Unable To Create Scheduler

What is the Best way to create scheduler ?

I can think two ways,

1) to create endless loop that keep checking for time of day, so if i have an event (stored in my DB) that should be execute @ 14:30 the loop will compare in every loop the current time against the DB time so when the current time will be 14:30 the event will be executed

2) the same as above just using Timer instead of endless loop.

the problem is that both methods seems to be inefficient because at least 95% of the checks will be for no use.

so is there any methods or some way in VB.NET to raise an event in a specific hour without keep checking the current hour every second ?