Well…is time really money???

As they say..."Time is Money" (what does that even mean?) 

                                                    (3 minute read).

We've all heard the cliche' adage: "time is money."  But since I like to send thought-provoking content - let's explore this a little deeper. Is it really??? 

Short answer: no. 

As a product of time (ie: a direct correlation of time producing money), money isn't consistently and necessarily related to time. Hello salaried jobs, passive income, product income, etc. 

However, it's not a bad idea to keep time in mind.

For purposes of perspective taking, there are plenty of gurus out there that will advise you to be aware of your "hourly rate" when considering spending decisions. Even if you're not paid hourly - this isn't flawed: with some quick calculations, most of us can come up with this number just by knowing our average annual income earned and average number of hours worked per week.

The idea here to consider is: "How many hours would I need to work to pay for this purchase?....Is the trade-off worth it?". 

But there's another BIG side to the story.  

Money is so much more than a product or result. What money actually is, is a RESOURCE.

Time and money are BOTH resources.  They are finite and limited - meaning they have scarcity and are not unlimited. They can both be used to derive value and represent value. (So can we - but that's a topic for another day~😊). 

Understanding this, it shouldn't be a surprise that both time and money are measurable. They are indisputably quantifiable. 

The only difference is that time has a universal equality to it (all of us get 24 hours in a day). Money is not universally equal: some of us have more than others. 

So, why does this matter? 

The good news is that if something can be measured, it can be managed! 

 

   ✨Time: We use plenty of time management tools such as watches, clocks, calendars, schedules, planners, alerts, etc. to keep us on track and to give us an awareness of where we stand - so that we don't waste time. These tools give us visibility to an invisible resource and help us PACE ourselves. If we know we have a big assignment coming up the next day (that we haven't started on), most of us won't spend our whole day watching Netflix...(even though we want to.) 


   ✨Money: Money is also (nearly) invisible these days. But the evolution of tools to help us manage money in our digital world and our adoption of them has been clunky and slow at best. The days of physical wads of cash and coins, bank books, ledgers, pocketbooks, and envelopes are about extinct; but most of us haven't implemented their replacement yet. Sure we can still count money and check our bank account balance, but is that really managing? We need a more sophisticated tool: a spending plan, a cash management system: aka....a budget. A budget is to our money what a schedule is to our time.

It PACES our spending to our means. (ie: our income or the money we have available for the purposes we've given it.)

A solution:

YNAB (You Need A Budget) software is a highly evolved and dynamic cash management tool that allows us to see and manage our money resource. It has helped my family tremendously and I know it can work for you too. Let's explore it together in a free - no-risk discovery call.  

Have any feedback, questions, comments, or suggestions? I’m all ears and would love to hear it. Just hit reply, and I WILL email you back!

That’s all for now. Thanks for reading – you’re the best! If you enjoyed this, please do pass it along. 

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