What is Time Management? (Part 4)
This is Part 4 of 4 in a series of posts answering the question, "What is time management?"
In Part 3, we learned that different people have different perceptions of time and that these perceptions affect how they use their time to juggle the constant demands of life.
Those who appear to manage their time well have simply changed their mindset about time.
Instead of trying to manage external things, they focus on controlling the things that are within their locus of control—their thoughts, words, and actions.
In doing so, they shift their mindset from time management to time control.
While we can't control the external, we can develop the tools and strategies to deal with those unexpected things that are bound to pop up from time to time.
After all, we can all agree on one thing: when life gives you lemons, make lemonade, right?
But what separates the ultra-productive from those who struggle with overwhelm is the method by which that lemonade is produced...
When Life Gives You Lemons, Buy a Juicer
If you had to juice 10,000 lemons, would you use a hand-press tool from the dollar store, or would you rather go out and buy a commercial-strength juicing machine?
The answer is obvious.
Yet, when there seem to be a thousand things clawing for our time and attention, we throw up our hands in a fit of frustration and anxiety.
We use whack-a-mole strategies (commonly known as productivity "hacks"), hoping that if we hit enough moles, there won't be any more that show up.
But guess what?
They keep coming.
So if you want to improve your time management skills and set yourself free from the day to day stress, the first step is to change your mindset.
You must change how you think about time.
It's not something that's "out there," that you're trying to manage... it's a figment of your imagination.
In The Matrix, Neo chooses to take the red pill, which allows him to step out of the illusion that he's been accustomed to his whole life.
At first, he rejects the truth.
But eventually, he surrenders to it and accepts reality as it really is. Then and only then is he able to step into his full potential.
Similarly, you must wake up to the truth that you cannot control anything outside of yourself.
If you continue to operate in the paradigm of time management, you'll eventually realize that your efforts are futile, like running on a treadmill expecting to end up somewhere other than where you are. Maybe you're here reading this article because you've already made that realization but just didn't know what to do about it.
Once you change your perception of time, you'll realize that you're still surrounded by many people who are stuck trying to control things outside of themselves.
So you'll need some practical strategies to "meet them where they are." You'll need to translate the truth of your new reality into useful ways that allow you to achieve your goals and squeeze all of those lemons with ease.
Say your boss calls you out for not hitting your quarterly productivity goals...
You can't just say, "Sorry boss, but I'm only focused on controlling myself, and there's not much I can do about it."
You made your sales calls. You followed up appropriately. It just wasn't the right time for many people. You worked overtime and even enlisted the help of your colleagues. But you still didn't meet your goals.
At least you kept your focus on yourself, and that's a great start.
Perhaps you've developed the right mindset but are missing the proper skillset?
Maybe you just weren't making the best use of your time?
To polish your understanding of what time management really is, let's establish a more practical way of viewing time so that you can carry this into the real world and apply it in your daily life.
The Best Way to Use Your Time
Take a look at a few common phrases we hear about time:
- “How do you spend your free time?"
- “How much time do you have?"
- “We’re running out of time!"
Notice any consistencies here?
The pattern here is the underlying assumption that time is a limited, finite resource just like gold and oil.
The difference, however, is that there's no argument about how much of this precious resource exists...
- 60 seconds in a minute
- 60 minutes in an hour
- 24 hours in a day
- 365 days in a year
No matter who you are, where you’re from, or how much money you have, we all share this resource equally. But what separates those who feel free and those who feel trapped is simply a matter of how they spend this resource.
To identify the best use of your time, let's first look at the different ways you can use your money:
- You can spend it
- You can save it, or
- You can invest it
You use money one of these three ways and, depending on your goals, each way offers a different kind of return.
When you spend money, you exchange your resource for some immediate return. For example, you buy a movie ticket and get the two-hour satisfaction of watching that movie on the big screen. Maybe you even get to be a part of the conversation when other people talk about it.
When you save money, you still spend it, but not until some later point down the road. For example, when you save money through a 401k, you consistently put money away for 30 or 40 years, then start spending it when you're retired and no longer producing an income.
