With a title such as that, I suppose you are expecting to learn about a special class of rare coins, trophy real estate in the south of France or natural gas exploration in the Marcellus oil field. No. The asset to which I refer is much more valuable. However, every coin that was ever collected, every property ever purchased and every cubic foot of natural gas ever extracted began with the investment of this asset. And no, it is not money. Money is simply a medium for exchanging one asset for another. In and of itself, money—those little pieces of paper with some ink on them—have very little intrinsic value. The asset to which I am referring is intrinsically very valuable.
Usually things that are valuable are scarce, only a few people have them and they tend to hoard it. Not this asset. Not only is it the most valuable asset in the world, but everyone has some of it. It is how we use it, spend it, invest it, that gives it its value. For this asset, while valuable, is also easily squandered. And once it is, it can never be replaced.
This asset is what Warren Buffett, Sam Walton and Bill Gates all used to amass their fortunes. And you have some of what they had when they started. But this asset is fickle. It can be worthless in the wrong hands and worth millions to those who know how to use it.
The asset to which I am referring of course is time. The great equalizer. The richest man in the world gets the same twenty-four hours a day you do. And everyone has some degree of freedom how they spend it. Even a person in prison can choose how they spend their time using their mind.
You can do what you want with your time: drink a beer, watch American Idol, read a book, work out, write a blog, start a charity. It is up to you. Just don’t lose sight of how precious it is. And if you do not think time is the most valuable asset in the world, just talk to a dying person. Ask them which one of their “real” assets is more valuable than the time they have left.
Time is flexible, up to a point. You can savior it, use it, invest it, share it or even squander it. The only thing you cannot do is save it up. It is like a coupon with an expiration date: use it or lose it. So, what are you going to do with your most valuable asset? The clock is ticking.