When someone says “Time is Money” they are also referring to what is called economic cost. Economic cost is the cost of deciding to do one thing over another. Why time equals money, but money may not equal time?
Time is the most valuable thing in our life and with no money you can by your time and never be able to come back in your life
Money is not a finite resource. In fact, there is virtually no cap on it. You can always earn more money. You can increase what you get paid, you can work more hours, or even switch to a higher paying career. Time, on the other hand, is a finite resource. We all have 24 hours in a day and 7 days in a week. Even Pinterest says, “You have the same number of hours in the day as Beyoncé.” Time is truly the great equalizer.
For me I choice the following statement (We can never say time = money when it relates to work, because expenses don’t vary with production. Time = money when look at how many people are on hire per day, week, month, etc).
best regard,Dr.Saad
Dear Dr. Mahmoud Omid , it is really a wonderful and debatable issue.
Yes, but time is the real deal.
"Time is the school in which we learn, Time is the fire in which we burn." The poet (Delmore Schwartz)
Economists have excellent conceptual categories to deal with this. For example, a standard piece of economic analysis is the labor/leisure problem. The basic time/money question is framed in this way: how does one allocate his or her time between market work and leisure?
The answer depends, of course, on things like preferences and labor rates. As labor rates climb people may find that leisure fares worse by comparison. So at the hands of a clever economists many good insights--and a few counter intuitive conclusions--can emerge from this kind of analysis.
It also get extended into a broader framework if one takes into account the formation of households and marriage. Distinctions can be made between market goods and home-produced goods and the extent to which they can exchanged or perhaps the extent to which good market services even exist for home-produced ones (e.g., childcare) or vice versa.
Marriage itself can be analyzed through the prism of labor specialization and terms of trade (e.g., wife works outside of home and husband tends the homestead). The home is like a little factory with time, market-based goods and home-produced goods all combining into a consumption function (like the factory's production function with capital, labor and land) that yields utility. Time versus money, home-styled pleasures versus market alternatives--it's all part of a big more-or-less optimizing fandango.
Divorce can be interpreted as caused by a lousy basis for mutually beneficial exchange. I think Gary Becker at the University of Chicago focused a good deal of his economic analysis on the household and family. And for his trouble was awarded the Nobel Prize in economics.
Dear Dr. @Beemnet Mengesha Kassahun, thank you for detailed answer. Correctly you said, as I also mentioned in the question "Economic cost is the cost of deciding to do one thing over another." So, when someone says "Time is Money” they are also referring to what is called economic cost.
The straightforward answer is: YES! In any case, time can likewise break even with riches. Riches is significantly more steady than chancing upon some brisk money. Take it from a Pepperdine business college prof and driving master on making business esteem and accomplishing monetary autonomy, that time truly is cash.
In the event that you just have such a great amount of time in one day, why squander your valuable hours on low hourly exercises? Proprietors of their opportunity have been requesting the response to this inquiry, and the appropriate response is at last here. Everybody is a proprietor of their chance — whether you work in an organization, at home, or you're attempting to begin a business. Truth be told, we as a whole claim our chance and consistently ought to be spent accomplishing something gainful. Sitting idle on low hourly exercises just demonstrates that it is scientifically difficult to assemble riches and profit. When you could invest your energy in exercises which gain $500 or even $5,000 every hour, obviously the time spent on high hourly individual or business exercises will develop your cash.
Further, I'd contend that on the off chance that you work for yourself, you could very the cash. Working in an organization keeps you on low rungs of the professional bureaucracy. Who are you profiting for? Presumably not for yourself. Thus, in the event that you invest energy in your very own esteem stepping stool and move to the best doing what you adore and doing it well, time spent will be more significant to who matters
regards
Time is money to many persons, I admit.
But personally I do not feel so as I never run behind money in such a manner in my life.
Thanks.
Dear Dr. @ Mahmoud Omid , I also agree with you and with your explanations. But, time is even more precious!!!!
It’s time that’s most important.
