Time is money. The phrase is a part of our collective consciences – rich people use it – some management workshops are just about it.
It reminds us the value of time and money when we pursue priorities and opportunities as money is a means to an end, and not an end itself.
FI/RE community and personal finance literacy advocates also use ‘time is money, but money cannot buy you time’ in a resonance with it.
Time is Money – Origin and Meaning
The concept of equating time and money or equivalents was there since the introduction of money as we know.
It became popular in mainstream when the president Benjamin Franklin used it in his book Advice to a Young Tradesman.
But he merely expressed a correlation of time and the earning potentials where the time wasted is lost financial opportunities.
How people interpreted it also changed over the time. He treated money almost like an end and not as a means to an end.
People gradually realized money is just a means to fulfilling their desires and goals, and not an ultimate objective in life.
In modern times, it covers more aspects – besides Franklin’s economic context – time as a finite resource that we must use wisely.
It’s now about efficiency, productivity, and the recognition of the value of time in personal growth, relationships, and freedom.
How it Applies in Bhutanese Context
The other day I was chatting with my friend in Australia. He told me that he got a 4-hours work.
He still feels it is not enough as he wants to max out the working hours permissible for students in Australia.
Just like how Franklin viewed time, he also thinks every moment he isn’t working is a loss of potential income.
In Bhutan we don’t feel like him. We aren’t paid per hour but lumpsum at the month-end.
Though we can use the salary amount to determine our hourly rates, we hardly do. So, we don’t equate time with money.
This means in Australia the stress of not having a job would be intense. People would be literally restive without works.
It’s one of the reasons why Bhutanese in general don’t care much about time. We are poor with punctuality, deadlines, forecasting etc.
To inculcate the culture of valuing time, I wish our salaries in Bhutan are also fixed per hour or at least is paid every fortnight.
We are very rich in time. So, we often overlook the intrinsic values of the time and then often don’t appreciate it.
What is a True Money in this Context
Money is important in our lives. Yet it should be recognized as a means to an end rather than the ultimate goal.
It enables us to learn new skills, celebrate weddings or promotions, and create memorable experiences. Time itself holds an immeasurable worth.
It is crucial to strike a balance between work and personal life, ensuring that time is not solely dedicated to earning money.
Benjamin Franklin’s perspective must be complemented with a broader outlook on life.
Time we spend to pursue passions, create memories and to be with our loved ones cannot be equated with money.
They too have values. Just because their values cannot be expressed in monetary terms doesn’t mean they are valueless.
My point is that if we spend our whole life chasing money, we might well miss out important moments.
How to Find Values of Opportunities
Let us consider my friend in Australia once more. In case he happens to get another job, how can he decide to continue or stop working in it?
Probably it shall depend on his feelings of being valued – in the form of money, recognition, or paid leaves.
If the job doesn’t offer him the feelings of being valued, he’ll discontinue. In other words it just means the job isn’t worth his time.
Money alone also won’t keep a person in a particular job forever. People also need emotional connections and experiences.
We just know it from high attrition rates of teachers and health workers though they were given the highest in last salary revision.
This means the next time you get opportunities where you can use your time to earn money, ask why you need money in the first place.
If taking breaks to be with your grandma or go for a vacation makes you guilty of losing a potential income, remember money is just one of the resources.
Life isn’t all about money. No one in their final days expressed regrets of not working more and making more money.
What is a Paradox of Time & Money
In this world of capitalism and consumerism, it is almost inevitable not to equate time with money.
However, it’s important to realize that money can’t buy time. We can use time to make money. But is life all about money?
Time is a precious resource. All aspects of our lives need it but not all do need money.
This means we should be really careful and mindful while managing and allocating it. Time is money, but better than money we know!
What do you think of time is money? Do you have different perspective on time is money statement?
