Do you want to become more effective? Do you want to use your time effectively?
I’d like to give you just one key principle on how to use time effectively. I believe that using this principle can make a big difference in your life.
The principle is opportunity cost.
You see, it’s easy to assume that time is a renewable resource. You might think that there is still tomorrow to do what you are supposed to do. But the fact is, time is not a renewable resource. Once it’s gone, it’s gone forever.
So how can we better appreciate the value of time?
Well, I believe that thinking in terms of opportunity cost is a good answer. It’s based on the fact that when you use your time for something, you miss the opportunity to use it for something else. The value of that “something else” is the cost that you have to pay.
With this concept in mind, it’s simple to see whether you use your time effectively. You use your time effectively when the value of what you do is greater than the opportunity cost. This is the case when you take the activity that can give you the most value.
The problem is it’s easy to spend your time without thinking about the opportunity cost. It’s easy to just follow the path of least resistance and do what feels good at the moment. This is a sure way to waste your time in the long run. While it might make you feel good now, it won’t help you realize your full potential. You will only get momentary happiness but not authentic happiness.
Instead, here is what you should do. Before doing an activity, ask yourself, “Is this the best use of my time? What else could I do with the time?” For instance, you might be thinking of spending the evening binge-watching a TV show. But here you should stop and ask yourself, “Is this the best use of my time? What else could I do with the time?” You might then come up with other ideas such as reading a book or working on a side project.
I’m not saying that you can’t have downtime. Of course, you need to recharge your battery. But the problem is it’s easy to go overboard. You could waste hours daily on things that you don’t need.
I recently read the reviews of some video games on Steam (see, I also have my downtime). The reviews include how much time the reviewers spent on a game. What intrigued me is how much time people spend playing video games. It’s easy to find reviews with hundreds or even a thousand hours spent on a game!
While everyone’s situation is different, I can’t help but think that a thousand hours is a lot. Imagine what you could do with a thousand hours! The time could be used for so many other things. There is a good chance that the opportunity cost there is huge.
To recap, here is how to use time effectively: think about the opportunity cost and do what is best for you in the long run. That’s how you can achieve authentic happiness and reach your full potential.
Thanks Donald to give us valuable information n the value of time..
My pleasure, Faizan!
Thanks Donald, you sure know the right time to hit it. Thanks on all your articles, but many more thanks for the one on Times Value. It was timely for me. Ride on!
Glad to know that it came at the right time for you, Christiana. Thanks for stopping by!
Thanks @@Donald we really appreciate for all your endeavor. To be honest, this article just gave me a whole new way of looking at things can you imagine I’ve been spending a lot of time on games too mostly PES and play station, the good news is few years back I’d started a concept of real comics and my view was writing good comics scripts publish them into comic books like the old days so I think now I’ll be able to bounce back and rejuvenate since I’d given it up thinking most kids now would fancy games that reading comics books like we used to..thank you bro for this article..
My pleasure, Daniel. Keep moving forward with your dream!
A good thought provoking write up . I agree Time is not renewable it is the most expensive resource . Not many people realize that. One way to use your time best is to always have the next thing you want to do in your mind so if you save time you know how to utilize it.
thanks
Thanks for sharing your insight, Shaista!
Thank you brother Donald for sharing this insightful article with me and others. In fact I’m always blessed reading every pieces of information you had shared with me all along. This one in particular of TIME management is really exceptional. Please keep on doing the good work and remain blessed forever. Shalom
Thanks for the kind words, Basua! May you be blessed too!
Great reminder, Donald. Another way I like to do this is to ask myself what else I could do with the time/money I’m about to spend AFTER I’ve already committed mentally to following through.
E.g., OK. I’m going to spend $500 on this course. But if I’m going to spend $500 anyway, is there something more important I could spend it on?
I find it a helpful way not to get tunnel vision when you’re in the middle of some kind of decisions funnel or pipeline. Like a quick zoom out and double check that there aren’t projects or plans that it’s make more sense to invest my time and money in than the one I’m about to take action on.
Keep up the great work.
That’s an interesting way to look at opportunity cost. Thanks for sharing, Arthur!
These are surely challenging times. I mean the covid 19 pandemic.
Truth be told …God is with us. Still though ‘HE’ helps those who help themselves! Managing our selves efficiently and effectively. People who manage their time well feel positive, confident, and in charge of their lives.
Psychologists refer to this as the principle of law of control.
This law says that you feel good about yourself to the degree to which you feel you are in control of your own life. This law also says that you feel negative about yourself to the degree to which you feel that you are not in control of your own life or work.
Every thing we set our attention to and the degree of its achievement the result is negative or otherwise] revolves around how you manage Time.
Time is like the Sun and all other activities are the Planets.
…think about this Donald!
Interesting insights, Moses. Thanks for sharing!
I meant to say… Every thing we set our attention to and the degree of its achievement [whether* the result is negative or otherwise] revolves around how you manage Time.
Thanks for the post, quite eye-opening. For every action or activity, it should be mandatory to weigh if its the best timing. The outcome and time spend need to correspond.
Wow! That’s a totally different perspective you have on wasting time. It has really opened my way of thinking.
Thanks for this wonderful post!