Advice to a Young Tradesman, Who Wants to Use the Time is Money Approach
Time Is Money was written by Benjamin Franklin, a very young printer who may not have been fully acquainted with the first concepts of money. In the essay he wrote, “times are money,” and that statement has stuck to his mind ever since. He may not have completely understood the full meaning of that aphorism, which has become the basis for a number of American economic beliefs and principles to this day. His concept that money was time is money has led to many of the American economic beliefs we know today.
Benjamin Franklin’s idea that money is time has inspired countless American phrases and thoughts. One famous expression, perhaps heard in every American home at one time or another, is, “Make happiness your aim”; it can be expressed as, “make me happy”. You have no doubt noticed, the language is full of amazing expressions… do you know for example what that expression comes from? It comes from the Benjamin Franklin quotation, “A man may make his own schedule, he may work when he will sleep when he will eat when he will.”
Other American proverbs also echo the idea of making money, and often they are also written in a way that suggests the intention to earn money as a result of hard work. For example, the phrase, “earnestly strive” (often used in professional contexts, but can apply to ordinary life) imply that people want to spend their time doing something productive – by earning money! Another popular saying, often quoted by parents to children, is “if you love doing something, you’ll never have to buy it”. Remember that time is money. That expression should remind us that we spend our time creating experiences that bring us joy.
To work or not to work depends on your view of life. If you want to earn ten shillings a week you could sit idle one half day. If you think it’s better to work than to sit idle one half day, then you might earn more than that. Therefore, remember that time is money.
Some American proverbs also remind us that money is a precious and costly commodity. To earn money is to acquire a valuable commodity. So, if you are trying to earn money, you have to remember that time is money and is also a valuable commodity.
To be a successful trader you have to remember that time is money. How can a trader earn ten shillings a week without any manual labour? He goes to work when he gets a chance, he eats when he feels hungry, sleeps when he wants to relax. When he gets back from the office, he does the necessary jobs again. This goes on until the man comes home and shops for food, sleeps while his wife cleans up, cleans the house, makes the bed and puts up the table.
How could a tradesman earn ten shillings a week when he has to go to the city and sit idle one half day? This would mean that he has to get up early and travel long hours and after return he would have to do the necessary jobs again. The tradesman could not get away with it. He has to remember that time is money.
The above analysis is just an example of how time and effort can depreciate the value of opportunity cost. The advice to a young tradesman, who wishes to use this strategy, is to learn all about the capital market before choosing a trading plan. This will allow him to choose the right plan and minimize the associated cost.