A new study [1] sheds a little light on the matter. The researchers Hal Hershfield, Cassie Mogilner and Uri Barnea surveyed more than 4,000 Americans to determine whether they valued time or money more, and how happy they were. A clear majority, 64%, preferred money – but those who valued time were happier. Nor was it only those rich enough to not stress about money who preferred time: after they controlled for income, the effect remained. Older people, married people and parents were more likely to value time, which makes sense: older people have less time left, while those with spouses and kids presumably either cherish time with them, or feel they steal all their time. Or both.
The crucial finding here is that it’s not having more time that makes you happier, but valuing it more. Economists continue to argue about whether money buys happiness – but few doubt that being comfortably off is more pleasant than struggling to make ends meet. This study makes a different point: it implies that even if you’re scraping by, and thus forced to focus on money, you’ll be happier if deep down you know it’s time that’s most important.
It also contains ironic good news for those of us who feel basically secure, moneywise, but horribly pushed for time. If you strongly wish you had more time, as I do, who could accuse you of not valuing it? At least my craving for more time shows that my priorities are in order, and maybe that means I’ll savour any spare time I do get. We talk about scarce time like it’s a bad thing. But scarcity’s what makes us treat things as precious, too.
1- GRAY MATTER, What Should You Choose: Time or Money?https://www.nytimes.com/2016/09/11/opinion/sunday/what-should-you-choose-time-or-money.html
Time and Money certainly share many values, especially since one can often be exchanged for the other. The one biggest difference is that money can be replaced while time cannot. Every unit of time spent is eternally spent and cannot be regained.
Spend your time (and money) wisely!
Thank you so much for asking this question. Sometimes time becomes more important than money, but in the ordinary case time is money, yes.
Thanks sir.
Time is not comparable to money because of irreversibility. I like what I have to do to keep it up ten years ago
Both are quantitative and important. However the most important in time is not its quantity but its quality and the richest is the one who needs less not the one who has the most.
I go by Hassan Nima's answer that time is not equal tmoney for the same reasons that money is infinite and time is a finite resource
Dear Dr.@ Borden Mushonga, thank you for the response. You made a good point: "Time is finite; but money is not." This means, time is ticking, so we should not waste all our time chasing money.
The most important is not time or money but what we do with them.
In a business perspective Yes I agree with your statements.
But, Personally we Cannot estimate or price the time or buy the time .
This is an axiomic statement that carries the notion of utilizing our time well for productive things that would translate into profitable assets like money rather than wasting it on unproductive and time-wasting activities.
Time's value is usually not known because of perceived as free. However, when we have to finish something on time, or when we are old or do not have much time left, we understand better the value of time. "Time = money" can be based on from the value attributed to money. Although time is taken as a value that is likely to be substituted when money is spent, we can spend all of our time to get it. Is not money more valuable in this case? We lose all our time and health to make money, and then we have to spend all the money we earn to keep our lives healthy. Is this also not a paradox?
I think this saying should be understood as time is potential money.
That is to say that having a lot of time means having a lot of potential money. If you use that time productively, the potential is realized and time effectively equals money.
Similarly, people with a lot of money have very little time because they are realizing time's potential and utilizing it to make money.
So people with a lot of time have little money because that time is not being converted to money. The time they have is outweighing the money they possess.
Similarly, people with a lot of money have very little time because by earning money, they are using up time, making it lighter and thus tipping the scales.
Also,,,
You must have heard the proverb that "Time is money." In the present world of business, 'Time equals money'. When one is doing a job, the time that is utilized in doing that job converts into money. Several people are of the notion that time is money or money is time with regard to raising of kids. Parents are always compelled by the notions in the world to adjust to its ways.
