Personal Finance

Rich Enough Not To Waste Time

“I’m talking about liquid. Rich enough to have your own jet. Rich enough not to waste time. Fifty, a hundred million dollars, buddy. A player. Or nothing.” — Gordon Gekko, Wall Street.

Watching Wall Street the other night, the above quote stuck in my head, specifically, “Rich enough not to waste time.” What did Gordon Gekko mean by that? I believe being able to pay others to do mundane or time consuming tasks that interfere with what you would rather be or should be doing is the gist of the statement. This allows you two major freedoms.

More time to make more money

As a writer, the more I write the more money I make. I hate house cleaning and yard work. If I paid someone to do these chores, could I make enough additional money to justify this expenditure? In addition, are you thinking of starting a business on the side while still working at your full-time job? It may pay to get those few extra hours a week to concentrate on getting your enterprise going while someone else trims the hedges.

More time for recreation

We all juggle work and family life. We do not want to spend time doing chores when we can be doing something fun with family and friends.

Getting to Gordon’s level of wealth is not easy, but crunching the numbers and evaluating how you spend your time will reveal ways to get more of your time back.

Make a list of activities you could pay someone else to do

Are there mundane tasks you do that would be time better spent? Do the math. There are a number of calculators on the Internet. The MSN time value calculator is helpful for computing the value of your leisure time. Compute what your time is worth and apply it to what it would actually take to pay someone to do this for you.

Find the right person or service for the job

There are plenty of house cleaning and landscaping services to choose from. What about solutions for other time-robbing activities? For example, grocery shopping takes up more time than we like. Your local grocery store may offer home delivery. You may even save money by avoiding impulse buys. Or standing in line. A large chunk of time is wasted when buying tickets or waiting for a store to open to score some amazing deals. Look under “personal assistant” or “waiter, or maybe you know of someone looking to make some extra cash.

Make use of flextime

This is more of a benefit than “riches” that can help you find time to do the things you want. With a flexible work schedule, you have the luxury of scheduling your job around your life, not your life around your job.

Most of us will never hit the hundred million dollar bar Gordon sets in the movie, but maybe we can make better use of our time in our quest to find wealth and happiness.

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