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Money--It's A Matter Of Time
Author : Kent Stuver
Some people have plenty of discretionary time, but not much money to enjoy that time. Other people, however, have excess discretionary money, but not much time in which to enjoy that money. In many ways, money and time are closely linked together.
I remember when I first recognized the close link between time and money. In order to meet an important deadline at work, we were working mandatory 60-hour weeks. I had to pass up some fairly important family events as a result.
I remember feeling very strongly that I was not in control of my time. I realized that once a moment of time has passed, it is gone forever. It became clear to me that I was trading substantial amounts of my time for money. And, I wasn't convinced that I was ending up with the better bargain.
Benjamin Franklin is a founding father in the United states. During the 1700's, he was a respected inventor, statesman, and writer. Ben was influential in both the United States and Europe. He helped originate daylight savings time, public libraries, the modern weather bureau, electric explosives, the Franklin stove, and bifocal glasses, among other innovations.
Ben worked to intelligently convert his time into money while he was young. At the printing house he owned, he worked hard and put in long hours. He was known throughout the community as an example of industrious labor, and his influence and affluence grew year by year as a result. In fact, he did this so well that he was able to step completely away from his day-to-day business affairs by age 42. At that point, he was able to convert his money into time.
The things that Ben accomplished after age 42 are the things we remember him most for.
Ben demonstrated that one of the most effective time-management strategies is good money management. He showed that, by wisely managing his money, he gained many additional options for how he could spend his time.
We can learn a powerful lesson from Ben's example. We can first convert our time into money. Then, we can convert our money into time. So what does this mean?
To begin with, we convert our time into money when we work for an income. For most of us, this begins with our first job—perhaps as young as in our teens when we begin getting paid to baby sit or do yard work. We exchange our time and effort for a paycheck.
Unfortunately, many people stop there and never complete the second half of the equation.
The second step is to take a portion of the money that we receive from working and to convert it into income-producing assets. We invest a portion of our income—usually 10 percent--in assets such as mutual funds, stocks, bonds, real estate, etc. As we consistently do this over a period of time, our assets can grow to the point that the income they provide to us is greater than the income we receive from working. When we reach this milestone, we have converted our money into time, since we now have the freedom to work or not to work.
This principle applies to anyone in any type of job or profession—executive, secretarial, manual labor, or whatever. It is completely non-discriminatory. Even a teenager can build the foundation to become a millionaire by investing $100 a month.
Interestingly, assets can also be created without money. The Beetles created a portfolio of assets--their music albums--that have provided them with millions of dollars of income. J.K. Rowling has created assets--the Harry Potter books--that have turned her into a billion-dollar author. Many average, ordinary people have created similar assets on a smaller scale, directly converting their time and effort into income-producing assets.
Although most of us will not accomplish the same types of things that Ben Franklin accomplished, the money mastery principles he used are just as powerful today as they were 250 years ago. As you master your own money, you will find that you have more options available for your time than you ever thought possible.
Author's Resource Box
Kent T. Stuver is a writer and development manager. He is the author of the book, The Secret to Money Mastery. Learn how you can leverage the latest neuroscience to accelerate your own quest for financial prosperity at this URL: http://www.thesecrettomoneymastery.com
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Tags: money management, time management, investing, assets, personal finance, income
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Submitted : 2010-03-10 Word Count : 1 Popularity: 100