When you spend money or use your time, you make trade offs. Hopefully the trade offs you make reflect your priorities

Whenever you spend money, there are opportunity costs. You are using money that you could have saved or spent on something else.

The same goes with time. When you spend time on one thing, there are many other things you could have done.

When you spend money or use your time, you are making trade offs. You may not be conscious of this, but you're doing this every day of your life.

It is easy to act based on inertia, or get caught up with the moment and what is in front of you and easy right now. Because we are human, this will happen, and it's important not to beat ourselves up.

But when you step back, it's important to be mindful about how we spend money and how we use our time. Because if we're not, we can find that the decisions we make about time and money don't reflect our values.

If we're not mindful, we can spend our money and time on things that aren't important to leading a life we truly find meaningful.

When you spend a dollar, you might get something in exchange. But you will not get that dollar back. When you spend your time, you will never get that time back. 

Decisions might seem miniscule at the time. But when they build up, and compound over time, we find that these decisions are reflected in the outcomes we achieve in life.

With any luck, the decisions you've made reflect your priorities and the things you truly value.

Sonnie Bailey

Sonnie is the founder and principal of Fairhaven Wealth.

Before founding Fairhaven Wealth, Sonnie worked in the legal and financial services industries for over a decade.

Sonnie first became involved with financial advice as a specialist financial services lawyer. For many years, he was an “adviser of advisers”, reviewing thousands of advice files prepared by hundreds of financial advisers, and providing feedback in relation to the quality and appropriateness of advice; industry best practice; risk management; and regulatory compliance. He has published work in industry publications and spoken at various financial advice conferences.

Sonnie has also worked with banks, investment management firms, insurers, and derivatives providers.

Sonnie has worked as a private client lawyer, focusing on succession, estate planning and trusts. He ran his own legal firm in Australia before relocating to New Zealand. He has also acted in independent trustee and company director positions.

Sonnie is passionate about helping people achieve their goals and manage the risks to which they are exposed.

He has written extensively on his blog, New Zealand Wealth and Risk, which can be found at www.wealthandrisk.nz.

Sonnie is married to his wonderful wife Chrissy, and has two young children, Ben and Anna.