One could always make more money. One can work for more hours and get paid more or one could also move into a higher paying profession. Despite the fact that our time equals to money, the money we earn is not much important as our time. Time that you spend with family, your children, grandchildren, spouse, and, your friends. These times are precious and worth a lot more than money, these times are priceless. Further having all the time does not ensure satisfaction similarly the way that money doesn't ensure happiness. So we continue to seek the balance between money and time.
https://www.inner-worx.com/single-post/2017/06/01/Does-time-actually-equals-money
Interesting discussion from all respected RG members, yes time has its cost and if it comes in the form of money then we can say time equals to money.
Thanks
Time or money – is wealth or life important?
In the movie Wall Street 2 – money never sleeps Gordon Gecko tells how when he was young he believed that money was the most important thing. With a lifetime of experience, he regrets to say, he now knows there is something more important. That is time. Time is the only real thing of value. I could not agree more.
Time is more important than financial capital of course. You can use your time to generate wealth, but just do so in an efficient method and only if it is fun for you and adds to the greater good of your family’s life.
From: http://political-economy.com/time-or-money/
Dear Colleagues, Good Day,
"Being overly aware of “time equals money” is a great way to stress yourself out and die sooner
Many years ago, when Stanford University switched to a new payroll software platform, professor Jeffrey Pfeffer of Stanford Graduate School of Business noticed something interesting when he examined his pay statement. Even though he is not paid by the hour, the statement displayed an hourly pay rate. Curious, the organizational behavior professor sought to understand how the university came up with that number. The answer: The hourly pay was his annual salary divided by 2,08—52 weeks times 40 hours per week.
What was even more interesting was his psychological response to that information. Confronted with reminders about the economic worth of his time, Pfeffer noticed that he came to think of time as money.
More than a decade later, Pfeffer remains passionate about the topic of the economic evaluation of time, and he has good reason. With former Stanford GSB doctoral student Sanford DeVoe, who now teaches at the Anderson School of Management at UCLA, Pfeffer has done research showing that thinking of time as money changes people’s decisions about volunteering time and trading off working more hours for more money.
Pfeffer’s most recent research, coauthored with Dana R. Carney from the Haas School of Business at the University of California, Berkeley, demonstrates the physiological consequences of the economic evaluation of time. Their study concludes that people who are keenly aware of the economic value of their time—people who think of time as money—generally are more psychologically stressed and exhibit higher levels of the stress hormone cortisol that do people for whom the economic value of time is less salient.
Pfeffer and Carney were inspired by previous research on this topic, including a 2001 study by M. Cathleen Kaveny, now at Boston College. Kaveny studied why lawyers often are unsatisfied with their careers and sometimes leave the profession altogether, even though most of them enjoy high incomes and occupational prestige. She concluded that attorneys, whose time is accounted in billable minutes, are hyperaware of the ticking clock that rules their work lives. Even when they’re not working, they’re thinking about how much income they’re forgoing during off hours, such as while dining with friends or coaching a child’s soccer game.
To demonstrate the effects of the time-money awareness, Pfeffer and Carney recruited 104 test subjects and paid them to work for two hours for a fictitious company. They divided the recruits into two groups. Before they started the job, 50 of the workers were asked to calculate their per-minute pay rate based on earning $57.50 for two hours of work. The remaining workers were assigned the exact same tasks, but were not instructed to calculate their per-minute pay rate. In other words, both groups were guaranteed the same pay for the same two hours of work, but the first group proceeded with an upfront awareness of how much money they would earn per minute. ",...
Please, see the source for more detail:
https://qz.com/1245559/north-korea-just-talked-security-for-kim-jong-un-with-south-korea/
Dear Colleagues, Good Day,
"Why Time isn't Money
Why time equals your existence, not money in the bank.
Benjamin Franklin meant well. He advised his tradesmen audience in the aptly worded „Advice to a Young Tradesman" that time is money. In his day a person of trade, well, traded his time for the money he earned. In many cases today people think they still do that as well. But what they are really doing is spending a lot more time thinking about work than they are paid to do. Thanks in large part to technological advances, work has seeped into many aspects of our lives. So while we're swinging our child on the swings, we're solving that problem at work in our heads or on our cell phones. Many times you will see people ceaselessly thumbing their BlackBerries at coffee shops during ‘leisure time'. In today's world, time is not money, my friend. Time is time and money is money. In the world of slow, time does not equal money. Instead, time equals your existence.
