Making resolutions can be daunting.
To be “resolute” one has to stand firm…and back up a decision either to do, or not do, something of importance.
Heavy stuff in my opinion. Most of us (at least as resolutions go) don’t last the entire year.
I’m all for resolutions, both in business and on the personal side, if they are backed by the right information. But I’ve found, just from a few discussions with friends, that they are “resolute” to fix the wrong thing or solve an unrelated problem.
So, in order for you to create the best possible scenario in 2020, I’d like you to ponder these tandem goals:
Saving Money vs. Saving Time
Most people want to do both. I believe this is impossible when considering both at the same time.
Let me start with a positioning example.
When my wife and I started our business in 2007, I would often travel to New York the absolute cheapest way.
First, I would choose the least expensive flight, which sometimes meant I didn’t fly direct from Cleveland to NYC?
Second, I would take the Super Shuttle from the airport to midtown Manhattan (instead of a taxi).
Third, if the subway wasn’t available I would never take a cab. Often times I would walk from meeting to meeting.
And finally, I would spend an hour searching for the best hotel deal in the city.
On paper, none of these things are wrong. You might say they are prudent. Perhaps wise. I sure did. I focused on saving every penny so we could keep the business alive and still put food on the table for kids.
But if I am making these decisions today, I would change every one. Why? Because I’ve found, in almost all cases, time is way more important and more valuable than money.
Let’s look at the situation again…if I am flying from Cleveland to New York City:
1. I would fly direct. This immediately saves, at minimum, two hours.
2. Super Shuttle is a nightmare and arriving is completely out of my control. I would take a Lyft or a cab. Time savings? Two hours.
3. Two days walking from meeting to meeting instead of taking a cab? This easily adds three to four hours additional time. Just take the cab when needed.
4. The Hotel? Add at least one hour searching online for the hotel and another hour getting back and forth since it’s not in prime position. Today, I would find something near my meetings or in a central location, even if it cost an extra $100 a night.
Overall, I would save eight to 10 hours traveling today over the decisions I made in 2007. The trade off? About $300 extra, give or take.
Here’s where math comes in. Would I trade spending $30 an hour to have those 10 hours back? 100% yes. Without a doubt.
With that time back, I could fit in three or four additional meetings, which could reap a number of opportunities. Or, I could cut the two-day trip to one day, just by spending a bit more money, and get an extra day back with the family (priceless).
Back then, I never considered how much an hour of my time is worth (big picture). Rookie mistake!
Now, I have nothing against thrifty people (heck, my favorite store in the world is Savers). But I do look at things differently now.
I used to think my Aunt was incredibly smart for spending hours and hours searching out and cutting coupons. Years later, when I found out what she made per hour, I realized most weeks she could have worked an extra 30 minutes per week to equal all those savings from coupons, and received a few hours of important time back.
This concept is even more important in business. When I was running my first content marketing project, I decided to proof the editorial myself instead of spending $35 an hour from a professional. I wasted six hours of horrible work product when I could have had perfection for $70.
My wife and I built our business on outsourcing to experts so we could free up our time to do the things we were good at or enjoyed.
My wife spends about 10 hours per holiday season on baking cookies. I told her that she could go to the store and save nine hours of time, just by shelling out a bit of money. The answer? She enjoys baking cookies. It’s a moot point in this case, and in any other case where you enjoy the activity or deem it valuable. Plus, her cookies are better.
I urge you…for your 2020 resolutions…only commit to saving money if the extra time involved is worth it. If you’re like most people, you don’t comprehend how truly valuable your time is. Even something small like 10 minutes of your day adds up to 60 hours a year.
What could you accomplish or experience by getting back those 60 hours? Now that’s a resolution!
The following was an excerpt from Joe’s newsletter. Only subscribers receive the full version.