1 00:00:03,200 --> 00:00:06,400 Speaker 1: Welcome to Before Breakfast, a production of I Heart Radio. 2 00:00:09,240 --> 00:00:13,560 Speaker 1: Good Morning, This is Laura. Welcome to the Before Breakfast podcast. 3 00:00:14,240 --> 00:00:18,000 Speaker 1: This week we're talking about money related topics. Today's tip 4 00:00:18,480 --> 00:00:20,720 Speaker 1: is to be careful that you don't waste huge amounts 5 00:00:20,720 --> 00:00:24,320 Speaker 1: of time to save little bits of money. In other words, 6 00:00:24,360 --> 00:00:27,600 Speaker 1: don't be pennywise with money, but pound foolish with time. 7 00:00:28,520 --> 00:00:32,320 Speaker 1: Time is ultimately a more scarce resource than money. You 8 00:00:32,320 --> 00:00:35,080 Speaker 1: can make more money, but you cannot make more time. 9 00:00:36,440 --> 00:00:38,720 Speaker 1: One of the most poignant insights I've come to over 10 00:00:38,760 --> 00:00:41,640 Speaker 1: the years is that time keeps passing whether or not 11 00:00:41,720 --> 00:00:44,199 Speaker 1: we think about how we're spending it. So it is 12 00:00:44,240 --> 00:00:48,200 Speaker 1: incredibly easy to spend time mindlessly. We can spend money 13 00:00:48,240 --> 00:00:50,479 Speaker 1: mindlessly too, of course, but for most things we have 14 00:00:50,560 --> 00:00:54,120 Speaker 1: to actively choose to part with our cash. Consequently, it's 15 00:00:54,160 --> 00:00:57,400 Speaker 1: always tempting to be stingy with money but profligate with 16 00:00:57,440 --> 00:01:01,520 Speaker 1: time in ways that aren't too smart. For instance, let's 17 00:01:01,520 --> 00:01:05,039 Speaker 1: say that you're flying somewhere on vacation. The direct flight 18 00:01:05,080 --> 00:01:07,880 Speaker 1: costs eighty dollars more than the one that connects, so 19 00:01:07,920 --> 00:01:10,679 Speaker 1: you go with the connection and congratulate yourself on being 20 00:01:10,720 --> 00:01:14,479 Speaker 1: such a frugal traveler, but then your first flight is late, 21 00:01:15,040 --> 00:01:17,720 Speaker 1: you miss your connection. Now you're spending one of your 22 00:01:17,720 --> 00:01:23,640 Speaker 1: precious vacation days stuck in an airport. Pennywise, pound foolish. 23 00:01:23,880 --> 00:01:27,119 Speaker 1: I love reading frugal blogs and books, but sometimes people 24 00:01:27,160 --> 00:01:29,560 Speaker 1: get carried away and make choices that are also pennywise 25 00:01:29,560 --> 00:01:32,959 Speaker 1: pound foolish with both time and money. Yes, ramen noodles 26 00:01:32,959 --> 00:01:36,160 Speaker 1: and frozen pizza are probably cheaper than lean protein and vegetables, 27 00:01:36,200 --> 00:01:39,720 Speaker 1: but eating unhealthy foods raises your risk of health problems, 28 00:01:39,760 --> 00:01:42,560 Speaker 1: and if that becomes a problem, you'll spend tons of 29 00:01:42,600 --> 00:01:46,000 Speaker 1: money and time dealing with chronic medical conditions. As the 30 00:01:46,040 --> 00:01:50,640 Speaker 1: saying goes, better to pay the grocer than the doctor, pennywise, 31 00:01:51,200 --> 00:01:55,559 Speaker 1: pound foolish. There's lots of satisfaction in doing something yourself, too, 32 00:01:56,000 --> 00:01:58,440 Speaker 1: but some jobs are best done by people with specialized 33 00:01:58,440 --> 00:02:02,240 Speaker 1: skills or better safe the equipment then you own. Cutting 34 00:02:02,280 --> 00:02:05,440 Speaker 1: down your own tree might save money, but if you 35 00:02:05,480 --> 00:02:07,480 Speaker 1: get a chainsaw injury that sends you to the e 36 00:02:07,680 --> 00:02:10,840 Speaker 1: R for stitches, you'll be paying for a while, both 37 00:02:10,880 --> 00:02:14,680 Speaker 1: financially and in time when you can't do things with 38 00:02:14,760 --> 00:02:18,160 Speaker 1: your injured arm. The question of being penny wise with 39 00:02:18,240 --> 00:02:21,239 Speaker 1: money and pound foolish with time really comes into play 40 00:02:21,280 --> 00:02:25,040 Speaker 1: with big life decisions like choosing where to live. People 41 00:02:25,080 --> 00:02:27,639 Speaker 1: sometimes decide to move far from work so they could 42 00:02:27,639 --> 00:02:30,920 Speaker 1: have a house with a big yard. It's an understandable impulse. 