The truth of the matter is ‘the time is money' adage has gotten us into a lot more trouble than we realize. Because we live our lives based on the misleading premise that time is money, we attempt to do more in less time. We begin to confuse activity with productivity, as if the 'doing' will grant us 'being'. Inadvertently, we hop on the hamster wheel, running as fast as we can with a competitive mentality about the clock and what it supposedly represents.We have a negative relationship with time that gives us a sense of time starvation instead of abundance. Even our precious vacation time is not immune from the time-money equation.",...
Please, see the source for more detail:
https://www.psychologytoday.com/us/blog/the-power-slow/201007/why-time-isnt-money
There are moments in the life of a man which can not be payd by any money :-))
A quote by Jim Rohn: Time is more value than money. You can get more money, but you cannot get more time.
“Being rich is having money; being wealthy is having time” Margaret Bonnano quotes
“Time is money says the proverb, but turn it around and you get a precious truth. Money is time.” George Gissing quotes
Dear Mahmoud
This saying phrase maybe not correct in all cases, because some people wested their time in playing useless games, or some people introduce their serves to the poor human or patients freely (without money), or mothers spend their time for their children without money.
Good Luck
I believe time can not to be valued by anything because it's not only irreversible but also have trapped us.We wish had control on time but we can not.We just can have control on our doing so in this way we try to do something valuable or precious to make our spent time valuable or precious.
Money is a very important asset in our life,we can spend it to buy or create so many various things.Maybe we can buy some time with money sometimes but it depends on other stuffs but time is always current as if someone else is always spending time for us.
Dear Khalid,
Thank you for sharing your views. You are very right. We can never compare those sacrifices made by mothers with anything like time or money. They are true angels.
I see that the answer which offered by Dr. Beemnet Mengesha is very valuable and suitable.
Best regards
Dear Dr. Mahmoud Omid..
I agree with the Phrase by Jim Rohn: ((Time is more value than money. You can get more money, but you cannot get more time)). Its expressing phrase.
Good luck.
I also agree with the Phrase by Jim Rohn: ((Time is more value than money. You can get more money, but you cannot get more time)
8 Reasons Time Is Worth More Than Money By Paul Michael
Time. Most of us never seem to have enough, and we're spending a good chunk of it earning money. It stands to reason that time is money, and the more time we have, the more money we can make. But are we looking at this the wrong way? Is time the real treasure here, and are we wasting it to stockpile something far less valuable?
1. You Can't Make More Time
2. You Can Do More With a Day Off Than With a Day's Pay
3. Time Creates More Memories Than Money
4. You Need Time to Spend Money
5. People Close to Death Wish for More Time, Not Money
6. Time Brings More Happiness Than Money
7. Time Is Priceless, Money Is Not
8. Time, Not Money, Is a Great Healer
See details at: http://www.wisebread.com/8-reasons-time-is-worth-more-than-money
Dear Mahmoud and all:
I think some kind of "theory of relativity" is also relevant here. I would say "Time is X", X being whatever you value. When we prioritize money, time is money. If we prioritize, say, pleasure, then we want to do anything else quickly in order to spend our time doing pleasurable things. In this last sense, also "money is time", since money allows us to dedicate less time working and more to do anything else (traveling, reading, or spending time with our family).
Results are money.
This is a famous phrase from Benjamin Franklin that was used out of context and lost the original meaning.
“Remember that time is money. He that can earn ten shillings a day by his labour, and goes abroad, or sits idle one half of that day, though he spends but sixpence during his diversion or idleness, it ought not to be reckoned the only expence; he hath really spent or thrown away five shillings besides.”
You can see that this is towards making money in an very specific way.
Also that was before industrial revolution, modern labor laws and many things that affect the meaning of the quote.
