00:00:00 Thanks for joining me on Episode 5 55 of the inspired Stewardship Podcast. Hey, guys, this is Matt Ham from you. Print would encourage you to find your own journey to living your life's calling and one way to be inspired to do that is to listen to the inspired stewardship podcast with my friend Scott Mater, you begin to three. Balance your priorities when it comes to money. We've talked earlier this week about the idea of how sometimes we get out of alignment between our priorities and our values and our money,
00:00:39 because we say that we value something. But the reality is when you look at our time, when you look at our money, when you look at our calendar and the way we do things, welcome and thank you for joining us on the inspired stewardship podcast. If you truly desire to become the person who God wants you to be, then you must learn to use your time, your talent and your treasures for your true calling in. The inspired Searchie podcast will learn to invest in yourself, invest in others and develop your influence so that you can impact the world in today's episode about impacting the world through stewarding your treasures.
00:01:25 I talked with you about why the expression time is money is certainly false, what you can think instead, and how to use this expression to re balance what you do when it comes to money as we talk about stewarding your treasures. Wouldn't it be great if you could support this podcast and do it without costing yourself an extra dime?
00:01:49 Turns out you can't. All you have to do is use inspired stewardship dot com slash amazon when you're ready to make a purchase via Amazon,
00:01:58 and a small commission will come back to support the show. If you enjoy the show when you're ready to buy from Amazon,
00:02:05 just use inspired stewardship dot com slash amazon. Time is money. It's one of those expressions that people say all the time,
00:02:14 and you've probably heard it and used it yourself. And the funny thing about it is, is that expression is really patently false.
00:02:23 You know what people actually mean when they say that expression is, you can use time to make money,
00:02:31 and there's truth to that. It's definitely you have to spend time or effort in some way to make money.
00:02:38 In many, many situations, though, that's not universally true. In a way of I have to use my time to earn money.
00:02:46 But in the in general, and it is true that to make money, you've gotta spend time doing it in some way,
00:02:54 shape or form. Either learning, educating, developing a product, a tool or trading time for money in a direct one toe one way.
00:03:02 But time is money is also false in that they're different in a very real way. You cannot create more time.
00:03:11 You can do things to create money Now, interestingly, the opposite is true. In one way, you can use money,
00:03:20 toe leverage time, and what I mean by that is you can pay other people to do task that you don't want to do or don't want to spend your time doing it.
00:03:31 Sort of the difference between creating a job for yourself and being a business owner. You know, as a business owner,
00:03:38 you need to be able to step back from your about business and spend some time working on the business,
00:03:43 not just doing the technical work of working in the business. So the idea that time is money is false and true at the same time,
00:03:54 there are ways that you can use time and money to interchange between one from the other, but they are not the same resource,
00:04:03 and they're definitely, though both finite. You only have a certain amount of money and you only have a certain amount of time.
00:04:09 It is actually easier to find ways to create more money than it is to create more time. But in doing that,
00:04:18 you can then use that money toe leverage and free up time, so they're definitely related to each other.
00:04:25 But instead of thinking to yourself, time is money, which tends to be a limiting relationship. It tends to cause you to look at things in a very one toe one way where I have to spend a certain number of hours and those hours get me a certain rate.
00:04:41 You think of it as a time for money kind of relationship. I spend two hours, you pay me $150 an hour.
00:04:47 That means you give me 300 dollars. I encourage you instead to begin to think about things in terms of value.
00:04:56 See at the end of the day. People actually don't pay for the time you spend. They pay for what knowledge you have,
00:05:04 what skills you have, or they pay for the fact that you save them some sort of disadvantage or inconvenience or problem,
00:05:14 and you're able to solve it. See, people generally pay for things that they either don't want to do,
00:05:20 and so they will pay you to do it or they'll pay for things that they don't know how to do.
00:05:25 And you have the knowledge and the skill to do it. And some of the highest paid people are people that can do a job that falls into both of those categories.
00:05:34 That's one of the reasons that, for example, plumbing business is tend to be fairly well compensated because oftentimes they're dealing with a job that is,
00:05:43 both people don't want to do it, and they don't have the knowledge and the skills to be able to do it.
00:05:50 And so that could be some of the most highly compensated jobs. You need to think instead of time as money,
00:05:56 which means that if I spend a certain amount of time, I should get paid a certain amount of money,
00:06:00 and you need to think to yourself, What am I doing that creates value for others? It either reduces their pain or increases their pleasure.
00:06:08 Our helps them avoid a painful situation. It benefits them in some way. And what is the value of that benefit?
00:06:18 Because that is a very different relationship when it comes to compensation, instead of thinking about things in terms of an hourly rate,
00:06:26 think about things in terms of the value provided and for the flip of that is true in the opposite as well.
00:06:34 You know, oftentimes we look to things and we think, you know, buying the cheapest thing is the best thing.
00:06:39 We think that getting the best deal in terms of the lowest price is always the best thing. But the truth is,
00:06:47 that's not always true. There are times we're spending a little extra. It is actually an advantage. You can pay for something that is higher quality that may last longer,
00:06:59 then buying just the cheapest thing and the same thing is true when it comes to experiences to the experience is often worth in Value Way Maur than the actual time or money that you spend.
00:07:15 This is why, when you begin to think in terms of value, you begin toe re balance your priorities when it comes to money.
00:07:24 We've talked earlier this week about the idea of how sometimes we get out of alignment between our priorities and our values and our money,
00:07:32 because we say that we value something. But the reality is when you look at our time, when you look at our money,
00:07:38 when you look at our calendar and the way we do things, it isn't reflected in our activities. And when that's true with your money as well,
00:07:48 you need to examine that and you need to work to get that back into balance. This is why one of the exercises that I do with my clients is almost always an exercise about dreaming and developing a why and a reason and a purpose behind what you're doing.
00:08:02 Because it's out of that purpose that you can begin toe, look for alignment between your time and your money and your activities.
00:08:10 If you haven't actually done that exercise and done that, dreaming that it's much harder to do because at the end of the day,
00:08:18 how do you know if you've aligned your money and your time with your values if you don't know what your values are,
00:08:25 so that's always the place to start. But it's not the place to end. So how are you thinking about money in ways that is a limiting yourself today?
00:08:35 And what can you do to reframe that and bring that in alignment with your priorities and your values? Whatever they are.
00:08:43 Thanks for listening. Thanks so much for listening to the inspired stewardship Podcast. As a subscriber and listener,
00:08:55 we challenge you to not just sit back and passively listen. But act on what you've heard and find a way toe.
00:09:03 Live your calling. If you like this episode on the stewardship of treasures, you can sign up for our treasures tips by going to inspired stewardship dot com slash treasures or text in the U.
00:09:21 S. 44222 Treasures tips and we'll send you five weeks of our best tips on stewarding your treasures until next time investor time,
00:09:35 your talent and your treasures develop your influence and impact world