Advertising
Advertising

The Time is Money Myth Debunked

The Time is Money Myth Debunked

Ben Franklin once said that “time is money.” Therefore, you should not go around wasting your time or that of others because it will ultimately cost you money.

Apparently, he was not the only one who felt this way because the slogan went viral, and is now a common principle in the lives of many. There is, however, an issue with this theory: time is not equivalent to money!

Advertising

Time and Money Defined

Time is defined as a limited period or interval and has a finite duration. On the other hand, money is defined as any circulating medium of exchange.

Did you notice that time is finite and money continuously circulates? Time holds a much greater value than money due its scarce nature, and there is nothing that you can do to earn more of it once it’s gone.  Money can be replaced in most instances, but you cannot turn back the hands of time.

Advertising

If you spend your collegiate years buried in a textbook hoping to earn a 4.0 GPA, you may actually achieve your goal. However, if your reasoning was solely to land a dream job, you may find yourself at a major disadvantage if the employer is seeking well-rounded individuals because you only focused on school and nothing more. It is totally possible to use money to rectify this issue: simply re-enroll in school and get involved in student activities. You may end up being selected for the position, but you will never have the opportunity to relive those four years of your life again.

In some instances, many individuals also equate time to money in the workplace. They calculate how much money is needed to cover their expenses, and immediately come up with an hourly figure along with the number of hours that have to be spent on the job to accomplish this objective. While it is a proven way to ensure that needs are met, it fails to consider the time factor once again.  Salaries vary by job, but the time spent earning wages is indispensable. You can always make up for lost wages in subsequent jobs, but you can’t buy back the years spent with prior employers.

Advertising

Some who are self-employed also use a similar equation. An amount that reflects what they would like to be compensated (to cover their needs and wants) for a particular project is assessed, either on an hourly basis or as a flat rate. Instead of making the bottom line your focal point, exert as much energy as possible into your work to ensure that value is added to each client that you are serving. They will more than likely take notice, tip you for your efforts, and refer you to other customers. End result: time well spent and a financial boost to your business.

Formula for Success

In all of these examples, the individuals focused on attaining a desired outcome in a set amount of time. While the end results may have been in their favor, their focus was too narrow.

Advertising

Your efforts can definitely earn, and in some situations, lose you money. The good news is that the supply of money is abundant, and with the right actions, you can earn a ton of it.

Unfortunately, this is not the case for time. It is important to understand that no matter how hard you work towards accomplishing objectives, time cannot be purchased. Therefore, you should focus on making the most of each day and living a richer life because once the time lapses, it can never be retrieved.

So, the next time you find yourself thinking about the famous words of Benjamin Franklin, remember that time is not money, and should be used wisely!

More by this author

8 Benefits of Coconut Water You Didn’t Know About How To Find The Perfect Halloween Costume How to Avoid the Hidden Costs of Moving Your Office The Time is Money Myth Debunked New to College? Avoid These Common Credit Card Traps

Trending in Productivity

1 15 Simple Things You Can Do To Turn Your Life Around 2 10 Things You Can Do Now to Change Your Life Forever 3 How to Set Short Term Goals for a Successful Life 4 Is Avoiding Difficult Tasks And Doing Easy Tasks First Less Productive? 5 5 Tips To Stop Feeling Overwhelmed And Overcome Procrastination

Read Next

Advertising
Advertising
Advertising

Last Updated on August 10, 2020

15 Simple Things You Can Do To Turn Your Life Around

15 Simple Things You Can Do To Turn Your Life Around

Life can be difficult. It can seem like nothing goes your way and the world is against you. The world can be a very cruel and lonely place. But there are things that you can do to begin turning your life around.

Whether you’re in a job you hate, struggling with a loss, or just not on the path you expected, only you hold the key to turning your life around. Here are 15 simple things you can do to turn your life around.

1. Read Daily

Reading lets you escape to a different place within your mind. It can be relaxing and calming. And it helps stimulate brain activity and keeps you sharp.

