Time is Precious. Many photographers like myself are being impacted by #COVID19. Cancelled bookings, loss of clients, isolation, distancing... it's a tough time for all of us. Decided to spend some time going through my archives and found this shot, taken from Gastown in Vancouver, BC. As scary as this time is, I'm grateful for the time I'm now able to spend with my girlfriend and two dogs. I'm grateful for the time I get to spend talking to my parents on Facetime. I'm grateful for the time to rethink, re-evaluate and reprioritize my life. 🙏

Time, is Currency

Time, unlike money, is a non-renewable resource. Speed is often equated with success, the adage "time is money" has never been more relevant. However, a more nuanced understanding is that time is not just money; it's a currency in its own right. The perspective explored in this article shifts how we approach decision-making, emphasizing the importance of calculating time alongside financial costs.

Education & Development

Time, is Currency

Time, unlike money, is a non-renewable resource. Speed is often equated with success, the adage "time is money" has never been more relevant. However, a more nuanced understanding is that time is not just money; it's a currency in its own right. The perspective explored in this article shifts how we approach decision-making, emphasizing the importance of calculating time alongside financial costs.


The Value of Time in Decision-Making

Speed is often equated with success, the adage "time is money" has never been more relevant.

However, a more nuanced understanding is that time is not just money; it's a currency in its own right.

This perspective shifts how we approach decision-making, emphasizing the importance of calculating time alongside financial costs.

But beware, failing to do so correctly can lead us into the trap of a common logical fallacy: the sunk cost fallacy.

Understanding Time as Currency

Time, unlike money, is a non-renewable resource.

Once spent, it's gone forever.

This realization should fundamentally alter our approach to both personal and professional decisions. Whether it's pursuing a new project, learning a skill, or engaging in leisure, the investment of time should be weighed with the same seriousness as financial expenditure.

Yet, time's intangibility makes it easy to overlook. It's simple to calculate the cost of a new piece of software for your business, but what about the time required to learn and integrate it into your operations? Or consider the time you spend scrolling through social media, which might be better invested in activities that align with your long-term goals.

Recognizing time as currency encourages a more mindful allocation of this precious resource.

The Sunk Cost Fallacy is A Logical Pitfall to Avoid

A significant logical fallacy that hampers effective time management is the sunk cost fallacy. This fallacy occurs when we continue a venture primarily because we've already invested time, money, or other resources into it, rather than because it's the best decision moving forward. It's the equivalent of saying,

"I've already spent so much time on this path, I must continue, even if it's leading nowhere."

The sunk cost fallacy can lead to a vicious cycle of time and resource wastage. Breaking free requires a shift in mindset: acknowledging that past investments cannot be recovered and should not dictate our future decisions.

The focus should instead be on potential future returns on current investments of time.

Calculating Time in Decisions

Incorporating time into decision-making involves several strategies:

  • Time Auditing: Regularly assess how you spend your time. Identify areas where time is not producing value or aligning with your goals and seek to reallocate it more effectively.

  • Opportunity Cost Evaluation: For every decision that demands your time, consider what other opportunities you might be missing. Choosing to engage in one activity means forgoing others; ensure your choice is worth the trade-off.

  • Quantify Time Investments: When planning new endeavors, estimate the time commitment involved, not just the financial cost. Treat this time as a budgeted item that must fit within your available resources.

Embracing a Time-Conscious Mindset

Adopting a mindset that values time as currency is essential for anyone looking to maximize their productivity and fulfillment.

It necessitates a proactive approach to how we plan our days, prioritize tasks, and ultimately, how we choose to live our lives. By becoming more time-conscious, we can avoid the pitfalls of the sunk cost fallacy and make decisions that are truly in our best interest.

Time is indeed a currency, and like any currency, its wise management is key to achieving our goals and living a life that reflects our true values and priorities.

Make the conscious choice to invest your time wisely, and watch as the dividends pay off in all aspects of your life!