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Time is Money – Part 1: Introduction

Today’s article is the beginning of a series of articles that will center around one basic question. My husband is a big fan of Adam Carolla. He listens to his podcast quite regularly. He recently shared with me a thought Adam shared on his show.

One day Mr. Carolla was sharing his opinion (as he is want to do on any and every subject) on what is the best economic use of one’s time. Someone was arguing that he was being a little too wasteful in his spending and if he would simply look for discounts and deals, he could save a little money. Adam responded by positing the following question: is it better to use one’s time trying to save money or by making money?

When we usually think of increasing our economic wealth, we think of saving money. This blog alone has hundreds, if not thousands of tips for how to save money: eat more regularly at home, decrease your electricity use, shop smarter at the grocery store, the list of ideas goes on and on. This is the mentality of those who clip coupons religiously. Come on, admit it, you’ve seen these reality shows about extreme couponing, so you know what I’m taking about. People will spend hour after hour planning, scheming, and basically working a full time job cutting and using coupons. And, admit it, when you see them walk out of the supermarket with three cartloads of groceries and a bill of only two dollars, your mind starts to think, “that’s a good idea, I’d like to save money on my groceries like that!” It seems like these couponing fanatics have got something for nothing. But have they really?

The flip side of the argument is that the old adage is true: time is money. Adam Carolla fell on this side of the argument. Why spend time thinking of a thousand ways to save money when you could spend that time making money. When you take a good look at it, he has a point. Let’s return to our couponing example. Instead of spending all of their time planning on how to save some money at the grocery store, if that same person pooled their resources into starting a business or working at their own job, they could come out on top financially. A quick example: my husband is an attorney who charges $175 an hour for his services. Assuming that is what he actually took home (its not, believe me) it would make a lot more sense to spend his time working than cutting coupons.

Of course, the math on this is different for everyone, but my hope is that you will do that math for your own situation and spend your time accordingly. Therefore, in the next few articles we are going to explore how one can save time and therefore money. Sometimes, it just makes more sense to pay someone to do those chores you hate to tackle yourself. We’ll take a closer look at some of those chores and how to save time on them in the next few articles.

Article publié pour la première fois le 25/10/2013

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