Time is money
There are many things you can recover in life, but time isn’t one of them. Don’t be quick to give away what you’ll never get back.
We Should Give Importance To Time
We know that money is precious. However, we usually ignore another precious resource, time. We should give importance to time as much as we value money- wasting it is like wasting money. Here are some useful tips on how to make full use of your time to increase your wealth.
1. Create a Schedule
Just as a budget ensures money discipline, a calendar ensures time discipline.
Create A Schedule
Impact: Visual programs help us stay focused despite distracting attention.
How to go about it:
List all your tasks and assignments.
Define priorities.
Estimate the time it takes for each task.
Identify time for vacation.
Create a calendar based on priorities.
Smart Tip: Use online available calendars
2. Do not kill time
Since time is a precious and finite resource, the very concept of 'killing' should be abandoned.
Effect: Find extra time with the help of your time schedule and use it to increase earning potential or for rest and recreation.
Smart Tip: Use the extra time to learn new skills and thus increase earning potential.
3 Focus on studying when you are young
One should complete his education, while the young would find it difficult to do so at a later age.
Focus On Study
Impact: Better education, especially from leading institutions, translates to better employment opportunities and higher salaries in the future.
Smart tip: When aiming for college, do not try for multiple streams at once. Spreading yourself too thin may not yield results and instead may be a waste of time.
4. Increase efficiency with work-life balance
Maintaining work-life balance helps reduce work-related stress and prevents burnout.
Impact: Increased efficiency will help you achieve good results in the professional space, which will lead to better career prospects and earning potential. The right balance is also quality time for family and friends.
Smart Tip: Have more labor than you do.
5. Allow saving when time allows
When one is single, the expenditure is less and thus it is the best time to save money.
Save The Maximum
Effect: We need to save the maximum when we can and if we can do that, the power of compounding gives time to work on your corpus.
Smart tip: invest in growth assets like equity for compounding at higher rates.
6. Travel when you're young
You will be able to enjoy more due to better health.
Impact: This may affect your savings potential, but this enjoyment will not happen with accumulated wealth in old age.
Smart Tip: Explore adventure tourism when you are young.
7. Use Gadgets to Save Time
Significant amount of time can be saved by using home appliances.
Effect: This will increase spending, but you can use the time saved to earn more.
Smart Tip: Ensure that the time saved is used productively.
8. Consider the opportunity cost of time
We can save money by doing all the work ourselves, but it is not practical because we do not have the necessary time or expertise.
Cost Of TimeImpact: While this will increase expenses, the time saved can be used productively. For example, a doctor can earn a lot more by dedicating the same time to his practice than trying to manage his stock portfolio on his own.
Smart tip: outsource work to experts.
9. Do not be useless after retirement
Do small things or do social service to keep boredom and diseases at bay.
Do Small Things After Retirement
Impact: Income from small tasks or satisfaction with social service will be in addition to lower health costs.
Smart tip: retire from work but not life
10. Respect the schedule for others
This is important for healthy relationships.
Healthy Relationship
Impact: If you do not respect the program at the time of others, you may lose money. For example, if you keep your customer waiting then you may lose business.
Smart Tip: Respect others' time if you want others to respect your time.
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