Somewhere on YouTube, I saw a video where Roger Hamilton talks about the relative value of time and money.

Since they have none, poor people place a very high relative value on money. A few hundred dollars means a lot to them. A wealthy person would place relatively less value for the same amount of money.

What is interesting is that the inverse applies in the matter of time.

A poor person does not value time as much as money, since it is, for all practical purposes, replenished every day. There is more of the same tomorrow. They will therefore gladly exchange their time for the prospect of getting paid. This may be one reason why exploitative labour practices flourish.

The wealthy person, on the other hand, values time for the finite resource it is and offers money in exchange for labour from the poor. They are then able to take time off from attending to that task and instead use their time in a manner that is more rewarding to them.

People that do not appreciate this inverse relationship between money and time will never be able to delegate succesfully. Most of them end up micromanaging or hovering anxiously over their staff, defeating the purpose of delegation.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s