Respecting your time requires you to understand the importance of time and to take actions and conduct yourself in a manner that is representative of that importance.

We all lead very busy lives in today's world. Technology has become so much a part of our lives that it is impossible to get through a day without being called, emailed, or paged. According to Caroline Adams Miller and Dr. Michael B. Frisch in Creating Your Best Life (New York: Sterling Publishing Co., Inc., 2009, p. 87), it is estimated that time wasted and interruptions caused by technology are costing the United States fifty billion dollars annually.

The following key strategies will help you consider and respect time as a valuable resource:

1. Realize that time is money.
2. Do more by doing less.
3. Respect others' time.
4. Spend your time doing what you truly love to do.

In the following section, we will look at each of these strategies and discuss how to implement them in our lives.

## Realize That Time Is Money

There is an old saying attributed to Benjamin Franklin: "Time is valuable and money is wasted when a person's time is not used productively." However, how often do we really think of time wasted as money wasted or lost?

## How Much Is Your Time Worth?

If you are paid by the hour, you already know what your value per hour is. If you are paid annually, divide your annual salary by 2000 (the approximate number of work hours in a year) and it will give you a rough idea of how much each hour of your time is worth. From this you can calculate how much money wasting a few minutes a day really costs.

Example:

Salary: \$50,000/year.

Working hours per year: (40 hours/week X 50 weeks/year) = 2,000 hours

\$50,000/2000 hours = \$25/hour

\$25/hour / 60 minutes = 41.6 cents per minute

Waste 5 minutes a day = \$2.08 cost per day in wasted time.

\$2.08 x 5 days = \$10.40 cost per week in wasted time.

\$10.40 x 50 weeks = \$520.00 cost per year in wasted time.

## Develop a "My Time Is Money" Mind-set

Once you realize that every hour of your time is important, you can develop a "my time is money" mind-set. This mind-set will: