Thursday, September 18, 2008

TIME..The commodity that cannot be exchanged for money..


Time is the only resource we are born with, all other tangibles, like a house, automobile and money, we build during our lifetime. Whether we make it in life or we stand broke depends on how effectively we utilize time. It has been researched for more than 5000 years to understand how to control time, and the experts have miserably failed in achieving it.

Time is not a commodity that can be controlled but can only be utilized. Factually speaking, the world’s richest man and a common man, both have the same time 24 hours every day, but it makes a difference when he utilizes time by earning around 50 million work hours every day through his employees. This concept is called as time compounding, the more the work hours you have in your name, the more you can achieve in shorter periods of time.

It really, really does matter what we do with every minute of ours. Suppose we waste 20 minutes a day, it adds up to 7300 minutes a year or an equivalent to 5 days. Did we ever imagine we would be having only a 360 day year if we waste 20 minutes of a day? So how about folks who waste hours and hours in front of television? Just think of the days they are losing out on!! Let me give you a better illustration; suppose we read one book a week, which is 52 books a year or around 500 books in 10 years – will we not be the best in our field? We will undoubtedly be the king in our area of working if we have the knowledge of more than 500 books. I am not speaking of books like comics or novels; I am talking of books in technical, sales, administration, accounts, marketing etc; those pertaining to your field of interest. And if you don’t happen to be sure of what it is that interests you, here’s a tip that Brian Tracy speaks of in one of his books. “Visit any book shop; you will be naturally attracted to the shelf having the books in your area of functioning.”

If we need to learn to manage time effectively; the easiest method is to model someone who has done it as neatly as it can be done. Specifically anyone who has become rich from the rags, any first generation multimillionaire should be a time management guru. If not for their time management skills, they would have remained employees like us and retired at the age of 58. It takes a lot of expertise on our side to manage time effectively. It’s just not enough to do something right; we should do the right thing at the right time.

 Say, we may be an expert basket ball player, but we can’t be playing basket ball during office hours. There is always a right time for everything – there is time in your life to enjoy, to love, to work like a dog, to fight for survival, to celebrate success etc. It is to take forward all these activities of our life in perfect harmony that we require time management.
Here are some tips that I follow to utilize time effectively:
1. Prioritize: Always prioritize your task as priority A, priority B etc. Always do priority A task first. Never even attempt to do a priority D task when priority C task is pending.
2. Have a plan: Be it for an hour, a day or a week, have a plan. Planning reduces duplicate work.
3. Summarize: Have a summarization of the day’s activity when you retire to bed. This helps you analyze whether you did a right thing at the wrong time.
4. Do things faster and smarter: Develop the habit of doing things faster and smarter. You’re wasting so much of your time when you do things lethargically.
It may seem funny, and you may ask; “Wont our lives be purely mechanical, if we had a time table for each day?” The answer is even funnier “What if we could retire financially independent 10 years earlier?”

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