Rewriting Wealth: How Discretionary Time Outvalues Money
I. Introduction
"Time is more value than money. You can get more money, but you cannot get more time." - Jim Rohn, American entrepreneur, and motivational speaker.
The measure of wealth in our society is often seen in the accumulation of material assets and money. But this narrow view of wealth may not serve us well, especially in the realm of entrepreneurship. Let's unpack a richer, more fulfilling perspective: the concept of discretionary time.
II. Defining Discretionary Time
Discretionary time is the time you have left after attending to your obligations and necessities. It’s the time you have to do the things you love, to spend with the people who matter, or to pursue your passions. When viewed from this lens, true wealth becomes not the accumulation of money, but the accumulation of discretionary time.
“Real richness is when you are so expensive that no one can buy your character.” - Nitin Namdeo, Indian author and speaker.
III. The Power of Discretionary Time
Aliko Dangote, an African entrepreneur and the wealthiest person in Africa, has often attributed his success to his prudent use of time. Despite his immense wealth, he emphasizes the value of time above all else, often saying, "I value time more than anything else. Money lost can be earned back, but not lost time."
IV. Balancing Money and Time
Entrepreneurs often fall into the trap of trading all their time for money, leaving them wealthy in financial terms but impoverished in terms of discretionary time. To truly experience wealth, a balance between time and money is crucial.
“Time is a created thing. To say 'I don't have time,' is like saying, 'I don't want to.’” - Lao Tzu, Chinese philosopher and writer.
V. Prioritizing Discretionary Time
Elon Musk, CEO of Tesla and SpaceX, despite his phenomenal financial success, constantly battles with the challenge of finding discretionary time. This struggle is a stark reminder that even with immense financial wealth, without discretionary time, one's quality of life can significantly suffer.
VI. Building Wealth in Discretionary Time
Entrepreneurs can increase their wealth in discretionary time by enhancing their productivity, outsourcing tasks, creating automated systems, and setting firm boundaries around work and leisure time.
Ritesh Agarwal, founder and CEO of OYO Rooms, an Indian hospitality service and budget hotel network, practices this principle by automating and delegating tasks within his company to focus on strategic decision-making.
VII. Conclusion
Wealth is not just about having lots of money; it's about having lots of options. The ability to choose how you spend your time is one of the most significant indicators of wealth. As you continue your entrepreneurial journey, I encourage you to consider how you might increase your wealth in discretionary time.
VIII. Call to Action
I invite you to take a step back and evaluate: Are you wealthy in discretionary time? Share your thoughts and experiences in the comments below. Let's discuss how we, as a community of entrepreneurs, can redefine and attain true wealth.