Why Time is Your Most Valuable Resource
Time, not money is your most valuable resource. A deep dive into why, and making sure you're spending it wisely.
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Most people think money is the most valuable resource they have.
Money is important, no doubt. It puts food on the table, a roof over our heads and buys things we can’t live without. Money helps satisfy different levels of needs, and should be an important factor when planning and navigating your career.
But there’s one thing money can’t buy - more time.
Today we’re going to learn how to value our time, common ways people waste it, and how a little intentionality can help you spend your time in a career you never want to retire from.
But first, let’s hear from one of the richest people on the planet.
The Oracle of Omaha Wants to Be You
“Time is our most valuable asset, yet we tend to waste it, kill it and spend it rather than invest it”. - Jim Rohn
Warren Buffett is the seventh-richest person in the world, with a net worth of ~$121 billion.
In 2020, he told the University of Nebraska–Lincoln’s December graduates he’d trade places with any of them. It’s quite telling; the man that can buy virtually anything wants to trade places? Why?
As far as time goes, you are richer than Warren Buffett.
Re-read that last sentence and let it sink in.
Buffett would give anything to buy the one thing he can’t - more time. He understands how valuable a resource it is.
He also understands opportunity costs.
Understanding Opportunity Cost
"Intelligent people make decisions based on opportunity costs" - Charlie Munger, Buffett’s partner in crime.
I’m a people pleaser, sometimes to a fault.
Not that long ago, whenever I was asked to hop on a call, present at a conference or help someone prepare for an interview, I almost always accepted.
I was available - why not? Short term, it feels good to give back.
But I was making a critical mistake:
I wasn’t considering what I was giving up when I agreed to <the thing>. I wasn’t taking into account the opportunity cost. I was sacrificing time I could have spent with my family, getting better at my job or working on other initiatives that benefit many.
Think about it. Every “yes” to one thing is a “no” to everything else you could do with that time.
Understanding this is a powerful concept, and is critical when learning to value your time.
I still meet with people, hop on calls and attend conferences. The difference now is I’m aware of the time commitment, and base my decision on whether or not the event is aligned with my other core values and objectives.
Going forward, make sure you understand the opportunity costs of the decisions you make; especially in terms of the time commitment.
Common Time Sinks
“You may delay, but time will not.” - Benjamin Franklin
Some of the smartest people on the planet are competing for your attention.
How much time do you spend on social media? How about Netflix, YouTube or other streaming services?
The internet and the unlimited options it brings is both a gift and a curse.
If you have the discipline to curate your experience, you can learn everything you need to know to land the job of your dreams, for free.
But if you’re like most people, you don’t use these services; they use you. Better said, “If you're not paying for the product, then you are the product.”
Never forget that, if you want to guard and truly value your time.
Other common time sinks include:
Choosing to do things that don’t really need to be done, because they’re easy.
Passively consuming content (including books!)
Procrastinating
Complaining
If you feel like you’re falling short of your goals, and any of the above describes you, I have some good news. You can do something about it.
It all starts with understanding where you’re spending your time, and having a plan.
Time Audits
“You can't manage what you can't measure” - Peter Drucker
As an up and coming software developer, one of my main goals at work is to do more code reviews. And for whatever reason, I never seemed to be able to find the time. As I worked to address this problem, I learned about time audits.
Time audits are a great way to truly understand where you’re spending your time, and to help you course-correct.
What are they? The act of tracking how your time gets spent over a given period. If you’ve never done one, I’d suggest starting tracking your time over a single day. You can keep it simple, using a pen and paper. You can also make a spreadsheet, or use an app like Timely.
The goal is to examine how you actually spend your time, and compare the results with how you want to be spending your time. Whether that be in service of moving into a new career, getting better at your current role, or being more present with friends and family.
Time audits can help you cut out activities that aren’t adding value to your life.
Going back to my work goal of reviewing more code: After I did a time audit a few months ago, I realized I was spending a ton of time checking Slack and making sure I was at inbox zero.
Once I was aware of where I was spending my time, I changed my habits, repurposing that time to review more PRs. As a result, I’m now on track to review 100 before the next review cycle, a 5x improvement.
If you find yourself off course and overwhelmed by commitments, audit your time.
Now, let’s repurpose some of that wasted time you’ve freed up and use it to execute a plan.
Having a Plan
“If you don't design your own life plan someone else will.” - Jim Rohn.
I didn’t have a plan early in life. I was neither challenged nor inspired to a specific calling, and as a result I “went with the flow” more often than not.
When I look back, it becomes very clear that by not having my own plan, I became a pawn in someone else’s.
At my last job, I never really considered the common question, “Where do you want to be in five years?”
For six long years, I did what was asked. Granted, I did it well, and was rewarded in the form of promotions:
Apprentice Superintendent => Assistant Superintendent
Assistant Superintendent => Superintendent
Superintendent => Assistant Manager
From the outside looking in, it looked like I was navigating a successful career at a publicly traded company. But I eventually realized I was living someone else’s definition of success.
I might’ve spent 6 years adrift, but I now understood the importance of having a plan. Long story short, I designed a path to become a software developer, a passion I’d developed a few years prior.
One year later, I was working at LinkedIn, an outcome I couldn’t have imagined in my wildest dreams.
Have a plan, but be open to serendipity.
Knowledge is Power
You’re now armed with all the knowledge you need to start getting more out of each and every day.
To summarize:
Understand opportunity costs
Avoid common time sinks
Make use of Time Audits
Have a Plan
I hope you enjoyed this week. Thanks for being a member of this community.
Let me know what you think in the comments.
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