You all might have heard of the adage – the time is money. But, is time all about money? No. Time is also about relationships, about health, about influence, and you are running out of it. Would you want to let it go or do something about it? What, according to you, is the most important? Is it your money, your health, or your relationships?
There are a lot of things around you that you think you can’t survive without. However, you can earn most of these things back. When you break up in a relationship, you can either get back with your love or begin a new chapter. You can earn back the money you’ve lost by working hard. Treatment can cure if you are suffering from ill-health. But, time once gone can never come back.
Time Is A Resource
When the topic of resources comes up, you think of oil, natural gas, precious metals, and stuff, all of which are tangible. However, resources can be intangible too. A bunch of valuable resources is intangible, i.e., what you can’t touch or hold. Wealth comprises time, money, and influence.
Among them all, time happens to be the most valuable resource. If you don’t value time, you can’t achieve money and influence. You can either spend time or save time. It’s completely up to you. If you invest time wisely, you will gain more time in the later stages.
How To Calculate Time’s Value?
If you invest time in your family and friends, you are bound to form a stronger bond with them than those who don’t and spend a lonely time. If you invest the time at the gym, you will have a fitter and a healthier body than an individual who whiles away time lying on the couch, gorging on some junk food. It all boils down to how you are utilizing your time. Time is the most valuable resource.
Therefore, it has worth which you need to know. How to calculate its worth? You can do it by using two types of calculations – expected value calculations and realized income calculations. Expected value calculations help you prioritize your tasks in terms of their value, while realized income calculations help determine the worth of an hour. Following are the details.
Expected Value Calculations and Realized Income Calculations
So you know by now that the expected value method is a way to calculate time’s value. You can use this method when you need to set your tasks as per their priority. In simple words, it will help you in organizing your total work by placing the most valuable task at the top, followed by tasks that are of lesser value.
The realized income method is effective in seeking out your time’s value. The calculations are based on your earnings and the time you take. To calculate, you have to take two things into account. First, the time you take while earning money and the sum of money you earn within that time frame.
Ways To Save Time (And Money)
It would help if you respected time. Success comes to those who know the value of time. You have to be mindful of your present since that is how you can maximize your time. Whenever you tend to divert your attention from your present moment, you lose valuable seconds of your time. Thinking about your past regrets or focusing a lot on your future worries would get you nowhere. It will be just a case of emotional exhaustion and nothing else.
Okay, this doesn’t imply that you shouldn’t do any future planning or overlook your past mistakes. You have to implement your past mistakes so that you can make constructive decisions in the present. Once you know the value of an hour, a minute, or a second, you can make informed decisions in your daily life. These decisions will go on and save you a lot of time and money.
So, won’t you have any time to relax? Why not? But, do something worthwhile: read a book, play an instrument, do yoga, dance, paint, finish a puzzle, etc., while relaxing. All these activities are genuine stress-busters and will help in keeping the brain in an active mode.