When you invest money, you're using money to produce more money. The return you get back is much higher than the resource you used to create that return. Your money can even pay you in the form of dividends.
Do you think Warren Buffet became one of the wealthiest people in the world by saving every penny he worked for?
No! He invested it. He carefully scrutinized every opportunity and made intentional, informed decisions about how he would use his money.
Now he's free from the game that so many others are still struggling with.
Time can be used the same way as money, with one key difference...
You can spend it, or you can invest it, but there's no saving it for later.
If you usually need10 hours to read a book, and I give you a strategy that helps you read it in 5 hours, great. Now you have 5 extra hours.
If I give you a process that cuts your weekly household chores and errands in half, even better!
You're not actually saving any time, though, just using it differently. It's not like you can stash it away in a piggy bank or savings account to start collecting interest. In either case, you have to choose how to use it: spend it, or invest it.
Spending time does not typically create more time, but investing does.
So investing is, by far, the best way to use your time.
Which brings us back full circle to the original definition of productivity (P = R/R).
How to Maximize Your Returns
Maximizing your productivity is a function of producing better and better results by using fewer and fewer resources.
The only way to make that happen with time is to invest it. When you invest your time intentionally and make informed judgments about the available opportunities, you'll start seeing very high returns.
Another way to frame the productivity formula is through an input-output model.
In the current global economy, the main objective (or desired result) is to maximize returns. People will invest their time, money, and energy (inputs) into activities which they think will yield high returns (outputs).
When businesses take off, opening multiple locations and spreading across the world, it's because they're achieving great results. They put resources (inputs) into the business to ensure a smooth operation and they make a healthy profit (output) that attracts other people who want to see those same results.
So, in terms of time management, how do you make sure you're maximizing your returns?
By first maximizing your input...
Let's say I offer to pay you $1 per minute every day for the rest of your life.
But to earn that money, you must be thinking, saying, and doing things that are in alignment with your desired results.
If you want to get an A on your test, spending four hours out at the bar with your friends wouldn't get you paid. But spending four hours studying with your friends would get you paid.
In fact, you'd get paid $1 x 240 minutes... $60/hour for studying doesn't sound bad at all, does it?
Basically, the more intentional you are with your time, the more you get paid. And this is a win-win situation because not only are you getting paid, but you're also seeing the results you want (a good grade on the test).
Remember, though, you're only getting paid for the inputs—the things you can control.
You can study for 400 hours, but that doesn't guarantee an A...
- What if the teacher has a grudge against you for some reason?
- What if the questions are based on opinion instead of effort?
- What if the TA is grading the test and she makes a mistake?
Now let's make one small change: what if you aren't getting paid?
Would you still value your time at $60 per hour?
Probably not.
This is the key to maximizing your investments: to increase the overall value of your time.
You need to act as if you're getting paid at least $1/minute to do the things that move you closer to your desired results. You must value your time so highly that the thought of wasting any of it makes your body hurt.
Each minute you use must be intentionally invested in alignment with the life you wish to create. And as you become increasingly aware of the value of your time, you'll make decisions that help you become increasingly free from stress, burnout, and overwhelm.
Investing your time wisely is the key to balance and freedom through time management.
Conclusion
The world’s most successful people claim that time is their most valuable asset. This is no coincidence.
They’ve all developed a mindset that prevents them from wasting any time on things that don't support their desired results. While other people are focused on trying to manage external things, they're focused on controlling the internal things.
Ultimately, time is a resource we can use to help us achieve our goals, the same way we can use money. Time management, then, is the skill we apply to achieve those goals consistently, with a sense of balance and ease.
Improving time management is a long-term game. It's like building a skyscraper: you need a deep foundation and lots of support.
Now that you've gained a deep understanding of what time management really is, you've started to build a mindset that will help you win the game.
This winning mindset will serve as the foundation from which all of your future efforts will build upon. But this mindset is just the first part of the equation...
You also need to develop a robust skillset to apply what you now know.
And combined together, an empowering mindset and skillset will set you free from the burden that you'd love to stop carrying.
If you're ready to start building effective time management skills, click here.
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