There’s a popular saying, especially in business circles, that “Time is money.”
In fact, a little thought easily shows us that time is NOT money.
There are number of things that are natural for money that you cannot do with time. You cannot put it in the bank, or save it up for a rainy day, or even hoard it. You cannot take it to your local Starbucks and use it to buy a cup of coffee. And, unlike money, we all have the same amount of it – 24 hours in each day – regardless of how we have spent it in the past.
Time is a resource that is given to each of us, and a resource that we can convert INTO money. And the mechanism for that conversion, for most of us, is a job. We give our employer a certain amount of our time (typically 8 hours a day), and the employer gives us an agreed upon amount of money in return (our paycheck).
But, for many people, there are a lot of drawbacks to that arrangement. The circumstances under which we give our employer our time (when and where to show up, what to wear, who we’re going to be working with, what we’re going to be doing, etc.) are dictated by the employer, and we may or may not have a limited input into determining them. Similarly, the amount of money the employer is going to give us is pretty much set by the employer. If you work harder or acquire new or improved skills so that your work is worth more to your employer, you don’t automatically get a raise. You might get one, in time, if your employer is feeling kindly to you, but you might not. And this all assumes that you are able to find someone who agrees to employ you in the first place.
But a job is not the only means for converting out time into money. Many people have found activities that they can do to produce something that market values, and for which the market will reward them with money accordingly. In other words, they can get paid what they’re worth, not what an employer chooses to give them. Besides that, they can choose to participate in these activities without asking anyone’s (an employer’s) permission. Where and when they participate in these activities is up to them.
Some people who have a job may choose to participate in these activities in the off hours (often referred to as a “side hustle”). Others start as a side hustle, then build up their income from the side hustle until it can replace their full time salary. Others, of choice or necessity, simply determine to jump in with both feet and make what ever activity or combination of activities they choose their only income.
Exploring those activities, and how to get started in using them to convert your time into money on your terms is the topic of this blog.