Why is managing your time and setting priorities so important?
It’s important because it affects everything you do. If you can’t manage your time, you certainly can’t prioritize. You’ve heard people say, “Time equals money.” Well, that’s true because it can carry the same value as money. Time is also limited, and so is money. Time also has worth because it’s yours and you get to choose what to do with it. If you don’t know how to properly utilize it, then it can cost you. You will not only sell yourself short, but you won’t value the time of others, which can cost them as well.
Have you noticed that whenever people talk about time, they use the word “spend?” This is a clear indicator that time is regarded as something that has value and can be used for trade and as a commodity.
What is your time worth?
Another common phrase is, “Time is valuable.” If that’s true, then how much is your time worth to you? I wonder what kind of value Bill Gates places on his time? I’m sure the price is quite high. We would think so because Bill Gates is a billionaire. But remember, the value of your time isn’t necessarily determined by your net worth. Value can also be determined by your self-worth. I place a high value on my time because it’s important to me, it's limited, and, although it’s free, it's also priceless.
According to the Bureau of Labor Statistics, the average 24 hour work day for employed people between the ages of 25 to 54 is spent doing the following:
- 8.7 hours = work and related activities
- 7.7 hours = sleeping
- 2.5 hours = leisure and sports
- 1.3 hours = caring for others
- 1.1 hours = household activities
- 1 hour = eating and drinking
- 1.7 hours = other
This analysis (from American Time Use Survey) clearly shows that planning and prioritizing are critical if you desire to do more with your life. There are no disparities with time. Everyone gets the same amount -- 24 hours per day. Nobody is richer in time than anyone else. Yet, how we use it yields different results. Time is like money in this sense. But there is one major difference: You can make more money, but you can never make more time.
Be a good steward of your time
We must be good stewards of our time, just as we are to be good stewards of our money. Plan your time wisely. It’s similar to budgeting and planning for how you spend your money. You can also save time by not wasting it, similar to how you think of saving money. You should also prioritize your time, as you would prioritize how you spend your money -- or anything else that you value. Good Time Management = Purpose, Progress, and Prosperity! How are you investing your time?
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