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I Have No Time

April 21, 2012

I Have No Time

December 14, 2009

http://businessmirror.com.ph/home/opinion/20226-i-have-no-time-.html

By Edmund Lao

Time is the most neglected wealth in the world. It is the scarcest resource and it can’t be replaced. Unless it is managed, nothing else can be managed. The full importance of time is realized when there’s little left. Everyone’s greatest asset is one’s unexpired years of productive life. Once gone, we can only look back but never go back.

“I have no time” is the usual reason for not having accomplished a task be it for corporate or personal growth.

An example is an experience with a friend of mine. One time, my friend borrowed a book from me, titled “8 Secrets of the Truly Rich by Bo Sanchez” before All Saints Day.  There was a total of 3 days vacation before we return to work. After the vacation, when I asked about what he learned from the book, the reply was that he had no time to read. So I left the book with him for another 40 days hoping that he can finish the book (The book can be finished in maximum of 2 days), I got the same response. For a total of 45 days, my book was with him untouched because he had no time to read (or maybe he did not give time). For me, having no time to read is not an excuse. Just like my friend, I have no time to read books at home. But I compensate for lost time by making it a point to read books during transit to work and to my clients (Going to my clients with the book is also a chance to “accidentally” advertise to my clients the financial books to help them be financially aware).

I can read during transit because I intentionally commute (LRT/MRT/buses) in order for me to make wise use of time. Imagine if I was driving and was caught in a traffic jam, I would have wasted much time in the car wiggling myself out of the traffic, which causes me too much stress. I would also have consumed too much fuel unnecessarily when in a situation like that. By commuting, I save not only on fuel but also on time.

The response of my friend to me is always printed in my mind. I kept on thinking that all of us are given 24 equal hours a day, whether tycoon or employee. How is it possible that my friend has no time to read and the tycoon has time to build his business? For sure, the tycoon is a lot busier than the employee. I firmly believe this has something to do with mindset. I have encountered many people who I have met and talked to about personal finance. As usual, the response is “I have no time”.

The danger with this kind of mindset is that the person programmed his mind to be always pre-occupied to the point that he always ignores new information that can contribute to his growth.. Later in life, he will still say “I have no time”, not because he does not want to give time, but because he has run out of time already, which is a result of the mindset he had earlier.

In financial planning, wealth has a very important factor and it is available to all of us: TIME. We cannot redeem the time we lost today. We can only use or misuse the time now. Tomorrow is the result of how much time we have given for every opportunity that passes us by. The only difference is how we make use of it.

The example below shows how a delay in time costs a person in relation to building retirement fund for different investment returns (inflation not considered here)

Target retirement age : 60

Target retirement fund : Php 5,000,000

required monthly investment for different returns

age

Horizon

0%

4%

8%

12%

15%

20

40

10416

4,230

1,432

425

161

25

35

11904

5,472

2,180

777

341

30

30

13889

7,204

3,355

1,431

722

35

25

16667

9,725

5,257

2,661

1,542

40

20

20833

13,632

8,489

5,054

3,339

45

15

27778

20,318

14,449

10,008

7,479

50

10

41667

33,956

27,330

21,735

18,167

55

5

83333

75,416

68,049

61,222

56,450

The earlier we allot time and recognize good investment return, the less the amount of effort and money for the same target fund. No matter how high the rate of interest, for as long as time was lost, it will be a monumental task to build retirement fund. By acting early, we can control the future instead of the scammers controlling us.

As Mark Twain said:“20 years from now, you will be more disappointed by the things you didn’t do than by the ones you did do. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore, dream and discover”.

I would like to end this article with an Old Irish Prayer I accidentally chanced upon…

 

Take Time

Take time to work – it is the price of success.

Take time to think – it is the source of power.

Take time to play – it is the secret of perpetual youth.

Take time to read – it is the foundation of wisdom.

Take time to be friendly – it is the road to happiness.

Take time to dream – it is hitching your wagon to a star.

Take time to love and be loved – it is the privilege of the Gods.

Take time to look around – the day is short to be selfish.

Take time to laugh – it is the music of the soul.

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From → Retirement, Savings

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