TimeMAPS™
Theme 2 – Basic Life Planning
Lesson Review
Lesson 2.2 - The Importance of Time
In the previous lesson, you learned everyone has a limited amount of time in which to achieve personal
and financial success. Well, time is important and successful people equate time with money. Given that
you only have so much time on this earth, it seems reasonable to expect you to be able to plan and
manage the time that is available to you. In fact, it is more than reasonable, it is critical you be able to
plan and manage your time. Your personal and financial success will depend on how well you can do
exactly this – plan and manage the time available to you.
After completing this lesson, you should know and understand the following:
1) Average life expectancy is how long you can reasonably expect to live based on government
statistics.
2) Your life expectancy increases as you get older.
3) The average life expectancy for women is slighter greater than the average life expectancy for men.
4) You could live to be significantly older than your life expectancy and you should consider this in
your life planning.
5) In life, productivity is a measure of how efficient you are at earning money and/or living on the
money you earn.
6) The time you spend can be categorized as productive, semi-productive and non-productive time.
7) Productive time is spent working and earning money.
8) Semi-productive time is spent on activities that improve your chances of earning money – the time
you spend on your education is considered semi-productive time because it definitely improves your
chances of earning money in the future.
9) Non-productive time is spent not earning money or improving your chances of earning money –
everyone has some non-productive time (sleep, day-dreaming).
10) Personal success is a direct function of how well you plan and manage your time.
11) Only a small percentage of your life will be spent working and earning money.
12) If you are unable to support your lifestyle, you must earn more money or reduce the amount of
money you are spending.
13) To earn more money, you must get paid more for the work you do or work more hours.
14) You should know and understand the financial and life terms introduced or re-introduced in this
lesson. A comprehensive list of the terms for this lesson can be found on the right side of the
Student Desktop. Simply mouse over each term and review the definition of the term.
If you have questions about this lesson, feel free to review the Lesson Section Text, Interactive
Examples/Exercises and Self Check questions. Additional resources are available under the Activities,
Projects and Resources Menus on the Student Desktop. Running the interactive Examples and Exercises
with different parameters will help you gain a better understanding of how the different factors affect the
output of the examples and exercises, thus helping you understand the underlying concepts.
LR0202.doc
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Updated: 2/2011