You’ve probably heard the old adage “time is money”, but is it really? The phrase is used to suggest “don’t waste my time because my time is money” or “I should buy this latest time-saving something because my time is money”. We’ve even chuckled at the story that Bill Gates can’t stop to pick up $10,000 because his time is worth more than the time it takes to pick it up. Well here’s the clincher, time is only money if and only if that time would have actually been used to make money.
As entrepreneurs we use this phrase as an excuse to spend money, especially on so-called time-saving products and services. We tell ourselves that they will save us time and since time is money they are saving us money, but here’s the deal…if we use the time that we saved to goof off or watch TV or do nothing productive, then our time is NOT money – it is simply wasted. Sorry, was that too harsh? The phrase should be, “productive time is money“.
So the next time you think about spending money to gain more time, ask yourself, “what am I going to do with that saved time and is it worth more than the money I’m about to spend?”.
What have you spent money on lately to save time? Add your experience to the comments below. Me? I subscribed to a service that allows me to create landing pages faster than I could than by just coding.
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