May 2, 2017

Parky, Maggie and the Lessons of Time

Category: Kids & Money
Time is one of the big things many of us use to anchor our values and mindsets to when it comes to building wealth, but for many more, it can be one of the biggest missed opportunities.

Time, after all, can be our greatest friend when accumulating wealth, and also our biggest enemy. It all depends on when you start. More often than not, it’s not the amount you start out with, but how early you start that can make the biggest difference.

When thinking about the power of time, I have found it interesting to talk with people older than myself about their experiences. Over many years of sharing people’s stories through my media business evolution media group, I have met some fascinating individuals who have been gracious enough to share their insights.

Two amazing people that I have had the pleasure of talking with are Michael Parkinson, and Maggie Beer.

Both of these individuals have had amazing careers, and both are much loved public figures.

It was interesting however, when talking with them, to realise the power that time has held over both of them, and the regrets they have had about how they have spent their time.

Sir Michael Parkinson shared with me the story of when he went away for work when his children were little, and how by the time he returned; he did not recognise his own son waiting at the airport, as he had turned from a baby into a toddler in his absence. He recognised this was the price he had to pay for putting his time into his work. He did say however, that his grandchildren were his great pleasure, and he was making up for lost time.

Watch my conversation with Sir Michael Parkinson on the secret to happiness here.

It got me thinking: what do we have to sacrifice at this stage of our lives, right now, so that we can enjoy the fruits our of labours when we are older? Is the sacrifice worth it? Will we regret it? It’s always this weighing up of cost versus benefit when thinking about time and how we use it.

I know I always struggle with the now versus later concept: do we spend the money on amazing holidays with the kids now, to enjoy while they are young? Or do we save and know we will have more than enough to enjoy great times with our grandkids?

When measuring time and money together, there is never an easy answer. Similarly, Maggie Beer had regrets about the amount of time she had to spend away from her children while working. While it would have been easier to look around the amazing commercial kitchen and property Maggie and her husband had built in the Barossa, she reminded me that to get to this point was not without time and sacrifice. She said she regrets that she did not look after her health better, and that time moved quickly and she wished she had done better.
Watch Maggie and I discuss some of life’s regrets and growing old here.

No matter how you spend your time and your money, I guess there will always be regrets. The trick seems to be to have fewer regrets than you have great memories.

To truly make the best of time, and learn from masters like Parky and Maggie, here are three tips to test yourself against decisions you are making:

  1. When making a decision about money and how you want to live, is it a game-changer if you don’t have it now? Will it be something you regret? Ask yourself honestly. Usually I wait a week to test do I really want this now? If it’s not important in a week, it’s not important. Save the money and wait.
  2. It’s always good to ask yourself – “is this how I want to be spending my time now? Will I regret the things I am not doing”? How can you adjust your life just enough to make space for the things that really matter? This might range from spending more time with your kids, to saving for the future or going to the gym more often. If you feel out of balance in your life now, chances are that in the future you will look back with regret. Make the changes before that happens.
  3. When it comes to money, do you often think you will worry about it later? It’s more than likely that later will be here before you know it, and you won’t have done anything differently. To avoid any regret about how you live later in life, start now. If you don’t have a great financial adviser, start the search. It’s the first step toward enjoying the fruits of your labour and not regretting wasting time.

Time is a funny thing. We only get a limited amount of it on this earth. Investing it wisely is the key.

Leave a Comment

  • From Kids Debit Card on Changing Conversations You Need to Have with Your Kids

    The goal of the following article is to assist parents have meaningful conversations with their children about money and financial literacy by providing them with practical guidance and useful recommendations. The author discusses goal-setting, budgeting, saving, and investing, and offers advice on how to have these discussions with people of varying ages. The essay is informative and easy to read, making it a valuable tool for parents who want to teach their children about money.

    For More Info:-

    • From admin on Changing Conversations You Need to Have with Your Kids

      Thanks for your comments!

  • From Gale Pickles on It Was the Best of Times, It Was the Worst of Times

    So enjoyed this, I will share if that’s okay with you, many of my friends will benefit from your journey.
    Many Blessings for 2023

  • From ScottViabe on Three ways to embrace change to improve your life

    Hi all! This is a good site.

  • From David Horton on How Finfluencers are teaching millennials and Gen Z about money

    And once again the regulator finds a way to stop ordinary people from getting advice by placing high costs on people who do the right thing. If a finfluencer is actually trying to scam someone, it would not be hard to operate outside Australian jurisdiction.

    • From admin on How Finfluencers are teaching millennials and Gen Z about money

      They definitely have a place. People need advice and many are working on it to be more accessible. Watch this space!

  • From Camelia on IT'S NOT TOO LATE FOR YOU

    It’s never too late to learn something new and to start all over again. Unless you’re dead, you can do it.

    • From admin on IT'S NOT TOO LATE FOR YOU

      So true

Each day I wake up excited to inspire everyday people to open up and take control of their money, regardless of their history, goals, or savings amount. About Vanessa >>


Discover a new way of seeing
life & money.

Download the first 3 chapters for free


Related Articles

Changing Conversations You Need to Have with Your Kids

A picture of kids playing

More often than not, kids have picked up habits and ideas about money from their parents. But it’s not all about your influence. Some kids are risk-takers when their parents aren’t at all,

10 Ways to Reduce Food Waste and Save Real Money

Guest post by Antony Perring.  Making the most of the money we spend on the food that nourishes ourselves and our families is becoming increasingly important. It’s easy to recognise that wasting food is wasting money. Every soggy...

Big W’s New Back to School Ambassador

BIG W unveils annual Back to School Report, revealing Aussie shopping behaviours and spending habits ahead of the return to class. With the Christmas and New Year rush over, it’s straight into back to school planning for many...

Teaching Your Kids To Invest

Over the past several years, I have been interested in asking great fund managers how they teach their kids to invest. It's something I believe has been sorely lacking in traditional education. I for one would have been much better off if...