But in the end is the production that make money.
Dont matter if you take much time, what matter is the result.
MH
Time is valuable. Money is our society's way of abstracting value. In a way Time is money, but it doesn't directly translate.
It isn't really your time that we are paying you for, it is the products and services you produce during that time. We have a convenient way of determining how much your work is worth by expressing it as an hourly wage.
I'm going to try to explain these concepts in the form of a story problem.
I pay you $10 an hour to mow my lawn and it takes 1 hour; it doesn't mean that 1 hour of your time is worth $10. It means that the service of mowing my lawn is valued at $10. If my lawn were twice as big, then it could be valued at $20. How much time you spent mowing my lawn doesn't matter as much as how big my lawn is. If you could mow it in half the time, it should still be worth $10 to have it done, right?
The hourly wage is just an abstraction of "Your service is worth X to me". With ongoing service, it is difficult to just put a value on it. Bringing in the harvest has an actual value to a farmer. It can typically be done in X hours. It could be further reduced to 1 hour is worth value/X. This is convenient for the farmer who has a hard time figuring out the value of the service his farmhands provided for him. He could have defined the value at Value/Bales, and paid out each of his farmhands based on the number of bails they brought in. This could create conflicts as hands complain that certain bails took considerably more effort to bring in as opposed to others. The hour approach causes less arguments, but does leave the hardworking farmhand who did twice the work as his slack co-worker a little bitter when they get paid the same amount simply by virtue that they spent the same amount of time working.
From the excellent comments so far I an tempted to conclude that although our time is worth money, our money is not as valuable as our time. However, while time is more valuable than money, we still need some financial resources in order to really enjoy our time, do the things we dream to do, and live without the fear of running out of money.
Why Time isn't Money
Why time equals your existence, not money in the bank.
Time is time and money is money. In the world of slow, time does not equal money. Instead, time equals your existence.
The truth of the matter is ‘the time is money' adage has gotten us into a lot more trouble than we realize. Because we live our lives based on the misleading premise that time is money, we attempt to do more in less time. We begin to confuse activity with productivity, as if the 'doing' will grant us 'being'. Inadvertantly, we hop on the hamster wheel, running as fast as we can with a competitive mentality about the clock and what it supposedly represents.We have a negative relationship with time that gives us a sense of time starvation instead of abundance. Even our precious vacation time is not immune from the time-money equation.
Excerpt from: https://www.psychologytoday.com/us/blog/the-power-slow/201007/why-time-isnt-money
The truth is that low-level thinkers go through their lives believing that time does, in fact, equal money. These are the people who happily trade their time for dollars, hoping “to get a good job,” and striving to be a part of the middle class.
In other words, they are the politicians’ and corporate leaders’ dream – the brainwashed masses who give them the power they so desperately crave.
But high-achievers absolutely do NOT believe that time equals money. We know that money can always be replaced, but time can never be recovered once spent.
And because of that fact, we know that time is MUCH more valuable than money.
Champions and high-achievers in all walks of life all believe in the power of speed. We all use our money, in fact, to buy speed.
Interesting discussion from all respected RG members, yes time has its cost and if it comes in the form of money then we can say time equals to money.
Thanks
One of the great laws of labor is that time equals money: The less time you waste, the more you can get done and the more money you can make. The time value of money (TVM) [see attached figure] is the idea that money available at the present time is worth more than the same amount in the future due to its potential earning capacity.
Investing: Money Plus (Lots of) Time Equals Excitement By Carl RICHARDS
You’ve probably heard that starting early is one of the best investing decisions you can make. That’s because investing done right is short-term boring but long-term exciting.
