Are you spending, investing or wasting your time?

When you begin to think of your time as an asset (like money) you begin to think differently about how you are using it. Try to apply common money terminology to determine if we are making the best use of yours.

First a major distinction. You can always get more money (or any other resource for that matter). But you can never get any more time. You get what you get and that’s it.

Invest…Spend….Waste

We tend to use the term “spend” when we think about how we use our time. But that’s not quite true.

For example, you can “invest” your time by finding ways to do things faster or eliminating unnecessary steps. The result isn’t more time, but you do have more available for other things.

Here’s a quote from Ayn Rand’s Atlas Shrugged that sums it up nicely: “…every hour I save is an hour added to my life. It used to take me five hours to fill that tank. It now takes three. The two I saved are mine-as pricelessly mine as if I moved my grave two further hours away for every five I’ve got.”

You can also invest time to create income. For example using your time to learn a new skill can result in an increase in your income.

Summer DanceAnd most important, you invest time when you use it to strengthen relationships.  Forget the phrase “I’m spending time with my family”  and look at it as an investment instead.

Next time we’ll look at spending and wasting time.

Top photo by thinkpanama