Aro Accounting | Time is Value
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Time is Value

Time is Value

What is the most valuable resource you have at your disposal?  Your time.  The only thing that each of us completely controls and ISN’T renewable is what we spend our time and attention on.

Think of it this way, the average New Zealander lives 81 years, so that is 709,560 hours.  Around 1/3 of those hours will be spent sleeping, so that leaves 473,000 hours that you are awake and can focus on something.  So, what do you focus on?

There is an infinite number of distractions to grab our attention – things that can take our focus and time away from what is important to us.  A study led by Nottingham Trent University found that the average smart phone user checks their phone 85 times per day (that’s 31,025 times a year in case you’re wondering) – twice as much as most users thought.

Think that’s a lot?  A Nielsen study found that the average American adult watches over 5 hours a day of TV.  This is almost 1/3 of their awake time!

Media companies, app creators and a whole host of other types of organisations know how to grab and hold your attention.  This is why we find ourselves compelled to watch, click or stay tuned.  However, does all this attention-grabbing stuff make us happy?  The science suggests not – too much TV has been linked to depression, while it has been suggested that social media contributes to narcissism.

So, what about you?  What do spend your attention and time on?  Is it enriching your relationships or moving you toward whatever it is you want to achieve?  If it is, great!  Keep it up!  If not, perhaps it’s time to reassess how you spend your most valuable resource.

Want to find out how corporations are manipulating what you spend your attention on?  Check out this Ted Talk by Tristan Harris.

Tax audit
Our tax clients will have recently received information about tax audit insurance.

IRD has a significant team dedicated to investigations.  You can be the subject of an IRD investigation or enquiry for a number of reasons: something IRD deem ‘unusual’ in your tax returns, late filing of tax returns, being in an industry that they are targeting, or just plain luck.

If you’re in business, there are reasonable odds that at some point, IRD will make enquiries into your affairs.  Our clients who have faced IRD enquiries and HAVE HAD audit insurance have, on average, had over $3,300 of fees covered by Audit Shield.

Not signed up for Audit Shield?  Want to find out more?  Contact us.

Edencitytax
melissa.tan@aroadvisers.com