I have heard that Abe Lincoln once remarked that all a lawyer has to sell is his time. Actually, that statement is true for most folks in the world.
I don’t know the actual breakdown, but I am sure the overriding majority of the world population makes their living by trading their moments for money.
If time is all you have to sell, why is one person’s time worth so much more than someone else’s? The simple answer is generally reached by applying the basic economic theories of supply and demand. Of course, the value we are talking about is the value to other people not to the individual themself.
As we grow up, we find that the monetary value of our time tends to increase with age and experience. Then, at some point, most people’s earning potential (a.k.a. market value of their time) seems to flatten and eventually even begins to decrease. The drop in the value of one’s time can occur very quickly depending on the situation. For example, a middle age man who suffers a debilitating stroke may actually find that his time has no value on the market. In fact, just the opposite.
In the end, there is no refund policy. There is no place one can exchange the money we have traded for time and get our time back. Sure, you can prolong your life with money spent on medical care, but a minute lost is just lost.
The increased value in time in our later lives may be based on the fact that, as we age, time goes faster and there seems to be less and less time available. Not to mention that the foreseeable inventory of time in the future dwindles quickly. Sort of like the last half of a tank of gas in a car.
Everyone has a different view on the use of time. For some people the money you get in exchange for your time is of little importance other than a means of survival. I had an associate tell me once that he “worked to live, he did not live to work.” Surprisingly, he no longer works here. I guess it is all about what is important to you.
Will you wish you had worked more hours while you are lying on your death bed? I think, in fact I know, there are people that will in fact regret the lack of time and effort they had put into things related to career and work. But here is the thing: Regardless of your priorities, it is likely that at the end of it all, you will look back at your life and wish you had done a little better with your time management. It is inevitable. The trick is simply doing the best you can and regularly reminding your self that the egg timer is ticking and when it reaches zero that is it.
This is just something I was thinking about while I was wasting time way up in the CHEAP SEATS!
This column was originally published September 10, 2010.
Bill James is a co-founder of the James Law Firm with offices in Little Rock, Conway and Fayetteville, Arkansas. His primary area of practice is criminal defense. He can be contacted at Bill@JamesFirm.com