Time- How Do You Use?

I have to disagree with "time is money". Time is not ALWAYS money. I am retired and work for myself. My time is my time, no money involved. Why does everyone think it always has to do with money. Sure if you are working to make a living, time does indeed mean money.

My oldest brother is a precision machinist. He would take exception to that statement. While machine time is a part of what is being sold, the many years of formal metals training and years of experience he has are the real asset being sold.

How did your brother gain that education and experience? He spent his time in education to gain head knowledge and then in the machinist field practicing his art. That time spent now makes his time now more valuable, either to himself if he works on his own or to the owner of the business where he now sells his time as an employee. Therefore his "time is money", it's just that he is indirectly the beneficiary through his employer. His employer is able to make money off of the equipment and the expertise of those, like your brother, who operate that equipment. Their expertise allows the employer to charge more for parts processed because the time spent by the employees in perfecting their skills allows them to greater precision or complexity.

ronseto, maybe part of the thinking that "time is money" comes from the fact that like Robert Kiyosaki explains in Cashflow Quadrant that 95% of people are trading time for dollars to bring in money. Whether we are employees or self-employed our income depends upon us selling our time in exchange for dollars. If we choose not to spend our time for money we have more time but we also give up money, and vice versa.

Where does working smarter instead of harder/longer fit in?

That is getting paid more for doing less by taking advantage of situations that come along opposed to just sitting there just waiting for the time clock to tick off one more day?

They may be selling time on their machines, but It would be nice if the machinist's time and skill were recognized.

I read Milo's comment as the machine, operator, and plant as one entity. The machinery is of little value without skilled workers and supporting infrastructures like procurement, material science, packaging...

I agree with his comments. We just make 'stuff'. Customers can get 'stuff' anywhere. I have more than one customer that trades with me even though my pricing is a little higher that the guy down the road.

Thanks Doorman. Great explanation. Yes we do sell our employees 'knowledge and experience' as well as our company's 'institutional knowledge' as embodied in our systems. I appreciate the 'cover' I was out on the left coast at a metalworking fluids symposium. Milo

The more of my time equals more money the client needs to spend (I'm in the repair biz). My 'waste of time' (actually, invested time) usually is spent informing either potential or existing clients how to maintain their equipment (I repeat myself a lot). Any spare time is R$D....hopefully the gizmo will work and I can pay myself the normal fee of 10C/hr.

Like muchly the LongNow Milo..........great piece of work!

How could you talk about time like that on CR4?

Are you trying to shame all of us?

When I do work for others I tell them you can either pay me by the job or by the hour. Either way the bill will still be the same just the time involved will be different!

Brilliant! Milo