Monthly Archives: September 2012

On Time and Money

Simply put, we are a nation of instant gratification. That said, it may not be such a bad thing. We should spend the bulk of our time doing what we’re best at. Just because you can do something doesn’t always mean that you should.

If you’re putting in long hours at work, it’s more feasible to get a sandwich from Subway than to cook at home (going to McDonald’s is a different story). Convenience goods generally cost more. Like getting a gallon of milk from 7-Eleven.

Many people are do-it-yourselfers. I’m not one of them. Why go through the trouble of learning how to fix something that you’ll likely deal with just once?

Changing you own oil for your car is the perfect example. Why do this yourself when you can take to a shop, and get it done within minutes? The cost for this service is low. In addition, you don’t need to worry about getting dirty and disposing the oil when you’re done.

Doing a task in which you’re not good at is a mis-allocation of resources. If your time is worth more in your primary business, you should seek to outsource tasks that are not your core business. These generally include tasks that are redundant in which you can write a simple to-do list for. These tasks require little or no creative thought. If you cannot completely outsource them or automate them, you may need to hire an employee to perform them.

Ultimately, the value of your time and specific situation will dictate what things you spend your time on. When I was younger, my time was worth less than it is now. So, it was a rational decision to carry out a few of the tasks that I wouldn’t do today. Back then, I have more time and less money. Thankfully, things have changed now.

We have limited room for how many tasks we can handle. We can’t focus on a long laundry list of high priority tasks. Therefore, reality eventually forces us to prioritize. Knowing where your critical path lies and staying on it are critical elements of being successful.

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