about 7 years on 2010-06-18

[LETTER] YOUR TIME IS THE ONLY RESOURCE WHERE BY DEFINITION YOU WILL ALWAYS BE THE HIGHEST BIDDER IN THE MARKET


i like to say that i always try to always aggressively "over value" my time as a framework for living (http://bit.ly/bix1ri) ... whenever possible i try to create tools or processes to save time, and i will readily trade cash and other goods away for time in ways that exceed normal market equilibrium.

my rational for this approach is comically simple - time is your only definitively scarce resource, so it is better to make a mistake by over-valuing it than by undershooting.

today at lunch i came to a new important element of this calculus.... your time is also the only resource where by definition you will always be the highest bidder on the market.

to everyone else on the planet your time has a finite value because they can always find a supplement for you, no matter how much they value you. even your parents, children, spouse, etc. will ultimately drop out of a bidding war for an hour of your time. your time is a tradable good to every other human on the planet.

on the other hand, you are by definition an hour of you.... and you can't replace an hour of yourself with an hour of someone else. time is the only possession i can think of with this dynamic. it is the only bidding war that you will necessarily win by the simple fact that it is already yours.

upshot //not sure -- but perhaps it is that while you shouldn't be selfish with your time, remember that by definition everyone else is priced out of the market for your time from the get go. - so don't let that meeting run too long :)


original swl blogposts and letters 2007-2010