Reading daily can help you spend time away from the problems of the day and allow you to escape into a world of endless possibilities. Changing your perspective can help you turn around your life, and reading is a great place to start.

Here’re some recommendations: 20 All-Time Best Motivational Books to Inspire You

Advertising

2. Put Your Goals in Writing

When thoughts are banging around in our heads, they can easily slip away. Walk from one room to another and you forget what you were doing!

Make sure your goals are concrete and written down. This will help you stay accountable to yourself and is the first step in completing your goal. By writing it on a piece of paper, you must put in the thought of how you should word it, what exactly you want to accomplish, and will make you consider if it’s truly worth it.

3. Prune Your Relationships

Too often, relationships can be destructive. This is often looked at through the scope of romantic relationships, but also consider life-long friends, family, and acquaintances. Are the people you spend time with bringing you down? Are they helping you achieve your goals or hindering? It can be difficult, but pruning your relationships can be the quickest catalyst in turning your life around.

4. Make New Friends

Don’t underestimate how a new person or group of friends in your life can change your outlook. Be open to meeting new people, both at work and in your personal life.

5. Get Healthy

When you feel great, good things seem to come your way. Working out helps you feel better about yourself and can help change your outlook on life. Eating right can help you have the energy to do more. Getting healthy can improve your entire outlook on life and help turn your life around.

Advertising

6. Start Saving

For many, financial struggle can weigh heavy and be the cause of many problems. Without a change of job or career, changing your financial situation will take time and effort. Start saving with each paycheck to help build toward your future. Even if it’s a small amount each check, consistency in saving can help you change your path in the future.

7. Start a Business

Working for others can be tough. You may be underemployed, under-utilized, and under-appreciated. Starting a business can help you take control of your financial future.

Understand that you don’t have to quit your current job to start a business. Find something you love and have skills at and do it in your free time. If you’re in creative services, freelance. If you’re great at carpentry, build tables to sell. If you are a talented painter or crafty, start an Etsy store.

You may find that your side passion business can turn into more. Or, if you have the opportunity and skills, take the plunge and go all in. Working for yourself is challenging, but a great opportunity to change your life.

Here’re some tips for you: How to Start a Small Business with Little to No Money

Advertising

8. Find Opportunities to Help Others

Helping others can change your outlook and help turn your life around. Changing the way you think about the world can play a part. But helping others can also open up doors you never had available. Being a good person can help you get out of a funk and can be the catalyst for change.

9. Learn a New Skill

When you have more skills, additional opportunities will be presented. If you’re tired of your blue collar job, take classes to learn computer skills. If you’re struggling to move up in your company, find a skill that makes you more valuable. And if you want financial freedom, learn a skill that can help you change your life. Knowledge is power.

10. Stop Watching TV

Watching TV can keep you distracted and take up a lot of time. Cutting out the time you spend watching TV and replacing it with more productive activities can help you accomplish more and stay focused.

11. Listen to Inspirational Content

You can learn much about yourself from others. Find inspirational and educational content that matches your needs and give it a listen. You may find that the advice from others in similar situations can give you the boost you need to change your life.

12. Stop Complaining

Negative thoughts and talk can turn people against you and make your outlook grim. Stop complaining so much and make the best out of your situation.

Advertising

13. Find or Rekindle Your Passion

Doing what you love can change your entire outlook on life. When you’re doing things you hate, you can be more stressed and make life much harder than it needs to be. Find things you’re passionate about and rekindle the love for what you enjoyed in the past. Doing what you love can turn your life around and make each day more rewarding.

14. Take a Vacation (or Staycation)

Sometimes, hitting the reset button is all it takes to improve your situation. Taking a vacation, or staycation, is a great way to get away from the stress of the daily grind and recharge your battery. A vacation can give you the perspective you need to change your life.

15. Re-evaluate Your Attitude

How you view the world will often reflect in how you treat yourself. Re-evaluate your attitude and ensure that you’re doing all you can to make the most out of every situation. A change in how you view your situation can often be the push that helps you change your life for the better.

More Tips to Help You Change Your Life

Featured photo credit: Conner Ching via unsplash.com

Read Next