By Kevin Theissen
We’ve all heard the phrase, “time is money.” But what does that really mean? And why does it matter? Time is the most precious of all resources. Once spent, it can never be reclaimed. Money is certainly a critical resource as well.
Given the fact that time and money are two of life’s most important resources, considering the relationship between the two might help you get the most out of both.
Here are some ideas about time and money. Four consider how money is time. Four more address the inverse.
- Time spent resting is money that could have been earned.
- Time spent on one product or service is money that could have been earned by producing and selling something more profitable.
- Time learning a valued skill is money in the form of greater future earnings.
- Time investing in the market is money earned in compound returns.
- Money available to pay someone to do a task for you is time freed up for family, leisure, or something more rewarding.
- Money in reserve savings is time you have to make the right decision.
- Money in reserve savings is time you have to correct a bad decision.
- Money in reserve savings is time you have to pursue your dreams.
How are you spending your time and money?
Kevin Theissen is the owner of HWC Financial in Ludlow.