Acharya Prashant explains that time itself cannot be managed because it is a natural process of change. Instead of trying to manage time, one must understand the entity that wastes it: the mind. He distinguishes between chronological time, which is the objective movement of the world, and psychological time, which is where wastage occurs. Understanding is the only true form of management; once the nature of the mind is understood, the need for management disappears. He asserts that the mind is synonymous with time and is constantly traveling into the past or the future. When the mind is lost in memories or imaginations, it is not present in the current moment, which constitutes the wastage of time. Conversely, those who are paying full attention are not in 'time' (past or future) and therefore do not waste it. Any activity of the mind, characterized by constant thought and chatter, represents a lack of attention and is inherently a wastage of time.