This song, with a handy adage for a title, is a commentary on the value of time. Mick Jagger turned 30 the year it was released.
This was one of guitarist Mick Taylor's last appearances with The Stones. He left after It's Only Rock 'n' Roll because of differences with Keith Richards and frustration over not getting writing credits on this and other songs he helped compose. The only song he was credited on was "Ventilator Blues."
For percussion, Mick Jagger brought in Ray Cooper, known for his work with Elton John.
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