Phil Rongo: Time Management & Financial Success
"Time Management Is Crucial
to Financial Success"
Everyone is familiar with the concept of time management, but I’ve always liked this definition: time management is “the process of planning and exercising conscious control over the amount of time spent on specific activities, especially to increase effectiveness, efficiency, and productivity.”
When it comes to financial planning, those last three words are key. To work effectively, efficiently, and productively is directly linked with financial success, because these traits can help us:
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Potentially secure more income
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Cut back on unnecessary expenses
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Complete more tasks that affect your bottom line
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And much, much more!
Naturally, all this is easier said than done. It’s one thing to want to be effective, efficient, and productive. Actually doing it is another thing entirely … which brings me back to time management.
Imagine this scenario.
Say you’re mowing the lawn. Would you mow a strip of the front yard, then a strip of the back, and then return to the front for a few more strips before pulling out your edger? Of course not! That’s an unproductive use of your time. It would make the job last much longer than necessary. Instead, you would mow your entire front yard, then all of your back, and then pull out the edger. Simple, right?
Unfortunately, many people take the first approach when it comes to their everyday life and/or job.
For example, I once knew a person who had a … somewhat unusual approach to work. Each day, he would arrive at nine in the morning, grab some coffee, read some emails, make a few phone calls, read more emails, do some filing, work for a few minutes on that big report coming due, then make a few more phone calls, etc.
Frankly, I think many people work this way, and it’s usually a big mistake. Because they are jumping around from task to task, without any structure or organization, they can never actually finish one specific type of task. They never gain any momentum. They never get “in the zone.” As a result, they’re not effective. They’re not efficient. And they’re much less productive.
In short, they’re not managing time. They’re letting time manage them.
This is why we hear so many people say, “Where did the time go?”
Now, apply this same scenario to a different topic over a longer period of time. For example: financial planning.
People who don’t practice time management plan for retirement this way:
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Dream about what they’d like to do in retirement, and then decide it’ll probably happen “some day.” Then they start thinking about what to have for dinner.
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A few months or years later, read a book or article on financial planning and think, “This makes sense, I’ll have to get on that sometime.” Then they turn on the TV.
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Occasionally remember to save a portion of their paycheck, between bouts of buying a new gadget or planning their next vacation.
"Then, before they know it, they’re in their sixties and realize they’re nowhere close to being ready for retirement."
To put it simply, time is more than moving hands on a clock. Time is an asset. But like all assets—money, property, personal skills—if we fail to manage it properly, it will go to waste. It will be lost forever.
When it comes to reaching your financial goals, there are few areas more worth focusing on than time management. Next month, I’ll share a few specific tips on how to actually manage time. The good news: they’re simple, easy, and the benefits are immediate.
Until then, remember:
Time is an asset. Use it. Manage it. Make it work for you. And never forget the words of Benjamin Franklin, who said in his book The Way to Wealth:
If time be of all things the most precious, wasting time must be the greatest prodigality, since lost time is never found again, and what we call time-enough, always proves little enough.
Sincerely,
Phil
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Disclaimer: The information provided in this communication is for informational purposes only and should not be construed as investment advice or a recommendation to buy or sell any particular security or investment. Past performance is not indicative of future results, and all investments involve risk, including the potential loss of principal. It is important to conduct your own research and consult with a qualified financial advisor before making any investment decisions. The opinions expressed herein are those of the author and do not necessarily reflect the views of the firm. This material is based on information believed to be reliable, but no warranty is given regarding its accuracy or completeness.