Take this silly (but true!) story that’s often told to demonstrate how powerful compound interest is: If you start with one penny and double it every day for 30 days, you’ll end up with $5,368,709.12. I should add a disclaimer here that if anyone offers you an investment that will double in value every day, you should run as fast as you can in the other direction. But let’s get back to the main point. Sure, compound interest — whether bank interest or another form of investment — has a powerful outcome, but it takes an awfully long time to become fun and exciting. But when you stick with it, it’s that last few times when the figure doubles that it gets very, very exciting. You’re looking at $1,342,177.28 becoming $2,684,354.56, and $2,684,354.56 doubling to $5,368,709.12. That’s the case with investments, too. It’s not very exciting at the beginning, but compounding becomes a powerful force after years of patience and discipline.
https://bucks.blogs.nytimes.com/2013/01/07/investing-money-plus-lots-of-time-equals-excitement/
Time is the great equalizer… Each day has only 24 hours - nobody has any more than anyone else. Everyone, from poets to presidents, fills those hours, one after the other, until they are all filled up. Every single minute is unique, and once gone, can never be regained.
We can interpret "time is money" to mean that time is a valuable currency. In fact, each day another 24 hours is deposited into each of our “bank accounts.” We get a choice about how to spend these hours. We decide how much we spend right away, how much gets invested for the future, and how much we give away. The worst choice is to waste these hours by letting them slip away.
https://www.psychologytoday.com/us/blog/creativityrulz/200909/time-is-more-valuable-money
From previous comments it's clear that our time is more valuable than money. We can often make more money, but we can't make more time. And actually, when we think about the the relationship between the two, there is a time value of money (TVM) aspect to consider.
Time is money, especially when you are talking to a lawyer or buying a commercial.
- Frank Dane
Productivity - the amount of output delivered per hour of work in the economy - is often viewed as the engine of progress in modern capitalist economies. Output is everything. Time is money. The quest for increased productivity occupies reams of academic literature and haunts the waking hours of CEOs and finance ministers.
- Tim Jackson
'economic cost'
https://en.wikipedia.org/wiki/Economic_cost
"Economic cost differs from accounting cost because it includes opportunity cost."
"opportunity cost' -
see the link below:
http://www.answers.com/Q/What_is_an_opportunity_cost
The Wikipedia's article referenced above states that "Economic cost is used mainly by economists as means to compare the prudence of one course of action with that of another. The goods to be taken into consideration are e.g. money, time and resources."
Given the fact that it is a relatively new notion published in 2015, it would be prudent to see some references confirming the value and validating results of such analyses.
“Time is money” is true in few different ways! Time wasted means much less money you can earn. But another way time and money intertwine is that they both require budgeting. In order to get the most out of either, you have to know their value, how much you have, what you want to do with it, and then plan accordingly.
https://elearningbrothers.com/time-is-money-soft-skills-course-teach-time-management/
Is time really equal to money?
Time equals to money when one of the following conditions are met:
Yeah.. ! I do agree with all professors and i feel that they are absolutely related with one another
Our only real budget is our life-time, which we should invest carefully, to avoid unhealthy consequences. Money and time are both social conventions, to coordinate human economic action on this planet. While the resources of the earth are finite, money is mathematically infinite; as the omnipotent monetary machinery has become access to energy (natural resources), we are rapidly moving to point zero.
Goethe said, “Many people take no care of their money till they come nearly to the end of it, and others do just the same with their time.”
Money and time, two very precious commodities. Money, for many, is rather hard to earn, thus it should be ‘cared for’ and saved as best as we are able. Not squandered and then only actually thought about when rent is due and we have less than half in the bank account. And time… I myself have unfortunately been known to procrastinate, and nobody is perfect, but we all should value time because it’s the one commodity we will never be able to get back. As cliche as this might sound, ‘time is precious’ so don’t waste it.
What to do with money if time is over. However, bartering is nowadays recommended if you want to live without money.
Dear All,
Thank you for all excellent comments and contributions. Based on the inputs to this question so far, I may conclude that Time is more valuable (and important) than Money. As Benjamin Franklin said: Money has never made man happy, nor will it, there is nothing in its nature to produce happiness. The more of it one has the more one wants.
