Bo Tipton Is Right!
The Time Value of Money
If you've taken any business classes, you've learned about the "time value of money." Basically it means that if you win the lottery and take a lump sum payout, that's all you get. If you change and take the monthly payout, or whatever installment payout is available, you end up getting more because the money earns interest over time.
When my brother left the Air Force because of a personnel draw down, He had the choice of taking $50,000 lump sum (I think it was), or he could take $12,000 per year for 10 years. He took the installment option and ended up getting paid $120,000 overs the ten-year period.
Anyway, enough about the time value of money. Have you ever considered the money value of time?
The Money Value of TimeBo's article reminds us that time stops for no one, and what we do with that time determines what level of success we reach in life.
It's easy to get distracted by shiny objects. Taking a few minutes to chase one really won't matter in the long run, right? That might be fairly true, but when we get in the habit of chasing shiny objects we waste time that we can't get back.
I've been chasing the shiny objects lately.
Yeah, I have to admit that I have. Since about June of this year I changed my focus from steadily working on my business to visiting family and friends, doing some traveling, etc.
Initially I enjoyed the time away, but then I noticed an alarming fact - It was easier to stay away from working on my business than it was getting back into it. Lazy me!
As I look back over five mostly wasted months, I wonder where I would be now if I'd found a way to keep working consistently while I was involved in the other things, and I wonder about the time I lost.
And, I realized that it will take me five more months to reach the place I could have been right now! Ouch. How many sales or commissions would I have by now, that I'll reach five months from now? Who knows?
Lesson learned.
I'm not one to cry over spilled milk, so rather than fret over lost time, I'm going to focus on the now and the future.
Think about it. We can't live in the past, and we can't live in the future. We can only live in the NOW!
You can't get time back, but you can learn and continue to grow in the future.
Thanks, Bo.
I'm Grant.
Recent Comments
44
Time management does take time to do. Some people think it is time they would rather spend doing something they think is more productive.
If you manage your time correctly you will be far better off.
Derek
Well said, Grant! I'm working on time management, planning, and decreasing distractions. It takes our investment of time and energy to have success. Thanks for the post!
Colleen
I treat time as 1 day with no nights it would just be 1 long day. It's not about how much time you have its about how you spend your time so I would say you did the right thing family is important. I would of took th 50K and been done with it but your brother was smart about it.
See more comments
I often thought so many people were crazy for taking a lump sum payment. Some might think it is all about the money. It is but imagine the people outside your family that you could assist for years and years to come.
You can never recover lost time but you can make the most of the time you have.
Kirk and Kathy
Thanks, guys. You're right, and it's nice to be able to help people.