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When someone says The early bird catches the worm, he/she is trying to tell you to not procrastinate. That you should complete whatever you are supposed to do straight away and not delay.
*I’m the biggest procrastinator* 😛
Also, if you were to do something fast and efficiently you would have the benefit over others.

Another proverb tells us that Early to bed and early to rise, Makes a man healthy, wealthy and wise. It means that the individual who leads a regular well-ordered life without excesses gets the benefits.
This also says to not procrastinate (especially your sleep) and to sleep earlier so that you would wake up earlier to be the early bird to catch the worm 🙂

So I would consider these two proverbs to be a complement of each other.

However, I would like to bring up another proverb here and that is,
All work and no play makes Jack a dull boy.
I would say that this proverb contradicts ‘early to bed and early to rise, Makes a man healthy, wealthy and wise’ because one tells us to lead a simple, straight-forward and scheduled life while the other tells us that we must let loose and have fun in order to live life to the fullest.

So, which one do YOU think suits you?

For me, I would say that you should have a little bit of both. Go ahead and have fun and go a little crazy, BUT make sure you have all your work and duties sorted and done. Manage your time well so you can have the best of both worlds.