The “Time-Money Concept” Theory

The “Time-Money Concept” Theory

By

Oluwagbemiga, Elijah Aanuoluwapo

Time they say is money. It is paramount to hold that there is no one monopoly of explanation to the “time-money concept.” However, every explanation should arrive at a consensus.

This article explains the “time-money concept” based on a personal view of the writer. This view might be perceived subjective, yet realistic.

Money has so many definitions but Oluwagbemiga suggests that “it is anything empowered by the law with a degree of purchasing power.” This simply means that anything could represent money, as long as it is recognized by the law and charged with both the capacity and ability of purchasing wants and needs to a degree. Degree comes into the picture because majority of people cannot purchase everything they want and need based on the popular notion that “humans’ needs are insatiable.” This means that the degree to which wants and needs are met are limited due to unlimited wants of individual. Wants are unending; therefore it is difficult and nearly impossible to have all the money to purchase them. 

For the purpose of this article, solutions to the common problem of penury and financial struggle will be tackled as a simple financial strategy that stems from the “time-money concept” will be proffered.

What is “time-money concept?”

To understand this concept, it is important to first understand what time and money mean. As discussed earlier, money is anything empowered by the law with a degree of purchasing capacity. This means that the amount of money possessed has a degree to what can be purchased. 

Time on the other hand as suggested by Oluwagbemiga is simply “intangible money.” According to him, “intangible money” is life’s currency and it is possessed by every living man, rich or poor.

“Time-money concept” therefore can be referred to as the consistent strenuous practices that result to enormous tangible resources available to meet future wants and needs.  This means that the mastery of time and money relationship holds an enormous financial reward. This understanding is what separates the rich from the poor. It is what the rich understands and the reason why the gap between the rich and the poor keeps getting wider by the day.

What are these continuous strenuous practices?

Countless number of books offering financial guidance have provided various principles on how one could change his or her financial status. But it is confusing as to how many readers of these books are still trapped in the cage of penury. This article provides just two simple approaches to coming out of the trap of penury.  These two golden rules are common sense but yet uncommon amongst majority.

PLANNING

Here is the first approach which involves taking out time painstakingly in mapping out the how and the when to achieving a goal or goals. Since the article’s scope is limited to the time and money concept, it is important not to go out of this context. Therefore, planning should involve how and when one intends to acquire and accumulate resources (money), how much resources? And in what space of time (when)? It is paramount that one plans all the way to the end taking into consideration every single step that must be taken to actualize these goals. In planning, it is paramount to take into consideration the time factor (both the time one makes the plan and the time one intends to achieve the plan’s goal). Also, it is vital one takes into consideration the money at hand and device a means of maximizing it to one’s advantage. Towards the end of this article, a simple analogy will be given as to how one could get his needs met (goals) based on whatever amount one earns (big or small). Planning is everything. When one plans well, one is a step ahead to achieving his or her dreams or goals.

STICKING TO THE PLAN

Here is the second golden rule. After one has planned, it is expedient for one to stick to every bit of the plan in order to avoid failure. This rule of sticking to the plan might sound pleasant and cool to the ears but in practice, it is not. It takes persistence, discipline, doggedness, resilience on a daily basis to master the art of sticking to a plan. So many have made plans and tried sticking to them but along the line derailed and of course suffered the consequences. This has discouraged many and has made them remain in same position of penury simply because they find it hard to follow the plan through. But there is a simple trick to overcoming this weakness. One has to create ample time every day to peruse his plan until it becomes part and parcel of his thoughts.  In consistency, they say POWER lies.

Meet Williams

Meet Mr Patience Isworthit Williams. He works at Covenant University, Ota, Ogun State. Don’t let’s bother about the details of his job. What matters most is how much he earns and how he spends it.

