Time or money?

time vs money

I’m sure that you’ve heard the old saying “time is money” plenty of times before. Work out your hourly rate and do the conversion.
I would like to recommend taking this concept on stage further.

Most of us fall into one of two categories:

1. Cash poor and time rich – this may be because we haven’t respected the value of money enough
2. Cash rich and time poor – this may be because we haven’t respected the value of time enough

Being poor in either time or money causes unhappiness. Only a few people are able to reach an equilibrium where they are both cash and time rich.

We tend to be good at making assessments about the smaller things (e.g. should I buy better quality food selling for another $1) and much weaker at making the really big decisions (Is this house/car/boat a good deal?).

So I propose:

For the cash poor, every should be thought of in terms of your local monetary currency as even if something takes a long time to do, it’s well worth it to address your financial problems.

For the cash rich time poor, think in hours for everything including purchases, so that you can start becoming time richer and the amount of money involved is a good trade.

The second scenario requires a lot more discipline than the first. We are used to thinking in terms of money and training our minds to be blind to a price tag and only see the time is hard to do at first. However, if you stick with the idea it, the value of your time becomes much more apparent and can help you to make better decisions leading to a happier life.

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