One of the things that attracted me to this position at NMSU is the
focus of various household resources in household management . The position is even entitled Family Resource Management Extension Specialist although historically the position’s title was personal finance.
Guilty! I have to admit that usually when I introduce myself, I’d introduce myself as Personal Finance Extension Specialist. The reasons for doing so is people’s familiarity with the term and marketing purposes.
Some has argued that time is our most precious resource. Lack of time
causes one not being able to produce and enjoy goods. Time that passed by will not come back. In a sense, time is the true non-renewable energy. Financial resources lost maybe replaced. Time lost may not be replaced, especially period attached to a specific time. In investment, the timing of investment is essential in determing gains. The earlier one invest, the higher the likelihood the obtain higher returns. If one misses a golden window to invest, it will be gone forever. time Indeed, time is very specific.
The true equal opportunity: Time is actually a capital required by all to produce and consume goods. One may have all the wealth in the world, but if one doesn’t have the time to consume them, the ones who will benefit them will be their heir. For the poor, this is an opportunity for them to build their wealth on. One may argue that the rich people may buy time by paying others to do their job such as elderly care and house cleaning services. There’s no doubt about it but the fact is that everyone has 24 hours in a day.
Other unique properties about time are that it doesn’t discriminate and cannot be inherited. Like a subway train, if you are late by one second, regardless of your socioeconomic status, you would miss the train. Unlike time, babies of different socioeconomic classes have the same amount of time, 24 hours a day.
Perhaps the most underestimated resource, time should be utilized by all, especially the poor. Just people would not throw away their money, people should not waste their time and invest on their time capital.