In addition to wonderful answers,Time most important than money, when someone is in the ambulance here is her exact account
Things money can’t buy:
Dear Dr. Omid
Your answer is completely true in other country s ( Things money can’t buy: 1. Manners 2. Morals 3. Respect 4. Character 5. Common sense 6. Trust 7. Patience 8. Class 9. Integrity 10. Love ) but i think in Iran exactly you can buy all of them with money. if you have money, you have love, respect .......
Time is money for the dealers of all ranks. For the honest human beings time is the number of good deeds.
Time is a valuable resource, therefore it's better to do things as quickly as possible.
The phrase “Time is money” was first quoted by Benjamin Franklin. This saying suggests that time and money are somehow equal.
Unsuccessful entrepreneurs value money over time; examples include:
1. The self-employed consultant who shops her/his time in exchange for money ... her/his income is constrained by the number of hours that she has available.
2. Or, the small business owner who sits behind her/his cash register waiting for more customers ... her/his income is tied to how many hours her/his shop is open.
Truly successful entrepreneurs manage to disassociate time from money; they spend less and less of their own time to earn each incremental $ of income.
They do this by leveraging other people's time i.e. by finding the suckers who undervalue their own time, and are willing to trade it for just a little of the entrepreneur's money ... money that he probably borrowed so as to also leverage other people's money.
A wise person should have money in their head, but not in their heart. Christopher Rice quote: Everyday is a bank account, and time is our currency. No one is rich, no one is poor, we've got 24 hours each.
“They say “time is money”. But I want to say “time makes money”. This means time is greater than money.” ― Israelmore Ayivor, Shaping the dream
Interesting contributions from all the respected RG members to the discourse .
Time & Money Defined
- Money = a divisible, durable, scarce storer and measure of wealth. A currency that helps the process of allocating resources. A way to determine the value of goods and services. Means to which resources can be acquired. A medium of exchange to purchase good and services.
- Time = direction of the deterministic increase entropy in a closed system. A continuous method of measuring the limited existence of objects in the universe. A tool that is imagined for organizational purposes. Dimensional quality to specify an event. An instance or single occasion for some event.
Actually, time is more precious than money.
Time earns money, but money can't earn time.
Time, money, and happiness [1]
Abstract. We highlight recent research examining how people should manage their most precious resources — time and money — to maximize their happiness. Contrary to people’s intuitions, happiness may be less contingent on the sheer amount of each resource available and more on how people both think about and choose to spend them. Overall, focusing on time leads to greater happiness than focusing on money. Moreover, people enjoy greater happiness from spending money on others rather than themselves and from acquiring experiences instead of possessions. Similarly, people enjoy greater happiness from spending time on or with others and from acquiring experiences — both extraordinary and ordinary.
Time and money serve as people’s two most precious resources. Both are scarce (sometimes painfully so), and both can be saved, budgeted, wasted, or spent in the pursuit of life’s necessities and joys. Despite their similarities, time and money have distinct psychological properties with striking effects on human behavior. Over the past decade, a growing body of work has examined a seemingly simple question: how should people both think about and spend their time and money to maximize their well-being?
References:
1- Cassie Mogilner and Michael I Norton, Time, money, and happiness, Current Opinion in Psychology 2016, 10:12–16.
I totally agree with this quote "Time is more value than money. You can get more money, but you cannot get more time".
Top 4 Reasons Why Time Is More Valuable Than Money
Here are 4 reasons why managing time is more important than money?
1. 24 Hours Each Day Decide Your Life
2. Once It’s Gone It’s Eternally Gone
3. Money Or The Time To Spend It
4. No One Size Fits All, But It’s All About Priorities
It’s up to you to make time either your biggest ally or biggest enemy. It has always been on you and will always be as well. Details are explained below:
https://medium.com/@Innov8Coworking/top-4-reasons-why-time-is-more-valuable-than-money-d10cc2e9882c
Interesting discussion from all respected RG members, yes time has its cost and if it comes in the form of money then we can say time equals to money.
Thanks
Does Money = Time?
