Time for Love, Time for Money is one of our best selling programs ever and it's only been out a few months. People simply find that it helps them get to do more of what they want and make more money...maybe a lot more money while they are having fun.
Little did I know that one of the key factors of causing more time to be available in the future was the subject of a brand new study at UCLA.
Key Points:
Money challenges are easier to anticipate because money is more tangible than time. Money problems are recurring and people know that they will need to have significant changes in their life if they are ever to have money.
People predict they will have lots of time in the future for things they like but are unaware that their predictions are off the mark because they have neglected to take into consideration several key factors in their "thinking process."
Because people assume they will have enough time in the future, not needing substantial paradigm shifts and behavioral changes.... they over commit themselves today...for tomorrow, assuring a life that gets more stressful as each day progresses.
Having more time and money is not a time management issue...it is much more complex than that simple task. Why? Every day, life happens and it's very difficult to prepare for life without a truly powerful plan.
If your appointment book runneth over, it could mean one of two things: Either you are enviably popular or you make the same faulty assumptions about the future as everyone else. Psychological research points to the latter explanation. Research by two business-school professors reveals that people over-commit because we expect to have more time in the future than we have in the present. Of course, when tomorrow turns into today, we discover that we are too busy to do everything we promised.
The study appears in the February issue of the Journal of Experimental Psychology (JEP): General, which is published by the American Psychological Association (APA).
Gal Zauberman, PhD, of the University of North Carolina at Chapel Hill, and John Lynch Jr., PhD, of Duke University, also learned from paper-and-pencil questionnaires (respondents to seven different surveys numbered 95, 68, 241, 61, 264, 48 and 130) that that this expectation of more time “slack,” a surplus of a given resource available to complete a task, is more pronounced for time than money.
The authors suspect that’s because every day’s a little different: The nature of time fools us and we “forget” about how things fill our days. Money is more “fungible,” freely exchanged for something of like kind -- such as four quarters for a dollar bill. Write Zauberman and Lynch, “Barring some change in employment or family status, supply and demand of money are relatively constant over time, and people are aware of that. Compared with demands on one’s time, money needs in the future are relatively predictable from money needs today.”
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