WEBVTT - Penny-wise, pound foolish

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<v Speaker 1>Welcome to Before Breakfast, a production of I Heart Radio.

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<v Speaker 1>Good Morning, This is Laura. Welcome to the Before Breakfast podcast.

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<v Speaker 1>This week we're talking about money related topics. Today's tip

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<v Speaker 1>is to be careful that you don't waste huge amounts

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<v Speaker 1>of time to save little bits of money. In other words,

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<v Speaker 1>don't be pennywise with money, but pound foolish with time.

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<v Speaker 1>Time is ultimately a more scarce resource than money. You

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<v Speaker 1>can make more money, but you cannot make more time.

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<v Speaker 1>One of the most poignant insights I've come to over

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<v Speaker 1>the years is that time keeps passing whether or not

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<v Speaker 1>we think about how we're spending it. So it is

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<v Speaker 1>incredibly easy to spend time mindlessly. We can spend money

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<v Speaker 1>mindlessly too, of course, but for most things we have

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<v Speaker 1>to actively choose to part with our cash. Consequently, it's

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<v Speaker 1>always tempting to be stingy with money but profligate with

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<v Speaker 1>time in ways that aren't too smart. For instance, let's

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<v Speaker 1>say that you're flying somewhere on vacation. The direct flight

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<v Speaker 1>costs eighty dollars more than the one that connects, so

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<v Speaker 1>you go with the connection and congratulate yourself on being

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<v Speaker 1>such a frugal traveler, but then your first flight is late,

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<v Speaker 1>you miss your connection. Now you're spending one of your

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<v Speaker 1>precious vacation days stuck in an airport. Pennywise, pound foolish.

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<v Speaker 1>I love reading frugal blogs and books, but sometimes people

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<v Speaker 1>get carried away and make choices that are also pennywise

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<v Speaker 1>pound foolish with both time and money. Yes, ramen noodles

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<v Speaker 1>and frozen pizza are probably cheaper than lean protein and vegetables,

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<v Speaker 1>but eating unhealthy foods raises your risk of health problems,

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<v Speaker 1>and if that becomes a problem, you'll spend tons of

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<v Speaker 1>money and time dealing with chronic medical conditions. As the

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<v Speaker 1>saying goes, better to pay the grocer than the doctor, pennywise,

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<v Speaker 1>pound foolish. There's lots of satisfaction in doing something yourself, too,

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<v Speaker 1>but some jobs are best done by people with specialized

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<v Speaker 1>skills or better safe the equipment then you own. Cutting

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<v Speaker 1>down your own tree might save money, but if you

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<v Speaker 1>get a chainsaw injury that sends you to the e

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<v Speaker 1>R for stitches, you'll be paying for a while, both

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<v Speaker 1>financially and in time when you can't do things with

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<v Speaker 1>your injured arm. The question of being penny wise with

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<v Speaker 1>money and pound foolish with time really comes into play

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<v Speaker 1>with big life decisions like choosing where to live. People

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<v Speaker 1>sometimes decide to move far from work so they could

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<v Speaker 1>have a house with a big yard. It's an understandable impulse.

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<v Speaker 1>I mean, we all want to do things for our families.

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<v Speaker 1>But one time study of Los Angeles families found that

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<v Speaker 1>children in these houses averaged less than forty minutes in

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<v Speaker 1>their backyards per week. Parents average less than fifteen minutes

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<v Speaker 1>in their yards In half of the households. No one

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<v Speaker 1>spent any leisure time outside during the study, and this

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<v Speaker 1>is in Los Angeles, where it's always outdoor weather. It's

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<v Speaker 1>interesting to think how many parents in this study might

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<v Speaker 1>have bought themselves a forty minute daily commute to have

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<v Speaker 1>a house with a yard that their kids use less

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<v Speaker 1>than forty minutes a week. Just in general, it might

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<v Speaker 1>be cheaper to live further out, but you pay in

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<v Speaker 1>time spent stuck in traffic. You need to be saving

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<v Speaker 1>a lot to make that misery worthwhile. In any case,

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<v Speaker 1>when you're doing something to save money, make sure you

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<v Speaker 1>pause to ask if you're spending a lot in time

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<v Speaker 1>as a result, it might still be worth it, but

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<v Speaker 1>when you factor in the opportunity cost of time, it

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<v Speaker 1>might not be worth it too. It might not be

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<v Speaker 1>worth driving to a store to save two dollars on

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<v Speaker 1>something when you can order it online. My hour of

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<v Speaker 1>time spent driving there and back is definitely worth more

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<v Speaker 1>than two dollars, and I'm guessing years is too. So

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<v Speaker 1>how will you make sure that you're not pennywise with

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<v Speaker 1>money but pound foolish with time? Something to think about

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<v Speaker 1>today and every day in the meantime. This is Laura.

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<v Speaker 1>Thanks for listening, and here's to making the most of

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<v Speaker 1>our time. M Hey everybody, I'd love to hear from you.

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<v Speaker 1>Before Breakfast pod that's b the number four then Breakfast

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<v Speaker 1>p o D. You can also shoot me an email

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<v Speaker 1>at Before Breakfast podcast at i heeart media dot com.

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<v Speaker 1>Thanks so much, I look forward to staying in touch.

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