The Time Paradigm and the next generation of social applications
The next economic paradigm will be time based (as the scarce resource) and will probably look very similar to the one we know and understand today. The difference is that everyone will interact with the clock instead of the dollar.
In the next generation of social media applications we see that value will be derived from time saved or punished for time squandered. People will behave in a manner dependent on how much their time is worth.
The new business models will compete against time, rather than price. Quality will be measurable by anyone. Precision and accuracy will be rewarded and manipulation will be punished. At the end of the day, Money is Time and the quality of time is the quality of money.
The Future of Money is the future of Time:
It’s hard to imagine any product or service that wastes people’s time surviving past the next decade. It is hard to image any future innovation that does not save time over whatever it replaces. It is hard to imagine the basis of any currency without a time value.
http://www.relationship-economy.com/2010/04/does-money-time/
Yes time has its cost and if it comes in the form of money then we can say time equals to money.
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“It's good to have money and the things that money can buy, but it's good, too, to check up once in a while and make sure that you haven't lost the things that money can't buy.” — George Lorimer
Precious time
Waste your money and you're only out of money, but waste your time and you've lost a part of your life.— Michael Leboeuf
Money is associated with enemies, time is associated wth friends.
Yes Indeed! Let me quote from Spike Milligan: Money couldn't buy friends, but you got a better class of enemy.
in fact, the most beautiful things are not associated with money; they are memories and moments. If you don't celebrate those, they can pass you by.
As we know well that Time is money & at the same time we are aware that Time & tide wait for no more . It is in this line that time has been compared with money in the sense regarding the important of money for the every human beings from the poorest to the richest & as such it has been compared with the time in the sense that Money is what Money does ''
This is my personal opinion
Interesting veiws from all respected RG membors，thanks Dr. Omid for the oppertunity for to learn a broader aspect of time and money.
For those who know the value of time and its importance, it really equals money.
‘Time is money’ reminds us how valuable our time is.
Time should be used in doing productive works. A person make use of his time by working hard to earn money. On the contrary, if the time is wasted, then it is equivalent to losing money.
Time is money in a literal sense because efficiency and being on the right time enable us to earn more money. In a metaphorical sense ‘time is money’ reminds us that time is valuable.
There is no need to dwell on the truth of the maxim in the present day. The rush of the hurrying crowd, the shout at the bus and railway stations, the sharp ringing of the mobile call, the constant activities of the airless apparatus, are daily and hourly telling the same tale that ‘Time is money’.
In a literal sense in the business life of the present day, ‘Time is money’. When we are working, the time that we spend at work directly translates into money that we earn. This is especially the case if we are working freelance. Opportunities of acquiring money have increased to such an extent that, for the worker, time means money.
Time becomes the capital of trading, professional, or businessperson. The more efficient that we are with our time (the quicker that we can get our projects done), the more money we can earn.
Sometimes, being in the right place at the right time enables us to make some profits. This is true on the stock market, for example.
So many new avenues of enjoyment have been opened up of recent years, and have been rendered so cheap, that the only requirement for their enjoyment is time, but to the busy man, ‘Time is money’, and so they cannot he enjoyed.
Like money, too, time, once lost, is gone forever. Hence, one should exercise due care while spending time. We should always try to make the best use of time.‘Time and tide wait for no man’, says the proverb. If you use your stock of time rightly, it will hear your rich interest but if you waste this invaluable capital, it will make you poor indeed.
‘Take time by the forelock’ so as to reap the fullest benefit out of it. Lost time is gone forever and can never be recovered. It is on our own to use or to waste, and another cannot use it, neither can it he accumulated – ‘Time flies’.
Even if we do not literally think of time as money, the phrase ‘time is money’ nevertheless reminds us how valuable our time is. The importance of time cannot be estimated aright because it cannot be seen, hence its losses cannot be measured, and we are inclined to waste time as we should never waste money.
“A man who dares to waste one hour of time has not discovered the value of life.”
Charles Darwin
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