In today’s fast-paced world, it’s easy to feel like time is slipping through our fingers. We’re constantly rushing from one task to another, sacrificing family dinners and leisure activities in the process. But how did we get here? It’s not due to inefficiency. Productivity has soared in recent decades, thanks to advancements like fast delivery, smartphones, and instant communication. Shouldn’t this increased productivity give us more free time? Where does all that extra time go?
According to Dr. Bill Quain, the author of “Overcoming Time Poverty: How to Achieve More by Working Less”, many of us are spending too much time at work and not enough time on what truly matters. We’re working longer hours than people in the Middle Ages, yet our debt is rising, and our leisure time is dwindling. In fact, many Americans don’t even use their allotted vacation days.
Dr. Quain offers a solution to this “treadmill syndrome.” He argues that simply taking more time off isn’t the answer, as it can lead to financial strain. Instead, he proposes a five-step process for creating more leisure time while also increasing wealth.
Quain emphasizes that overcoming time poverty is different from overcoming financial poverty. Time-poor individuals have time, but they don’t use it effectively. “We all get the same 24 hours per day. It isn’t a lack of time, it is the way we use that time that matters,” says Quain.
His advice? Don’t just trade your time for a paycheck. Instead, invest some of your time in creating equity, which will then generate income for you. Quain’s book guides readers in developing five types of wealth-and-time-generating equity. This allows individuals to increase the value of each hour worked, giving them more control over how they spend their time.
Quain believes that many of us are playing the wrong game, working harder and longer to earn more money, only to find ourselves with no time to enjoy it. It’s time for a new game: making more money in less time. Find a job you enjoy, step off the “fast track,” and leverage your time equity outside of work. This way, you can combine the income of a CEO with the leisure time of a retiree, a recipe for thriving in the 21st century.