…is a phrase used by Benjamin Franklin and adopted by everyone which translates to the value that time (when spent well) brings. Basically, money is wasted (either in lost opportunities or in wages or earnings) when time is not used productively. In economics, when the phrase is used, it basically talks about opportunity cost. Let me explain with an example: Imagine if you’re about to venture into a restaurant business. You know there are some costs to this and it will take up all your time thereby denying you the chance of keeping your current job. Now, if you calculate how many hours you spend at the office and give a projection of how much you’ll get if you spend that amount of time in the restaurant, will you get the same amount or not? The principle of Opportunity cost here basically tells you how much you get from time spent and not how to spend your time.
You work at a place where they pay you by the hour, will you afford to waste time not working when you know how valuable your time is? Everything you do is based off time which makes it the most valuable commodity. The 24 hours you have in a day is the same 24 hours the next person has (except you can bend time to your will) and what you use your time to do, shows how valuable your time is to you. Looking at a larger scale, let’s move into the real estate community. It is said that “the value of land always appreciated over time”. This means that if you bought a plot of land for about 200,000 naira 5 years ago, you can sell it off today in millions because of the time accumulated. For each passing year, the value of your land increases due to economic changes and development. But the time you’re ready to sell it off, you’ll get your money’s worth for the time invested in that land.
The same goes for good financial investments. With the current naira to dollar exchange rate in Nigeria, imagine if you invested in forex exchange ten years back when you could get a dollar at a reasonable rate (about 130 naira to a dollar). Now fast forward to this present day where we have a dollar going for about 340 naira , selling off the dollars you got ten years ago will give you good profit for time invested. Need I say more about this? Also, you should spend your time making good memories and building a good legacy for yourself and your future. Lastly, outsourcing certain jobs in order to spend more time doing more productive things, is advisable. It helps you manage your time and you still get a lot done.
How much time have you spent reading this post? I hope it was an investment on your part. Bearing this in mind, have a lovely, productive week ahead.