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If You Can't Manage Time, You Can't Manage Money

Name: If You Can't Manage Time, You Can't Manage Money
Uploaded: 2024-10-01T21:00:02+00:00
Duration: 50 s
Channel: Shanli Liu, CPA, CTP
Description: In this monologue, Shanli Liu, CPA, CTP argues that effective time management is the foundation of financial success. She frames money as a…

1 Oct 2024 · 1 min

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In this monologue, Shanli Liu, CPA, CTP argues that effective time management is the foundation of financial success. She frames money as a representation of time, noting that the same dollar amount equates to fewer minutes for wealthier individuals. By regularly reviewing one’s calendar and identifying activities where time can be exchanged for higher earnings, a person can incrementally increase income year over year. Liu acknowledges personal relationships as a legitimate use of time but emphasizes that they carry a transaction cost, urging listeners to consciously trade up their time for greater monetary returns.

Chapters

If you never learn to manage your time, you're never going to learn to manage your money. All of us obviously have equal amounts of time that we're given, not necessarily in life, but at least every day. And since all of us trade time for the money that we get, then it means for each person, money represents a certain amount of time. And the wealthier you get, the denomination of money represents less time for you. $100 may represent 4 hours. For a wealthier person, $100 may represent 4 minutes. And so it's a constant appraisal that you do on a regular basis, looking on your calendar and saying, What things do I have here that I could trade my time for, for more money? I'm not saying that you can't spend time with your girl, but there is a transaction cost for that time. And so over time, if you continue to trade up how much time you invest for what it makes you, you will always make more in your income year after year after year.