The Connection Between Time and Money
You have probably heard people use the statement "time is money" many times. While it sounds like a simple statement, it is much more complex then you may think. There are certain connections that time has with money, but there are also some notable differences as well.
The connection between time and money is something that is well understood among most large companies. They understand the importance of time management, and this is why many of them have tardy policies for their employees.
If you are a college student, your instructors may talk to the class about the importance of being on time at the beginning of the semester. If you show up late to class, you may have to deal with penalties or other problems. How you manage your time will play an important role in whether you are a success and failure in life. If you talk to most people, virtually all of them will tell you that they want to become wealthy. Others will tell you that they want to be self employed so they can work for themselves instead of someone else. However, their actions will often speak louder than their words.
To understand this, all you have to do is look at the 80/20 principle. Only about 20 percent of the population has become either self employed or wealthy. The other 80 percent will never achieve these goals. While there are many reasons for this, one cause is the way most people spend their time. While many people will tell you about how wrong it is to waste money, you won’t hear them talking about the importance of not wasting time. In a sense, time is more valuable than money. It is more valuable because it can never be gained back once it has been lost. While you have the option how whether or not you will spend money, the options for time are very limited.
If yout talk to most people who are millionaires, they already understand this. They also understand the 80/20 principle. They know that 20 percent of the things they do will play a big role in whether they fail or succeed. They don’t waste much time dealing with the other 80 percent. If your goal is to become financially independent, there are a number of questions you should ask yourself. How much time do you spend engaged in activities which will allow you to become financially independent? How much time do you spend researching activities that can make you financially independent? How much time do you spend learning the necessary skills to help you succeed in a field you’re interested in pursuing?
How much time do you spend watching television, playing games, going to clubs, or spending time with your friends? These are questions that only you will be able to answer. The answers that you get for these questions will tell you whether or not you are on the road to achieving your goals. If you are not happy with the answers, this means you have some areas where you need to improve. You will first need to learn how to use the 80/20 principle to succeed. This may require you to make some changes to your lifestyle, and this may be difficult.
If you are a young person who wants to be self employed, but you are spending most of your time at parties on the weekend, you may need to reverse the situation. Instead of spending most of your time at parties, you will need to begin spending more time researching ways that you can become self employed. This is what separates wealthy people from those that never become wealthy. They understand the importance of time management, and they undestand the connections between time and money. This is also the reason why your boss gets angry at you when you come into work late.
When you don’t start and complete your tasks on time, you will cost yourself or those you work for money. Lost time equals lost money. If you are an employee of a company, the amount of time you and your co-workers spend working will determine the profits that are earned by the company. When everyone is coming in late, this will massively cut into the profits of the company over a long period of time.