A penny saved is a penny earned — WRONG !!!

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We all have heard this phrase:

A penny saved is a penny earned!

And I say, this is dead wrong!!!

 

Let me explain this:

 

Lets assume you are a professional in one field. You earn a lot of money with your special skills.

Sure, there are many other things to do in our world. Things that may require other skills you do not have, or you are not so skilled in.

The quoted proverb just says: Do it by yourself!

… and that is wrong!!!

If you are not skilled or have not that practice you might need to get this skills or practice. This, however, takes a lots of time from you. Time that you could use with your special skill to earn more money. With this money you can easy pay another person to do the skills you are not perfect in. This person could finish this task with his special skills in shorter time, while you are still able to earn in that time money with your special skill:

balance_time_moneyWe often forget that to use time cost you actually money.

The better way is:

Do what you can do best and hire somebody to do what you can not do that good. Use your time to maximise your income. Don’t wast your time with learning new skills, you do not need, just to save some penny and waste time.

Example:

A friend of mine got a new product to sell. He insisted to make the flyer, brochure, poster, … all by himself. He downloaded the programs, studied how to use them, … He tried many days to get the skills to use all the tools. At the end he used 50 hours to make the brochure and poster. Some parts he could not make as he wanted to, and settled with the design he could manage.

In the process of doing that, he did not sell a thing, not produce anything, where he is good in. His income was zero for the time to produce the brochure and poster.

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He did not need to pay the designer, but he also did not earn anything during that time.

If he would do his job he is good at, then the expenses for the other work would be easy be paid for.

Therefore I say, don’t save at the expense of losing time while you could earn more money in the meantime.

 

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Ronald Wiplinger
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