Have you ever heard the phrase, “time is money”? It’s a phrase I heard years ago, but never really understood until I grew older. The Cambridge Dictionary reads, “said to emphasize that you should not waste time, because you could be using it to earn money”. I consider this to be a partial definition at best, believing there to be more to it. Yes, time can be spent earning more money, but it can also be spent building your potential for a greater life. Let’s explore the phrase time is money and how to invest wisely for a brighter future.
The Time & Money Correlation
Investing is the key to a better life. No one gets anywhere without investing time and/or money towards a better future. Most people know that by continually investing in the stock market/real estate/etc., you can grow your money into a substantial sum. What many don’t realize is that same principle applies to your time. If you continually invest your time towards building greater knowledge, it can grow into a substantial sum over time. With the right knowledge, you’ll be more likely to earn a higher wage or profits.
The problem here is that most people don’t realize the value of their time. They base their decisions in life on money, rather than time. Hours go by looking for the best deal instead of simply making a purchase and using time more effectively. People need to become aware of their time and start investing with intent.
Where Time is Lost
The most common excuse I hear is, “I just don’t have the time”. First of all, I think this has nothing to do with time and everything to do with priority. If something is that important, you will make time for it. Second, I believe many people fill their days with activities that don’t produce results.
When it comes to spending your time, all sales are final. There are no exchanges or returns – so, spend it with care. The following are a number of ways I see many people waste their time, never to be seen again.
Television
According to the New York Times, the average American spends roughly five hours a day watching television. Now, let’s stop to think about the purpose of television… it’s basically a medium for entertainment and a way learn about current events. However, what can you really take away from five hours of television each day? You may learn a thing or two and be thoroughly entertained in the process, but how does it positively affect your life? I’m going to assume it doesn’t because I’ve watched my fair share of television in the past and it hasn’t done anything for me. I consider television a way to perceivably shorten the time to your next obligation and provide no value in return. Do you think anyone in their final days thinks back and wishes they had watched more television?…I doubt it.
Now, I’m not saying you should never watch television ever again, but be selective and brief. Watch your favorite show while you eat dinner, catch up on local news while you’re working out, or throw on a movie when you’re sick and need rest. The point is, that if you’re going to watch television, try and find a way to make it more productive. Don’t get me wrong, I can Netflix binge like anyones else, but it’s a waste of time that brings little value to your life.
Social Media
Social media is another major contributor to lost time. According to social media today, the average person will spend approximately five years and four months on social media over a lifetime. In that time you could have climbed Mt. Everest or flown to the moon and back, thirty-two times!
Social media is great in that it lets you keep in touch with friends and family, share your life with others, and see what others are up to in their own lives. However, there’s a fine line between staying connected and wasting time. For example, do you really need to look at posts and pictures of your ex’s new girlfriend/boyfriend or what your friend from elementary school is doing after not talking to them for the past 15 years? This is where time is lost and little value is added to your life.
Again, I’m not saying you should never use social media, but be mindful of your time. If there’s a way to utilize that time more effectively, I think it’s a good place to start. Among friends and family, I suggest following thought leaders and those who inspire you to fulfill your potential. This way, if you find yourself browsing social media through boredom, at least you may come across content that potentially brings value to your life. This is what I do and while it’s nice to see moments in my friends lives, I find myself more actionable on content provided by industry thought leaders.
Video Games
Video games, although minimal compared to television and social media, is another area for lost time. The average person spends 6.3 hours per week playing video games, according to Nielsen. Although that doesn’t sound like much, it adds up to over 300 hours per year or twelve plus days. Over a lifetime, this can start to add up to a substantial amount.
Personally, I enjoy playing video games at times, but it’s really just a way to pass the time. I understand how it’s fun, entertaining, and challenging, but does it really improve your life in any substantial way? I’m sure there are cases where someone has done quite well for themselves as a video game expert, but it’s negligible for the average person and ends up being a complete waste of time.
I’m not much of a gamer and haven’t played in well over a year, so it’s difficult for me to say how you can use your time more efficiently. I find myself only playing video games when visiting with friends. In this scenario, playing video games is more of a social bonding activity, which I value much more than the video game itself. See if you can find ways to use this time more effectively and it may just be worth your time.
News Media
When I was a kid, I didn’t care about the news at all and it didn’t negatively affect my life in any way. As a young adult, I found the news much more interesting and spent my time watching the news, reading random articles, and following events as they unfolded on live television. After doing this for a number of years, I realized it’s mostly a waste of time. What’s my reasoning behind this? There’s little to nothing you can do about what’s happening in the news, so what’s the point in watching? Yes, it’s good to have a general sense of what’s happening in the world, but you must be mindful. News may not only be a waste of time, but a drain on your sense of well-being. Who wants to spend their day/life dwelling on the negative events the news media feeds on.
With that said, if you watch the news to look for opportunity, that’s a different story. Say for instance the president announces a large program to revitalize and expand our current infrastructure. You could use that information to your advantage by investing in companies that provide building materials to the government. Therefore, profiting by the increase in stock value over the coming months.
Like I did as kid, I have since ignored daily news programming and have not experienced any negative affects. In fact, my mood improved dramatically by removing that constant source of negativity. Therefore, I recommend using the news to your advantage whenever possible, but don’t let it fill your mind with negativity and waste your time.
How To Invest Your Time Wisely
Time is wasted constantly and the above examples are just a few. I understand that everyone needs time to relax and unwind, but don’t let it be a waste. Try and find a long-term benefit to everything you do, whether that’s related to personal finance, personal relationships, health, personal goals, and more. Instead of watching TV for an hour before bed, read a book about better parenting. Instead of scrolling through social media, read an article about personal finance. Instead of drinking every weekend with your buddies, try building the business you’ve always wanted to start.
Your time is a limited resource and none of us know when it will come to an end. Those that understand this, value time much more than money because money can be replenished….time cannot. I challenge you to find a greater purpose in life and stop wasting your valuable resource. Continue educating yourself, build stronger relationships, and provide greater value to the world to live a life of fulfillment. Time is money, so invest wisely.
Are you being mindful of your time? Let me know how you plan to use your time to your advantage by leaving a comment below!
