Three Universal Currencies

“Time will take your money, but money won’t buy time.” — James Taylor, musician

Key Ideas:

• In every negotiation there are three primary Currencies:
  
  
  • Resources. Tangible items like money, oil, etc.
  • Time.
  • Flexibility. The cost of not doing something else, which is a very real Opportunity Cost
• Focus on the appropriate trade-offs between the parties to find Common Ground in these Currencies.
• By mixing these currencies in different ways, it’s easier to reach an agreement that the parties can agree with.

Questions for Consideration:

• Do a quick audit: how much resources, effort, and flexibility to you have at your disposal?
• Which of these currencies would you most like to increase?
• How can you trade for more of what you value?