The Time & Money Currency

What are the two main currencies we use, spend, save, invest, trade each day? It's Time and Money. These two are especially important to understand personal finance.

To me, the two most important currencies are 1. Time and 2. Money.

1. TIME
-How much of our time during the day do we spend acquiring new knowledge, skills and gaining more valuable experience?
-How much of our time each day is generally wasted on non-productive activities, and how can we start cutting back?
-How effectively are we managing our time to be more efficient?

2. MONEY
-How much are we paying ourselves/saving with each paycheck? What are we saving our money towards (is it towards acquiring/building up more assets or liabilities)?
-How are we managing our money/cash flow (such as make, save, then spend wisely)? What tools/resources are we using to be on top of our finances?
-How are we saving and investing our money? Do we have a spending plan in place? What are our good & bad financial habits?

Yes, is it possible that of the two mentioned, time and money, we may trade one for the other too. We trade our time for money by working and we trade our money to have more time not working to be with the people with love.

However, time does NOT equal money or vice versa. There are things we value that we cannot use money to equal. For example, we cannot just give kids money or buy them toys instead of spending quality time with them. That CANNOT replace the same amount of quality time one can spend with them.

However, understanding the two currencies and knowing the values of how each can influence our lives will serve to help build for us a solid quality of life and financial foundation for our success!