Good Money

Money is Time!

Which is why everyone should build a website…?


We have all heard the saying –

‘Time is money!’

The catch phase of every businessman and woman since the birth of money as a medium of exchange.

Accountants, butchers, bakers, builders, doctors, lawyers all understand the value of their time, in the production of a good and service. They also understand that they must charge for their time through the sale of their goods and services.

Seldom discussed however, is that the equation is equally true in reverse.

‘Money equals time!’

Let’s examine.


Photo by Jordan Benton on Pexels.com

We know from the Financial Awakening page Our Money that the first characteristic of good money is that it must be a ‘Store of Value’.

When you transact with another party, you are in effect, exchanging your time for theirs. Money is merely the medium which allows the exchange of time to take place instantaneously.

You may have 1 dollar in your pocket which you have earned from time spent working. You then call into the a grocer to buy an apple. In this one transaction you have compensated the farmer, the wholesaler, the truck drivers and the grocer for their time in bringing this apple to you.

You spend many hours working and exchanging your time for money. So it is very important that at the moment of your choosing, you are able to exchange this money back for the time of others. In other words – money must store the value of your time forever.

As mentioned in previous posts – inflation devalues your money. As such, inflation is devaluing your time. Given enough inflation – your time will be regardless as worthless. So be sure you are exchanging your time for Good Money.


So why should everyone build themselves their own (WordPress) website?

Until I started building the Goldsmith Money blog, I never realised what a valuable store of time it could be.

First, I enjoy blogging – however, without a website of my own I was not investing time into my own asset, which I may be able to monetise in time. Instead I was investing my time into someone else’s. Reddit, Medium, Steem, Facebook. Twitter – all owned by others.

Second, through a personal website an individual is able to capture their skills and talents and put them on display for the world. Importantly though, they need only do it once! If you are continually and repetitively promoting your abilities on many different forums, you are doubling, perhaps tripling up on time – and therefore you are losing money.

Third, by building a website around your personal skills and talents you will no doubt discover methods to speed up your work. Creating efficiencies.

On this site I am building a comprehensive News Feed, along with a readily accessible Quick Links page. The News Feed allows me to access many of the Twitter feeds I like to track. The Quick Links page provides me with links to all pages I access frequently in my work and business. The time I am already be saving, would more than cover the moderate costs of maintaining the site.

Four, readily accessible data and information storage. No matter who you are, you should have some need to keep information handy for easy reference. This might include instructions, recipes, guides, manuals, catalogues and charts. All of which should save you time and money – especially if you are prone to misplacing information.

In conclusion.

Investing your time in your own website may allow you to monetise it the future – allowing you to exchange your time invested now, for the future time of others.

In the meantime, the time savings your are making now, are covering the monetary cost of maintaining the site.


Finally, if you are anything like me – the time you spend drafting posts and building your site, keeps you from spending your money on entertainment, dining and drinks. And these are the savings that really add up.

Treasure your time.

GOLDSMITH



Categories: Good Money, Money

3 replies »

    • Good contribution Larry. So building upon this – time is a scarce resource, so we must not waste a moment and us bloggers must band together to harvest as much as we can. 😁

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