Matt Damon shares life's biggest lesson after turning 50

Matt Damon confessed reaching his 50s transformed the way he views time, with the Oscar winner revealing that family, meaningful work and philanthropy now take priority over everything else.

Speaking in PEOPLE's latest cover story while promoting Christopher Nolan's The Odyssey, the 55-year-old actor said time has become his most valuable asset.

"You get on the other side of 50, and at least for me, I really started feeling like time is the most precious commodity there is," Damon said. "I just want to be intentional with what I do with it and make sure that I'm spending it exactly where I want to spend it."

Family, work and Water.org top Matt Damon's list

Damon said his priorities now revolve around three areas: his family, his career and Water.org, the nonprofit he co-founded in 2009 to improve access to safe drinking water in underserved communities.

The actor, who lives in Brooklyn with wife Luciana Damon, said their family is entering a new chapter as their children grow older.

The couple share daughters Alexia, 27, Isabella, 20, Gia, 17, and Stella, 15.

"Having two older kids who are out of the nest and knowing how fast these final years go, we're trying to be mindful of holding onto what we can," Damon said.

Matt Damon wants meaningful projects with Ben Affleck

Professionally, Damon said he remains focused on expanding Artist's Equity, the production company he launched with longtime friend Ben Affleck.

He said the goal is to continue making the type of films that inspired them to establish the company.

"That's a very full life," Damon said. "I feel like I've calmed down a little bit and I'm not chasing something. I just want to do work that I think is really stellar on my own terms and on things that I really believe in."

The Odyssey star reflects on life lessons

Damon also said experience has taught him to focus on what he can control instead of dwelling on circumstances beyond his influence.

"You live long enough and things happen and tragedy comes and visits you no matter who you are. And you have to just accept what happens," he said.

The actor currently stars as Odysseus in The Odyssey, which also features Anne Hathaway, Tom Holland, Robert Pattinson, Zendaya, Charlize Theron, Lupita Nyong'o, Elliot Page and Samantha Morton.