Williams earns a hundred thousand naira every month but before the end of the month, he gets broke. He is a nice guy and all his friends know it. He hardly turns anyone who asks for financial help down. His friends love him so much and they hang out almost every evening. Williams really do not drink much, say 2, 3 bottles of Goldberg at most but his friends, hmmmm.. his friends can drink River Niger if it turns to beer.  Based on his “Jackie Chan-ness,” I mean his “Mr Nice Guy” quality, he loves paying the bills most of the time he is out with his friends. Little wonder why they love him so dearly. On an average, he spends N8,000 on drinks and pepper soup. On an average, they hang out 2 times weekly.

Williams has no business that brings him extra money, therefore, he relies only on his salary. Every month, he spends an average of N15,000 on financial assistance, he never misses paying his tithe every month (N10,000).  He is barely left with about N11,000 which he manages for survival on food and on transportation to work. Apparently, before his next salary, he becomes penniless. And the cycle continues.

At is leisure time, he reads books like- the richest man in Babylon, Rules to wealth, the Millionaire next door, rich dad poor dad and the likes but still, he is trapped in the cage of penury. He tries as much as possible to practice what he is thought in these books but as time went on, he finds himself back in his penniless state before the month runs out.

He kept searching for salvation from his addictive habits which now brings him unbearable consequences. He got indebted and had no idea of how his debt could be paid.

Until this very fateful day he stumbled upon an article online. This article is exactly what you have been reading. He held on to the fact of “Time and Money” concept that there is no one monopoly of explanation. So he read with an open mind, he was inspired and devised a means of coming out from his debt and getting rich. This plan he devised is summarized as an analogy in the next section. 

The Patience Isworthit Analogy (Time-Money Concept Theory in practice)

This part of the article provides a simple analogy everyone can relate to. This analogy is a practical method that explains all that has been said in previous sections of this article.

Williams thought to himself- “Since the “Time-Money Concept” has no monopoly on explanation but involves two golden rules, namely: Planning and Sticking to the plan, I will give it a try in my way.”

He planned on the N100,000 he receives every month. He made up his mind that he was going to save up half every month. This means that he would be left with N50,000 and he has to take out time painstakingly to plan on surviving on this N50,000 for 30 days every month. He considered the “Time” (30 days) and the “Money” at hand (N50,000). These considerations were the anchor of his plan.

He divided the Money at hand by the Time he has to survive until the next pay check comes. This gave him N1,666.7. He agreed on spending nothing more than this per day and if he needs anything, he would plan again on this N1,666.7 to get it. Meaning, he would use the Time and Money concept to get what he needs or want.

For instance, there was a day he needed a sunglasses. He window shopped for it and found that the one he really liked would cost him N5,000. He had to adopt the Time-Money concept to achieve his goal on getting this sunglasses. Since he mustn’t spend beyond N1,666.7 in a day in order to survive through 30 days until his next pay check comes, William had to plan on this N1,666.7 to achieve his goal of getting the sunglasses.

If he would save N500 every day from the N1,666.7, he would have to do that for 10 days and manage N1,166.7 for that 10 days which was planned to achieve the goal of getting a sunglasses. After achieving this goal, he goes back to his N1,666.7 everyday unless he has other goals to achieve, then he can plan just like he did when he needed to get a sunglasses.

Williams made up his mind that he was going to stick to this new found method of survival and getting what he wants. He made up his mind to replace his initial cycle of “planlessness” with the habit of religiously planning and sticking to the plan. He made up his mind that no matter how long it takes to getting what he wants or needs, he would stick to the plan he designed to achieve it. He was sick and tired of penury and indebtedness. Now, with the Time-Money Concept, he can get what he wants and his needs met by strictly adhering to the plans he designs to achieve his goals.

The Time-Money Concept is as simple in theory, but it takes excruciating discipline in practice.

We can reduce the rate of penury in Africa and the world at large if we are willing to and practice this concept.

“The sacrifice in the time is the key strategy to amassing wealth.”

Oluwagbemiga, Elijah Aanuoluwapo.