Why Does It Matter?
My hope is that you can learn ways to manage your affairs, your personal finances, and your relationships in such a way that proves you have a good mindset for money.
Money touches your life in so many ways that managing it well will help your life go so much better.
A key part of that managing process is the use of time. Remember, though we all have the same amount of time available to us, some are more successful in money matters than others, due to how they manage their time.
Robert Kiyosaki, in his book, Cash Flow Quadrant, quoted his rich dad as saying, “The only difference between a rich person and a poor person is what they do in their spare time.” Of course, “spare time” is not clearly defined. However, I think that means when you are not at work or involved with family matters. It is how you use free time that may cost or build your future.
However, do not lose sight of the importance of relationships. Your family needs your time at home as much as your time is needed at work. So, do not let a focus on work override your home life. Work—life balance is an ongoing concern in public forums.
Allocating Time
Yes, it is possible to get carried away on this subject. However, test the process. If you get too zealous about it, someone will tell you.
If you venture into this process of time management for the right reasons, you will, at least, start with a list of things that you are aware of that need to be done. Keep that list where you can see it often. And you will notice your days getting more productive. Part of the fun is being able to check off the items you accomplish!
Personally, I use paper. I am known for having note cards in my shirt pocket. That is why I insist on buying pocket-Ts. You may see your phone or tablet as the better option. Either way, the act of making a list will prove beneficial.
Once you have the list, you can do the allocating of time to complete those tasks. Ask yourself, how long will it take me to do each of these tasks?
Evaluating Time
Once you know (or think you know) how long each task will take, how will you know which one to do first?
Aside from someone begging you to do a task first, I suggest you follow a system noted by Stephen Covey, in First Things First, which he calls the “Time Management Matrix”. In that system, you divide your list into four quadrants:
Urgent and Important Not Urgent but Important
Urgent Not Important Not Urgent and Not Important
That looks difficult to deal with until you ask these questions of each task. Is this urgent? Is this important? Then, you ask, “more or less” than other tasks?
This will qualify what you should do first and give you a general idea of the order regarding the rest of the list.
Nothing Is Perfect
Remember, though you have a list and should value what order they need to be done, do not waste time in the evaluation process. To quote John Wayne, in the movie The Cowboys, “You are burning daylight!”
Have you ever seen a sculptor at work? They rough out the design, make rough shape changes to the materials, and, finally, make refinements to the artwork. It is work that is the result of a lot of thinking and calculating.
Your day, your week, your year can all become much better, more refined, if you spend more time thinking, calculating, and, then acting.
Time Management Is a Rich Problem
In the book, Rich Habits Poor Habits, Tom Corley and Michael Yardney refer to a list of problems that the rich face. On the list is “Time Management Problems”. Tom Corley did a large survey of both rich and poor people. He notes, “65 percent of the rich have at least three sources of income to manage. As a result, they are constantly pressed for time in managing those activities. Plus, because more than 90 percent of the rich are decision-makers where they work, responsibility follows decision-makers wherever they go, even on vacations…time management is a problem for the rich.”
It appears to me that if you want to be rich, I suggest you learn all you can about time management! And that starts with making a daily list. Maybe add that book to your reading list, too.
You should also have a list of goals that you have given serious thought to develop. That list will make your daily lists a means of taking steps toward those goals.
The important thing is that you have added purpose to your day. You will have a sense of accomplishment at the end of the day. And, over time, you will have developed a habit that will make you more productive at work and at home.
You might even accomplish some of those items on your goal list!