Time as Strategic Capacity – Liability or Asset?
Time is a strategic resource; it is initially free to each living being, but is limited to how long we live and how we use it. The use of time shapes the quality of life for oneself, and those around them. Management of time indicates if one will live a life of wealth, or debt.
Time is real; money is not. Time is free, but limited to our lifespan. Money comes in many and continuously changing forms. It can be paper, stone, virtual, etc. Money has value based on value perceived and given by others. We learn and talk about investing money and what compounding interest can bring, however, we do not teach much about investing time and what intangible compounding interest it can bring.
There are 24 hours in a day. Eight of those hours are needed for rest and rejuvenation. It appears the remaining 16 hours are ours to use as we wish. This is not the case.
Time as a Liability
Many people work at least eight-hour days making money for someone else’s dream. We therefore barter our life energy, knowledge skills, etc. for some kind of need or pleasure. The 16 hours left are now down to 8.
From the remaining eight hours left in your daily life, more hours are needed to eat, perform necessary biological functions, work, transport oneself to work; get dressed; go to school; care for family; take a moment to think; attend events, etc. These activities are maintenance activities…things you must do to live daily with the resources you have available and requirements you must address.
Whether we realize it or not, we trade our valuable limited life’s energy to meet personal desires, and needs to help another achieve their personal desires and needs. These are maintenance activities and activities that provide immediate pleasure or pain. The more pleasure or pain involved, the greater chance more time will be spent addressing those issues or needs. This is where life’s “rat race” sits whereby one feels enslaved with a process just to survive the day.
Time as an Asset
Knowing at least 16 to 20 hours of your 24-hour day is allotted to daily survival; you can still position yourself to leverage time to work for you. It is the wise use and investment of those hours that can generate capacity to live life more in line with your desires. The challenge is identifying ways and means to have time work for you.
Books like, The Wealthy Barber, Rich Dad Poor Dad and the Richest Man in Babylon teach people with limited means to make the most of what they have in terms of time and money, by having money work for them. Each books teaches you how to leverage time to allow your income to grow without having to dedicate of the little time.
There are also ways to literally grow new income as you sleep. Creating eBooks, podcasts, advertising for other companies, etc. are examples of online means of making money. Some favorites of mine are Pat Flynn of Smart Passive Income, Tim Ferriss and Seth Godin’s Start Up School. Most of their resources are free. Obviously work is required… but these resources teach you how to identify financial wells; perk the well, establish a well pump to generate a steady flow of income. Some people succeed faster than others, but you can generate income that can be reinvested to grow into something useful.
Writing blog articles, etc can also open up income opportunities you may not have realized. While your intent may be to blog and advertise products, your expertise may open up opportunities to meet new people who can lead you to lucrative opportunities.
At the end of the end you work to make someone else money with your time. Most of us are employees, to include the self-employed because your business dies if you don’t work it. Only business owners and investors are closest to being financially free and able to live life on their own terms because the employ people, time and money to work for them. This is one perspective of viewing strategic capacity and how to ensure time is an asset.
References (I own multiple copies of each, minus Let Go). Each resource teaches you the importance of time; time an income generations; time and resource creation.
Flow – Talks about leveraging time and resources
Let Go – Talks about how to realize your potential
Rich Dad Poor Dad – Teaches you facts and fallacies regarding money
Richest Man in Babylon – Teaches you how to invest time and resources
Seth Godin – Entrepreneur since a teenager, teaches creative thinking, solution creation and be profitable
The Wealthy Barber – Learn how to leverage time and money for exponential growth
Tools of Titans – My favorite podcaster. Tim studies systems and strategic capacity development of top performers and conveys his findings in understandable insight and language.