Time is Money- A New Perception Episode 103, LIFE LESSONS

 

We all know that time is money but are we interpreting it right? Check out the answer and the right perception of the same.

Hi friends and welcome to Life Lessons

There were two friends Ram and Tej who decided to start a business. As planned they were successful in doing the same. Both had equal shares in the firm. But there was a difference between both of them. Ram was a financially strong person before the same. He already had a firm working before this business. This brought about differences between both of them. Ram had to look after another business too, this was the reason he was not much involved in the business that Tej was a partner.

This was the reason Tej was getting burdened in the transaction process. The share of profit was undoubtedly going to Ram but the work was not the same for both. There were no personal differences between them both due to this reason. But I observed this in their business process.

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Time is Money:

There were many quotes and sayings that state that time is money, we should value our money, and much more. Many of us knew the same but the problem is we never recognize the right perception of the same. Let us look at the right perception in this episode.

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The Finance formula:

As I was going through some videos of professional finance personals, I found out a video where a person stated a single tip that would increase our net worth. It sounded good to me. Let me state this in brief to you all.

The person stated that to increase our value (and thus net worth), we need to leave unimportant works in our daily life, buy time from others to do these works, and invest the saved time to earn more money.

Let me state an example for the same. as a responsible wife, the lady schedules to wash clothes every evening. This work consumes almost a couple of hours. In case she hires a maid to wash these clothes, she could save that time by buying a couple of hours from that maid. Not she can us this time to do something more useful and earn more.

This tip is followed by many rich people. Many of these people direct their PA’s (Personal Assistants) and subordinates to do their personal works and they use this saved time to earn large amounts.

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Problem with this finance tip:

As with other aspects, there are problems with this tip too. The tip stated above is the process that increases our net worth. But the problem arises due to the wrong perception of the same.

I have seen some people who are very much aware of the process I stated above. But they don’t use this to increase their earnings or increase their net worth, rather they use this to increases their comfort. This is not a good sign in many instances.

Let us take the example that I stated in the previous lines. The housewife had hired a maid for washing clothes, but if she is not using the saved time to do something more effective, then it will not increase the net worth or earnings, rather it increases the expenses and comfort to the person which is not always a good sign. Many people with this perception end up in a lot of unwanted expenses and comforts. The same was the case with a business too. There was a business similar to the above-stated one where there were two partners. But in this business one partner just smartly puts the burden on the others just to get more comfortable. This is not a good sign at all. once the difference gets worse, this would seriously hamper the business's health.

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Bottom Line:

The saying Time is Money is absolutely true. It stays true when you use all the time saved to earn money.  If we are not able to make the best out of that available time, we have no value in making the free time. It would be rather better to do our own chores and duties ourselves to save the money that we wanted to buy some other’s time.

 

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