Ted Hull Consulting FYI

Wisely Investing My Time

May 19th, 2017

Wisely Investing My Time

I don’t have time is never a good response. We all have twenty-four hours in a day. The reality is that I don’t have time for that, because I have chosen to do this.  Investors often talk about opportunity costs. If I invest a dollar in “A”, I obviously can’t invest it in “B”. The opportunity cost is the amount I gave up by investing in “A” rather than “B”.

I make these decisions every day. Sometimes the currency is money, but more often it is time. When I choose to spend time doing one thing, there is the opportunity cost or opportunity loss of not doing something else.  I may not consciously think about it, but it still happens. If I hadn’t spent so much time watching TV, I could have finished that book. If I go out for dinner with my wife and kids a hundred dollars is spent there which I could otherwise have put against my line of credit. If I commit to attending a function next Friday evening, the cost will be whatever other options might come up in the interim. Most of these decisions in the overall scheme of life aren’t huge. However over time they can lead me in directions I might not otherwise have thought about or anticipated.

The range of possibilities and the attendant opportunity costs increase with age. Elementary school children have very limited options, including the courses they take at school. Senior high students have more course selections, greater wardrobe varieties and a wider range of activity choices. These continue to broaden throughout life as education and experience provide increased options for careers, places of employment and even the city or country one lives in. Then children leave home and retirement approaches. Now the freedom to choose how one spends their time is even more challenging as opportunity costs are considered.

So how do I wisely make small daily investments that will result in an eternal portfolio of which I can take pleasure?  

First, I need to have a personal mission. Whether that shows up as a carefully articulated mission statement or expressed in a journal isn’t important. What is important is that I have a raison d’etre; an ultimate reason for living which provide a framework for making ongoing decisions.

If my reason for living is to be materially secure, then every decision should be based on that ultimate purpose. How much I earn and how little I spend will determine my decisions. This allows for my decisions to become more focused. I don’t have to decide whether to go out with my family for dinner or not. My life’s mission has determined that. I only need to decide which store to shop at so that my groceries will be the least costly. Decisions around a job or career will be formed based on how much money I can make.   

Recently I have reviewed some of my missional musings which I have written over the years. It has been interesting to see how little change there has been over the past twenty years. My values around family, health and meaningful work continue to be priorities. How those values live themselves out has evolved. Investing in my family now manifests itself more through relational influence than covert direction. Remaining healthy takes more intention and effort than it did twenty years ago. Meaningful work has greater flexibility than it did in the past. Employment is no longer regimented and my options for using my gifts and abilities, even on a day-to-day basis is are broader.

With this change comes a challenge. Earlier in life my decisions were narrower. The legitimate obligations which come with raising children, keeping up on the treadmill of financial commitments such as a mortgage and the need for job security kept me on track. As those constraints become less pressing, the need to constantly identify my values becomes more important. It is those values which help me to decide where I will invest my time.  

Today, like never before in my life, I need to have my values in front of me. It’s these values that can determine my opportunity costs and guide the investment of that one resource I have which is today.



Ted Hull Consulting FYI


What a Board Approves, It Owns
November 1st, 2017

Kinda Using Policy Governance
October 5th, 2017

Is Your Mission Worthwhile and How Would You Know?
September 21st, 2017

What About Term Limits For Board Members
August 9th, 2017

Why Bother Evaluating Your CEO?
June 25th, 2017

Wisely Investing My Time
May 19th, 2017

Is Policy Governance Too Big For a Small Charity?
March 26th, 2017

Why Bother With Board Education? Video
January 5th, 2017

Board Priorities and Policy Governance
December 15th, 2016

Fishtailing is for Losers
September 19th, 2016

Ditch Your Board Executive Committee
August 25th, 2016

Personal Trainers Can Be Overrated
August 12th, 2016

The Difference Between Cost and Worth
April 25th, 2016

Policy Governance and the CEO Evaluation
March 12th, 2016

Two Sides of the Value Coin
February 12th, 2016

FYI - But a Church Board is Different...so Can Carver's Policy Governance® Model Work?
October 12th, 2015

FYI - Policy Goverance Isn't the Silver Bullet for a Church Board
July 21st, 2015

