Why do I call TIME a CURRENCY? Because currency is something you trade for another. Just like with money, time is something you trade for something else. You usually trade time for money or for pleasure. So you must spend your time wisely or else you can end up "overpaying". Think about it, we can amass a large amount of money if really wanted to but we can never amass a large amount of time. Whether you're rich or poor, we all have the same amount of time and have a finite number of time that can can never be replenished.
If you spend 80 hours at the office weekly and have all the financial success you can ever wish for, you might be financially wealthy but TIME-POOR at the same time. What good is it to have all the money in the world but miss out on the moments that matter most? The moments with your children, time spent at their ball game or spending time doing the things you’re most passionate about. This is what will matter most when you come to the end of your life; you will never look back and wish you spent more time at the office. Spending time chasing financial wealth while ignoring the more important events in your life is a complete waste of your time & your life.
So why is time more valuable than money? Because TIME is universal and finite. You can use time anywhere and at any time. For instance, if you go to China and use the Renminbi, the moment you step out of China that currency is worthless; it’s just printed paper. The same goes for currency in Brazil, India, Indonesia, etc. The moment you step out of their borders that currency is pretty much worthless. However TIME is really the only valuable currency in life; its universal and can be spent as you choose to. Whether you're in Texas, China or Brazil, you can spend your time any way you see fit and as you want. If you want to spend time to make money then you can or if you want to spend your time fly fishing, you can as well. It is spent exactly the same anywhere you go.
The Dalai Lama once said something very interesting about humanity and the way we trade our time for money. He was once asked what surprised him most about humanity and his reply was:
"Man. Because he sacrifices his health in order to make money. Then he sacrifices money to recuperate his health. And then he is so anxious about the future that he does not enjoy the present; the result being that he does not live in the present or the future; he lives as if he is never going to die, and then dies having never really lived."
That hits home especially since most of us spend our time chasing money. So Why bring this up on BillionaireSuccess.com? Because how we spend our time will affect our success/failures in business but also in our personal life. We have to manage our time and choose our activities wisely. Time management is extremely important in reaching a fulfilled life. In order to manage our time and become more product while simultaneously enjoying our life to the fullest, I suggest using the 80/20 rule or otherwise known as the Pareto Principle.
The 80/20 rule simply implies focusing our time on the 20% of tasks/things that produce 80% of our desired outcomes. A simple way to figure this out is to write out all of the daily tasks that consume your day, then prioritize them in order of importance. Once you’ve done so, circle the top 5 tasks and begin working on them. You simply focus on those top priorities. Once you focus your time on the tasks that gets you closer to your goal and ignoring the other ones, you’ll quickly realize that the other tasks weren’t important after all.
HERE ARE SOME OTHER WAYS TO APPLY THE 80/20 RULE:
· ASK YOURSELF “WHAT AM I DOING THAT IS A COMPLETE WASTE OF MY TIME?” Then weed out those tasks or delegate them elsewhere.
· SAY NO FREQUENTLY (to people and commitments). Your time is valuable and interruptions only get in the way. Not only is interruption a time cost, it is also costly on your focus. When other people’s agendas interrupt you, not only do you lose out on time but you lose focus. These interruptions cause you to spend even more time getting back in the zone. Practice saying NO frequently, this will free up the time needed to spend on the most important things in your life.
· BEFORE BEGINNING A TASK, ASK YOURSELF “IS THIS IN THE TOP 20% OF PRIORITIES OR IN THE BOTTOM 80%?” Constantly be aware of the priority of your tasks. Don’t waste your time.
Interestingly you can apply the 80/20 rule in multiple areas of your life, areas like: Who you spend your time with, the clients you work with, The activities you spend your time on and so on. If you focus your time on the top 20% and weed out the 80% you’ll realize that you’ll have more success in your business, you’ll be happier in your relationships and you’ll be happier with your overall productivity. Also weeding out all the unimportant tasks will provide you with more free time to spend wisely with the things and people you enjoy most. Use the 80/20 rule to get more out of life and get more out of the most valuable currency we have today, TIME..
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