1. Wasting Five Minutes
When you have five minutes of down-time, how do you spend that time? Most people use it as an excuse to rest or laze.
By lazing for 5 five minute breaks each day, we waste 25 minutes daily. That’s 9,125 minutes per year (25 X 365). Sadly, my guess is we’re wasting far more time than that.
I was once told by my 9th grade English teacher that if I read every time I had a break — even if the break was just for a minute or two — that I’d get a lot more reading done than expected. She was right. Every time I finished my work early, or had a spare moment, I’d pick up a book and read.
How we spend our periodic five minute breaks is a determining factor to what we achieve in our lives. Every little bit adds up.
Why can we justify wasting so much time?
2. Not Valuing One Dollar
I was recently in Wal-Mart with my mother-in-law buying a few groceries. While we were in the check-out line, I pointed an item out to her I thought was interesting (honestly can’t remember what it is anymore).
What stuck out to me is that she said, “One dollar. That’s a lot of money!”
Why this surprised me is that my in-laws are not short of money. Actually, this happened while we were on a family trip (30+ people) at Disney World — the whole thing being paid for by them.
Understanding the value of one dollar is the same as coming to appreciate the value of time. To thoughtlessly spend one dollar may not seem like a big deal, but it actually is. That frivolous spending compounded over a long enough time could be millions. It also reflects a lack of care about the details, which is where the true art and value lies.
Additionally, most millionaires are “self-made”, 80 percent being first-generation rich, and 75 percent being self-employed. Not getting paid hourly challenges you to take more responsibility for every minute and every dollar. Consequently, a great majority of millionaires are extremely frugal — or at least highly mindful — with their money.