Your Time or your Money… What’s your Bottom Line?
There’s an age old saying, “it’s either your time or your money”.
I have realised this intensely over the last few weeks as I balance a full-time job and pursuing ‘outside business interests’, as it is commonly referred to…
If one has little time, then one can spend money to gain his or her way to freedom. Likewise, if one is “poor” or chooses to spend his or her money carefully, then time needs to be spent doing whatever he or she needs to do.
Take cleaning for example: most of us don’t enjoy it, so if we have the financial means, we pay for someone to do this. The time saved can be used doing something we love, but our bank balance is worse for it. In my case, I not only save money by doing the cleaning myself, but I feel deeply peaceful and calm after cleaning the house from top to bottom. Hence that to me is time well spent. The sacrifice is the time I could spend doing other things, but would I feel the same way?
If on the other hand, we spend all our time doing things we could have paid someone for, then we save money. But that time comes at a cost in relation to doing things we would rather be doing. The automation of social media is an example: do it yourself, or have more time to spend working on strategy.
In a world where time is constant, and we are not getting any younger, that time could be better ‘spent’ elsewhere. If we look at it this way, we think that we are actually saving ‘money’, but at what cost, since our time is precious?
I’m certainly not advocating that we spend all our money on everything, since money itself is a precious resource, a means of energy exchange, but at some point, we need to weigh up what is important in terms of our precious time.
Is our time well spent doing mundane tasks for limited return? Is our time well spent creating complex products or devices that only result in more administration, stress and worry? For me, no.
I realised this when someone asked me recently what I did on the weekend – it was a blur, because I was so preoccupied with doing so much administration.. for what I asked? If that is how I spend my time, and I have money to spend, what is that saying about my life?
And here then is the conundrum – how precious is your time? How precious is your money? How do you ‘spend’ your time?
Only time will tell. Spend it wisely.