Time is money’ is an axiom that stresses the importance of time and the need to use it productively. Time is the most precious thing in the world, for once lost, it can never be recovered.
So, in a sense, it is more precious than money itself, for lost money can be recovered if one works hard for it. There is another saying, ‘Time and tide wait for no man,’ which expresses this idea beautifully. We understand the importance of time only when it is lost.
Often we run into people who may have wasted their youth in frivolous pursuits and then realized in middle age that they have achieved nothing at all. Such people are like the grasshopper in the ‘Ant and the Grasshopper’ story.
Every second we waste, we are depriving ourselves of the rewards of our own productivity. People who understand the value of time never reach a high position in life. For example, if one comes in late to work every day, one will be thrown out of the job. If one keeps important clients waiting, it will result in loss of business.
So we must respect time – not only ours but also other people. Postponing things for another day, keeping work pending; all these are habits which are not conducive for a prosperous life. Some people spend hours watching TV or playing computer games or talking on the phone. Such activities do not benefit us in the least.
At the end of the day we have nothing to show for spending time on them. Success and material prosperity comes only to those who understand the value and importance of time. That is why it is said that ‘time is money’.
The Essay on Time value money
The aim of this paper is to learn about time-value-of-money to make optimal decisions as manger must understand the relationship between a dollars present today and a dollar in the future. Time value of money Today’s financial managers often have to compare cash payments that occur on different dates. To make optimal decisions, the manager must understand the relationship between a dollar today [ ...
