Welcome to Money Tips Daily this is Money Kelly bringing you money tips to help you save and make more money!
Time Management is Life Management, You Cannot Control Time!
Time management is a misunderstood phrase, as we cannot control or manage time, we can only manage ourselves.
Time is money, as the old saying goes. But Jim Rohn said, “Time is more precious than money, as you can always earn more money, but can never get back lost time”. Time can’t be saved or banked, it must be used or it’s gone forever.
Time is ticking away relentlessly and seems to speed up as we grow older. There is a biological reason for the way we perceive time as we age, but a more obvious answer could be that a year to a five year old is equivalent to 20% of their life, to a 20 year old it is just 5% and so on.
Regardless of our perception, we all have the same amount of time each day, 24 hours or 1440 minutes a day, 365 days a year, but not everyone produces or gets the same amount done in a day or a year.
Do you get as much done as billionaire Mark Zuckerberg or Richard Branson in a day or a year? I doubt many of us do! How does Branson do it, apparently relaxing and having fun on his island and running an international multi-billion dollar empire of several different business employing thousands of people?
There are a number of time management tools you can use, such as planers and lists, but much of your success comes down to prioritising and doing the right tasks at the right time. Pareto’s 80/20 law states that we achieve 80 percent of our results from 20 percent of our effort. In other words, concentrate on the tasks that get results and cut back on those that don’t.
For business owners, this may mean finding out who are your top twenty percent of clients are or where the largest proportion of the profits come from and spending more time on that than the less profitable areas.
You might be working extremely hard and putting in long hours and feel that you cannot possibly do anymore, and you may be right, especially if you are doing it all by yourself. So if we are already working flat out and doing as much as we can in a day, how can we get more done in the same amount of time or less? The answer is the same as it was thousands of years ago when men wanted to lift a huge rock or build Pyramids: they used leverage, tools, teams, delegation and outsourcing.
Nowadays, we don’t need to be a Pharaoh or a billionaire to ‘leverage’ our time to increase our productivity. We have more tools at our disposal than ever before and if you’re not using them, your competitor (who could be in the same building or in Asia) probably is.
You can now outsource thousands of tasks - admin, creative or technical - easily and cheaply by using sites like Upwork.com and Fiverr.com, which are especially useful for small or solo business owners.
Most people have or could access a smart phone these days, which has multiple management tools at your fingertips from electronic diaries, database and thousands of inexpensive apps. You can literally run a business from your phone. However, if you still want to stick to your old Nokia 6310 or whatever phone you refuse to change, then you’re effectively driving a Model T Ford when you could be at the wheel of a Tesla.
Maybe you still use that set of encyclopaedias and look up numbers in the Yellow Pages! Seriously, we must embrace change or we will be left behind like those once mighty businesses – Tower Records, Blockbuster - which have disappeared from our streets.
Nokia used to dominate the mobile phone market until Steve Jobs turned the phone on its head. Newspapers and TV stations are struggling to compete with advertising rivals like Google and Facebook, old style taxis are fighting against the tide of Uber and hotels do their best to stop the spread of AIRBNB.
Innovators and disrupters like Apple’s Steve Jobs and Tesla’s Elon Musk use massive time and life leverage to change the world. You can do the same for your world.
I will taking more about how you can leverage your time to earn more money and create more wealth in the next episode, so keep reading this blog and tuning in to my Money Tips Daily podcast.
Check out my episode "Time Management is Life Management " on Anchor! https://anchor.fm/charles-kelly/episodes/Time-Management-is-Life-Management-e147t2
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