Time Management Tips That Work

Time management tips that work are hard to come by and harder to apply in daily life.  Consider for a moment, how valuable is your time? Having a good motor and using your time wisely can help you be happier and wealthier.

Time is a resource

First, recognize that time is a highly limited resource.  You have unlimited options on how to spend it, yet time is a priceless resource which absolutely cannot be renewed, recycled or reused.  Many consider it the most valuable of all resources for these reasons.  However, whether you’re extremely wealthy or just barely scraping by each month the fact is, time management is extremely important. For those who have already achieved success they must manage their time well in order to maintain their success. On the other hand, for those still trying to achieve great wealth they must learn how to mange their time in order to be successful.

Time is money

This old adage is true.  For example, a professional who routinely bills $200/hour for their services and chooses to take a few hours off of work to go shopping, has lost approximately $600.  But it’s not just about professionals and it’s not just lost wages.  Whatever you choose to spend your time on, recognize that it is time NOT spent doing something of more value.  To be clear, there is  value in resting, sleeping, getting headspace, or just relaxing.  All things in moderation.  Unless training to be a professional, video gaming for 8 hours a day may be a poor way to spend the day when one considers the true economic cost.

Economic cost

When choosing how to spend one’s time, also consider the true economic cost.  Using the example above, the professional who takes time off of work to go shopping has a much higher true “economic cost” than just what they spend at the store.  Adding that amount to the $600 they did not bill, plus any new clients they may have gotten while being at the office, shows how much higher the true cost of time is when considering the economic cost of what was given up in addition to what was spent.

Make a list

One excellent way to help you manage your time is to keep to-do lists. With today’s smartphones you don’t even have to write them down anymore. Start with the most important items of the day, week, or month and then keep track as you complete each task. Checking email is important, but unless you absolutely have to get to it, it’s better to wait till the day is almost over to review your email than to read it first thing to avoid the distraction of dozens of email responses.

First things first

There are many opinions regarding time management and there are all kinds of strategies to get the most out of your workday. Let’s look at some of the key factors to successful time management. It’s always a good idea to start your day with the most important project you have. This is often difficult and many people are tempted to procrastinate, but by focusing on the top priority first, you can be sure you have enough time to get it done. Plus, when you finish, you won’t have that stress hanging over you anymore, which will allow you to focus on the rest of the day’s tasks.

Make sure you don’t over- schedule yourself so you can dedicate sufficient time to each project. In fact, if you can give yourself a little extra time for the all the what-ifs, that’s even better. But don’t give yourself too much down time, either. Lastly, make sure your workspace is set up for success. Have things where you need them and make sure your space is organized. Time management is very important and can be crucial to your success. Don’t overlook it. If you need help with time management for your business then contact GROCO. Call 1-877-CPA-2006 or click here.

We hope you found this article about the secrets to become wealthy helpful.  If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page  or our website at www.GROCO.com.  Unfortunately, we no longer give advice to other tax professionals gratis.

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