General

TIME AND MONEY #EMBA27

Kamal Okunola Written by MKO · 2 min read >

It has been said that time and money are the two most valuable resource on earth. Time has been given freely to us; however, we can’t say same with money. The acquisition of money resource depends on how we spend our time, what we do with our time, why we spend our time, and who we spend our time for.

Time Audit & Management is a very necessary activity we all should embark on. Time management basically is the planning, organising, directing and control of our time, in order to achieve our individual goal. Time Audit is a tool for time control where we do a review and see if our time management activities achieve what it’s really required to achieve. Are your present goals and aspiration in line with our budgeted goals and aspiration.

We earlier mentioned that in other to acquire the money resource, we should answer the question how and what do we spend our time on. It is widely known fact that in other to capture value, one needs to think about creating value i.e. identifying a problem and proffering solutions through our offerings also known as product or service. We spend our time on activities that does not create value at all. Ask yourself as your read this wherever you are, what problem are you currently solving and what is the offer you give to solve that problem. Then ask yourself this problem you solve, is there a potential for making money in it, and then is this problem am currently solving one-off or continuous?

The next question is why we spend our time? The WHY question will require many layers of WHYs in order to get to the important WHY that will guide our lives. There are various types of whys in this area. The first why explains the reward you get how you spend your time.

For example;

Why 1? Why do you spend your time working and trying to solve this problem?

              Answer 1: To make money.

Why 2? Why do you need the money?

              Answer 1: To give my family the best life they deserve

              Answer 2: To develop myself professionally

              Answer 3: To gain freedom and independence

Why 3: Why do you want to develop yourself professionally

 We should note that our WHY needs to tally with our core personal values, beliefs, personality and needs.

The last question asks WHO do we spend our time for? There are various WHOs in this regard. A lot of us spend our time for our direct clients, indirect clients, family, colleagues, mentors, mentees, friends, networks, children, spouse. We need to allocate our time appropriately to each and everyone we spend our time for, who should get more of our time and why, what will you gain from your time allocation to this people.

After a brief explanation of these three questions, we need to really reflect on this questions, ask ourselves these questions, and realign our answers with our core values, needs and personality if they are yet in alignment. This is required to enable us live our life effectively and efficiently and importantly manage the two greatest resources ever, TIME and MONEY.

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Chinyere Monye in General
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