Episode 6.
Budgeting Time

Question:

How can I get all this done?

Key Points:

  • How are budgeting time and budgeting money similar and different
    • Money is a thing you can earn by turning time directly into money
    • Money can only be used indirectly to be turned into time. (e.g. spending money on medicine can prolong your life or a roomba can do things for you so thst you have more time to spend on something else)
    • Money that is saved can be put into a bank indefinitely, but time that is saved has to be spent on something else immediately
    • You have a limited amount of both time and money.
    • You have a choice on how you spend your time or money
    • There are consequences associated with your decisions of how you spend your time or your money
    • Budgeting money or time can both be difficult
  • Strategies for budgeting time:
    • Invest your time in being more efficient
      • Make a schedule
      • Make goals and systems to achieve your goals
      • Make checklists
      • Have an organization for your todo list
    • Have a system to organize your todo list that takes into account both urgency and importance
      1. Usually act based on urgency, but schedule specific time for your high importance items and forget about urgency during that time.
      2. Have a list in order of importance, work on the most urgent task on the list where you can say that the higher importance items above it will be able to be completed on time after doing that item
    • Invest money in ways that give you more time
      • Study shows that 75k of income peaks out happiness. See image below.
      • Key takeaway from the study is not the 75k number, but that there is a point where more time has greater value than more money, so be careful and deliberate in what job you take.
      • Hire people to do tasks that you could do but would rather not.
      • Have an hourly rate that your time is roughly "worth" to be able to do a quick calculation on whether it's worth it to hire something out
    • Make a schedule for each day, because your schedule is like a budget for your time

Pictures: