We’ve heard the saying ‘time is money’ a lot. This is an aphorism used by Benjamin Franklin, and although people feel differently about what it really means, we’re here to give you a simplified meaning. Here’s why time really is money.
What it doesn’t mean
‘Time is money’ doesn’t mean you have to work non-stop every single second of the day, out of fear of losing out on money. We all know that working too hard without rest can result in burnout and fatigue, which negatively influences your mental and physical health.
This aphorism also doesn’t mean that if you’re taking time out to relax, you should feel guilty and calculate every cent you possibly could’ve earned while kicking back. The truth is that you never really know how much money you could’ve made because different days bring different results, es-pecially where profit is concerned. Plus, we all know that never taking a break to let your hair down is a huge compromise of self-care.
What it actually means
Wasting too much time on things that don’t grow or serve your business is a waste of time that you can’t get back. That’s the thing about time- once it’s gone, unlike money, you can’t earn it back. Time wasted on insignificant things could’ve been time spent on bigger things that may have earned you money.
This also means that the amount of money you spend on improving yourself and your business could, in the long-term, end up making you money. Today we speak about knowing how to invest, a way of putting money into something over time and allowing it to bring about returns in monetary value. But there are also great returns that come from investing in yourself by getting educated, de-veloping new skills and getting involved in programmes that make you better at what you do. Be it a business or a 9-5 job, any career path needs time to become a success and eventually make you money.
Spending your time wisely
Although money is nice to have and we can’t live without it, there are also many things time can give you, that money can’t. Surely, you’ve heard the term ‘time heals’, and it does. With time, things really do get better while money only makes a few things better, and these are usually problems that re-quire nothing but money to get better.
Money can also be made back, no matter how much of it you lose. And unlike time, which is con-stant and allows you to do a lot of things both in your personal and professional life. Money fluctu-ates and differs based on currencies and investments made. But if you use your time wisely, you can add on more activities into your day that could potentially earn you money.
Lastly, you don’t only need time to make money, you need time to spend money. So, as an entre-preneur, consumers wouldn’t be able to spend money buying your products or making use of your services if they didn’t have the time.
It’s clear to see that Benjamin Franklin wasn’t wrong when he said ‘time is money’. How you see and understand this will set the tone for how you spend both your money and your time. Value both, because both are an important part of life and there isn’t one without the other.