Your time in this life cannot be replaced…think in terms of time not money…
It’s so natural to just simply look at the price of an item and not think about the TIME you invested into the money you have….or don’t have to spend.
Here is what I mean. Let’s say you’re looking at the latest pair of popular sneakers and you just HAVE to have them. You know they are $120 but they are so awesome, you’d look amazing wearing them and would feel like a totally new person…but for how long.
Instead of just impulse buying…
I would encourage you to think about how long it would take you to make the $120 needed for the purchase….4 hours….5…..6….10? Let’s say it takes you 8 hours, a full work day to make $120. Are the shoes REALLY worth EIGHT HOURS of your life? If you’re single you could EASILY pay for an entire week’s worth of groceries with $120. My wife, son and myself feed ourselves for a week on about $100-$110 so I have no doubt you could do it, unless of course you’re on a steady steak and lobster diet.
As Matt and I have mentioned in many of our posts before it all comes down to mindset. It’s about making your TIME worth more than your money. Your time is an irreplaceable thing that can never be replenished, never forget that. Make your time worth as much as humanly possible in terms of income. Once you can start to seriously increase your hourly income you can start to decrease your time working. While obviously making more money is a huge help, paying off debt is also hugely helpful to making your time more valuable.
Think about it…
As another example let’s say you make ten dollars an hour. BUT, because you have debt so much of what you make hourly is already claimed by the bank, credit card, personal loan, or whatever else you need to pay off. So instead of getting around $8 an hour after taxes, you also have to include your debt. Now you’re down to about $4 an hour. Ouch. See how paying off your debt can drastically help you bring home more of the bacon each week, month and year?
Thinking in terms of time and not money plays a roll in EVERY part of life, not just finances. But when it comes to finances Matt and I really believe that keeping this thought process in the forefront of your mind is so crucial to success.
Have you ever really spent time thinking about this topic? How has it helped you in your finances, personal life, work life or other areas?
Don’t forget to sign up for our email newsletter by clicking HERE.
We’d love to hear from you and be able to interact with you about the time vs. money concept.