43 00:02:30,919 --> 00:02:32,760 Speaker 1: I mean, we all want to do things for our families. 44 00:02:33,200 --> 00:02:36,120 Speaker 1: But one time study of Los Angeles families found that 45 00:02:36,200 --> 00:02:39,320 Speaker 1: children in these houses averaged less than forty minutes in 46 00:02:39,320 --> 00:02:44,160 Speaker 1: their backyards per week. Parents average less than fifteen minutes 47 00:02:44,200 --> 00:02:48,120 Speaker 1: in their yards In half of the households. No one 48 00:02:48,520 --> 00:02:52,600 Speaker 1: spent any leisure time outside during the study, and this 49 00:02:52,680 --> 00:02:56,359 Speaker 1: is in Los Angeles, where it's always outdoor weather. It's 50 00:02:56,360 --> 00:02:58,600 Speaker 1: interesting to think how many parents in this study might 51 00:02:58,639 --> 00:03:01,440 Speaker 1: have bought themselves a forty minute daily commute to have 52 00:03:01,520 --> 00:03:03,760 Speaker 1: a house with a yard that their kids use less 53 00:03:03,760 --> 00:03:06,760 Speaker 1: than forty minutes a week. Just in general, it might 54 00:03:06,800 --> 00:03:09,120 Speaker 1: be cheaper to live further out, but you pay in 55 00:03:09,200 --> 00:03:12,160 Speaker 1: time spent stuck in traffic. You need to be saving 56 00:03:12,160 --> 00:03:16,320 Speaker 1: a lot to make that misery worthwhile. In any case, 57 00:03:16,639 --> 00:03:19,440 Speaker 1: when you're doing something to save money, make sure you 58 00:03:19,480 --> 00:03:21,680 Speaker 1: pause to ask if you're spending a lot in time 59 00:03:21,960 --> 00:03:25,320 Speaker 1: as a result, it might still be worth it, but 60 00:03:25,360 --> 00:03:28,480 Speaker 1: when you factor in the opportunity cost of time, it 61 00:03:28,600 --> 00:03:31,480 Speaker 1: might not be worth it too. It might not be 62 00:03:31,520 --> 00:03:33,600 Speaker 1: worth driving to a store to save two dollars on 63 00:03:33,680 --> 00:03:36,920 Speaker 1: something when you can order it online. My hour of 64 00:03:36,920 --> 00:03:39,200 Speaker 1: time spent driving there and back is definitely worth more 65 00:03:39,200 --> 00:03:42,240 Speaker 1: than two dollars, and I'm guessing years is too. So 66 00:03:42,280 --> 00:03:44,320 Speaker 1: how will you make sure that you're not pennywise with 67 00:03:44,360 --> 00:03:48,240 Speaker 1: money but pound foolish with time? Something to think about 68 00:03:48,720 --> 00:03:53,040 Speaker 1: today and every day in the meantime. This is Laura. 69 00:03:53,640 --> 00:03:56,000 Speaker 1: Thanks for listening, and here's to making the most of 70 00:03:56,040 --> 00:04:05,720 Speaker 1: our time. M Hey everybody, I'd love to hear from you. 71 00:04:05,720 --> 00:04:08,600 Speaker 1: You can send me your tips, your questions, or anything else. 72 00:04:09,360 --> 00:04:12,960 Speaker 1: Just connect with me on Twitter, Facebook, and Instagram at 73 00:04:13,000 --> 00:04:18,520 Speaker 1: Before Breakfast pod that's b the number four then Breakfast 74 00:04:18,839 --> 00:04:21,640 Speaker 1: p o D. You can also shoot me an email 75 00:04:21,720 --> 00:04:25,560 Speaker 1: at Before Breakfast podcast at i heeart media dot com. 76 00:04:25,560 --> 00:04:28,080 Speaker 1: That Before Breakfast is spelled out with all the letters. 77 00:04:28,680 --> 00:04:30,760 Speaker 1: Thanks so much, I look forward to staying in touch. 78 00:04:36,600 --> 00:04:39,680 Speaker 1: Before Breakfast is a production of I Heart Radio. For 79 00:04:39,800 --> 00:04:42,839 Speaker 1: more podcasts from my heart Radio, visit the i heart 80 00:04:42,920 --> 00:04:46,280 Speaker 1: Radio app, Apple Podcasts, or wherever you listen to your 81 00:04:46,320 --> 00:04:47,000 Speaker 1: favorite shows.