FYI - The Difference Between Owners and Consumers
June 24th, 2015

FYI - A Board is Greater Than the Sum of its Parts
May 18th, 2015

FYI - Policy Governance - A Whole New Game
April 28th, 2015

FYI - The Ten Drawbacks to Policy Governance
March 10th, 2015

FYI - The Features of Policy Governance
February 18th, 2015

FYI - Five Key Words For Effective Governance
January 6th, 2015

  • What a Board Approves, It Owns
November 1st, 2017
Have you ever gotten a very good deal on something but with no idea what you would do with it? Many boards have that problem. They approve something but with little idea of why they are approving it or what they.....
Home
Services
Introductory Policy Governance® Workshop
Policy Governance® Implementation Workshops
Policy Governance® Coaching
Counselling
Evaluate Your Board Experience
Books by Ted Hull
Testimonials
About Ted
FYI
The Governance Coach
Contact Us
So Your Board Can Better Serve
204.898.6740

Ted Hull Consulting FYI

Wisely Investing My Time

May 19th, 2017

Wisely Investing My Time

I don’t have time is never a good response. We all have twenty-four hours in a day. The reality is that I don’t have time for that, because I have chosen to do this.  Investors often talk about opportunity costs. If I invest a dollar in “A”, I obviously can’t invest it in “B”. The opportunity cost is the amount I gave up by investing in “A” rather than “B”.

I make these decisions every day. Sometimes the currency is money, but more often it is time. When I choose to spend time doing one thing, there is the opportunity cost or opportunity loss of not doing something else.  I may not consciously think about it, but it still happens. If I hadn’t spent so much time watching TV, I could have finished that book. If I go out for dinner with my wife and kids a hundred dollars is spent there which I could otherwise have put against my line of credit. If I commit to attending a function next Friday evening, the cost will be whatever other options might come up in the interim. Most of these decisions in the overall scheme of life aren’t huge. However over time they can lead me in directions I might not otherwise have thought about or anticipated.

The range of possibilities and the attendant opportunity costs increase with age. Elementary school children have very limited options, including the courses they take at school. Senior high students have more course selections, greater wardrobe varieties and a wider range of activity choices. These continue to broaden throughout life as education and experience provide increased options for careers, places of employment and even the city or country one lives in. Then children leave home and retirement approaches. Now the freedom to choose how one spends their time is even more challenging as opportunity costs are considered.

So how do I wisely make small daily investments that will result in an eternal portfolio of which I can take pleasure?  

First, I need to have a personal mission. Whether that shows up as a carefully articulated mission statement or expressed in a journal isn’t important. What is important is that I have a raison d’etre; an ultimate reason for living which provide a framework for making ongoing decisions.

If my reason for living is to be materially secure, then every decision should be based on that ultimate purpose. How much I earn and how little I spend will determine my decisions. This allows for my decisions to become more focused. I don’t have to decide whether to go out with my family for dinner or not. My life’s mission has determined that. I only need to decide which store to shop at so that my groceries will be the least costly. Decisions around a job or career will be formed based on how much money I can make.   

Recently I have reviewed some of my missional musings which I have written over the years. It has been interesting to see how little change there has been over the past twenty years. My values around family, health and meaningful work continue to be priorities. How those values live themselves out has evolved. Investing in my family now manifests itself more through relational influence than covert direction. Remaining healthy takes more intention and effort than it did twenty years ago. Meaningful work has greater flexibility than it did in the past. Employment is no longer regimented and my options for using my gifts and abilities, even on a day-to-day basis is are broader.

With this change comes a challenge. Earlier in life my decisions were narrower. The legitimate obligations which come with raising children, keeping up on the treadmill of financial commitments such as a mortgage and the need for job security kept me on track. As those constraints become less pressing, the need to constantly identify my values becomes more important. It is those values which help me to decide where I will invest my time.  

Today, like never before in my life, I need to have my values in front of me. It’s these values that can determine my opportunity costs and guide the investment of that one resource I have which is today.

Primary Contact
272-3336 Portage Avenue
Winnipeg Manitoba
R3K 2H9
204.898.6740
  • What a Board Approves, It Owns
November 1st, 2017
Have you ever gotten a very good deal on something but with no idea what you would do with it? Many boards have that problem. They approve something but with little idea of why they are approving it or what they will do with it once they have approved it. In this FYI we talk about how boards need to be careful of what they approve - and why......

Copyright Ted Hull Consulting All Rights Reserved | Developed and Hosted by M9 Corporation