When I bought a house ten years ago, I also bought place settings for six and silverware for twelve. Then I developed a minor fascination with bone China and bought settings for eight. I probably had four dozen glasses. About once a month or so, all of these dishes would be piled up in and around my sink, begging to be cleaned. I didn't have a lot of dinner parties-- I just hated doing dishes so much that I'd procrastinate until washing became a full day event. Those days were some of my least favorite.
A few days ago, I was doing the dishes for the six of us that ate dinner. There were pots, pans, plates, serving utensils, and glasses. The works. For the first time ever, I found myself enjoying doing the dishes. I could appreciate the warm water on my hands and the shine in the pot when it was clean. When I washed everything that wasn't dishwasher safe, I started handwashing the things that could have just gone in the dishwasher. It wasn't fun exactly, but it was so enjoyable that I actually found myself looking forward to washing the dishes the next day.
If I ask you how you spend your money, that's a very different question than if I ask how you invest your money. Your goals for spending and investing are different, and as a result your actions for each are different. So isn't it strange that we talk about how we spend time, but we never talk about how we invest time?
The interesting thing about investing time is that the distribution is much more uniform versus monetary wealth. Most people probably sleep for around 6-8 hours and work for around 8 hours, giving them another 8-10 hours to either invest or spend. Finances range much more wildly. Some people have negative net worths, so they can't even begin to think about investing, whereas others have billions of dollars. That spread means that ideal financial investment strategies will range wildly. Because we have such similar amounts of time, though, maybe there are some general principles that will be almost universally applicable.
Before we get into those strategies, though, let's talk about what investing time means. I'd define it as devoting time to an activity whose primary benefit won't immediately be realized. School is one example-- you can have a lot of fun in school and benefit immediately from it, but you're really going because you believe that it will pay off when you graduate. I'd say that school is sort of like investing in real estate. You can always use it for something, it's historically been a good investment, but it's a lot of leverae in one big investment, and recently hasn't performed as well.
Spending time with people and building relationships is an investment, not because that process isn't fun, but because the benefits of having strong long term friends are even greater than the immediate pleasure of hanging out with them. This could be analogized to investing in art-- you get to admire it every day, but the value of it increases over time as well.