What Should You Choose: Time or Money?

Time or money which is more important to you? Time is by far more valuable than money. Time is an opportunity to have more money.  Putting ...

Time or money which is more important to you? Time is by far more valuable than money. Time is an opportunity to have more money. Putting a monetary value every hour will help you prioritize tasks and lose fewer minutes in irrelevant activities. 

Studies show that most employees spend an average of 30 hours in meetings, and less than 60 percent of their time working productively. 

Driving money and investing either to be an entrepreneur or only investor, is just like getting on a plane full of passengers and try to learn at the same time to fly. If you can get off the aircraft, I will really congratulate you, but you still have to learn about the dashboard, flaps, landing gear, alarms, autopilot, hold the plane firmly and then take it to the destination to land. Pretty complicated, right?

What Should You Choose: Time or Money?
Having worked for a major public relations firm when I left college helped me understand the value I had every hour in my career. Although making a little money, customers paid more than $ 100 an hour while working on their account. For every 15-minute increment he was charged, he had to justify why. If a project gave me any difficulty, or I was just having an unproductive day, I adjusted my hours. 
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Although I no longer have to relate my time to accounts at the end of the day, that mentality has worked exceptionally well. I have found that it is very useful in any workspace (even if you work for a non-profit organization). The hours of the day are finite and precious, and the most successful managers and entrepreneurs are those who not only know how to manage their time but also the time of their team. 

I have long since left the world of public relations, but today I still allocate a dollar amount to my hours. And I recommend that any other person who has to battle with many tasks and pending at the same time also do. 

If you look at the first hour of the day as, say, $ 1000 instead of 9-10am on your calendar, then it will be easier to prioritize tasks by planning your hours, days and weeks around the most important goals. This will also help you away from activities that absorb time and that, in a new light, you will realize that they are not worth the 'money' they cost. 

As a manager, it is equally important to put a value on the time of your colleagues and employees. My time costs more than my employees, and yours more than the inmates. Everyone understands this dynamic and plans accordingly. It helps me to decide more quickly what kind of tasks to delegate to a patient, whether it is worth an employee to do it at the moment or if I should absorb it. In determining the relative importance (and time sensitivity) of the tasks, it is much easier to assign and complete them as productively as possible. 
Also read: The Worst Things You Should Never Do With Your First Salary

Assigning a monetary value to your duties and those of your employees helps to better order schedules and eliminate slopes that take time and decrease productivity. A one-hour meeting with 20 people, where they actually only needed to attend 10, translates into a virtually lost work day. 

For veterans of workspaces, this way of thinking (long meetings) may seem natural, but for young professionals, the value of a lost hour can be much greater. Therefore, thinking of time as a monetary value is a useful mental model that can be applied in any career. If we all treated the minutes as if they were dollars.

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