5 hours instead of 8, you just “earned” 3 free hours extra for that day. You can spend those 3 hours on something you like doing. And you would like to study how to increase your assets, right?

Ask yourself “How much is my hour worth? “ If your monthly income is $1000 and you work 100 hours a month, then your hour is worth $10. Can you get someone else to do the tasks which take you 50 hours a month and $400? If you can, great: you just saved 50 hours and $100. On the other hand, you will keep only $600 in the end if you don’t use those 50 hours for earning money.

If you use them for work in which you are specialized and you will get paid $15 an hour, you earned an additional $750. This makes your income $1350, and your income increased by $350. It is not as easy in reality as it is written in this example, but it is possible. Look for opportunities you have around yourself and in yourself for more effective usage of your limited time.

The richer you will get, the higher value will have your time for you. Constantly ask yourself “What is the best usage of my time?” Behave like rich people and you will become one. Would you spend a few days travelling by car from L.A. to New York or would you use a plane, if your hourly worth is $1000? What would the rich do?

There is no limit to how much money you can make and that is why money is not scarce. Time is an entrepreneur's most precious resource, because it is the only thing that truly is scarce. Your time is more important than your money. You can always earn more money, but you can’t earn more time.

Time is limited, time is precious. What you can buy, is your free time. If you pay someone to do the work for you, you can use that time for what you want. You may have heard of Parkinson’s Law. It is often used in reference to time usage: the more time you’ve been given to do something, the more time it will take you to do it. It’s amazing how much you can get done in twenty minutes if twenty minutes is all you have. But if you have all afternoon, it would probably take way longer. Overload yourself with work and you will learn how to do more in less time.

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