WE’VE ALL HEARD THE TIMEWORN ADAGE THAT TIME IS MONEY. Like most timeworn adages, this one –at its center – has a real practical truth for all of us. Most of us go to work each day and spend eight-to-ten hours or more in exchange for a paycheck. While many of us enjoy our jobs, if we are honest r even practical, we will admit that we are exchanging our time for someone else’s money. This makes sense to us in the professional area of our lives, but too many of us miss the time and money equation as it relates to our personal lives.

I know top-level executives who come home after a long day at work and spend their evening doing yard work or household chores instead of spending time with their family or other recreational pursuits they might enjoy. If you like doing yard work or housework, this doesn’t apply to you, but we must realize when we are performing any task, the time-and-money principles still apply.

While we are doing that yard work, we are exchanging quality family time or personal recreation time for the price of hiring the teenager down the block. In a perfect time-and-money equation, you should spend your time doing what you do best, what creates the most value, and results in the most money. Then you should hire people to do the other things that they do well, leaving you free to pursue other areas of life.

The same that has made our civilisation progress over the centuries will make our personal lives rich and diverse. When people are free to do what they do best, while allowing others to do the necessary tasks of life, we make progress- culturally and personally.

Think about your life and your schedule. What do you enjoy doing most, and what creates the most value? Do those things, and use some of your money to invest in buying back more time. In the final analysis time is all we have.