We often here the phrase used that “time is money,” (Is this true?)
Many of us work jobs or have worked jobs where we were paid for the time we put in. We clocked hours and were paid, no matter how much or how little we did. So most of us have at least traded our time for money; but does that mean our time is equal to money? Are they the same thing?
What is money?
Money is a tool or store of value that we use to exchange for goods, services, or gifts. Money can be made of a rare and valuable asset, such as gold or silver coins. It can also be backed by those valuable assets. Until 1971 you could trade your U.S. Dollars for a fixed amount of gold and/or silver.
Most money today, has very little intrinsic value. It is called fiat money meaning it has value because of a decree by the issuing nation.
Attributes of Money:
- Can be traded for a good or service we desire
- No intrinsic value (in most cases today)
- It is easy to create more
- It can be accumulated for future use
- Infinite possibility
What is time?
Time is a unit of measure that scientists struggle to understand. We all know it exists, and yet we don’t understand why or how. If you want to learn more here is a complex article and blog about the topic (click here)
Attributes of Time:
- Can be traded for money, goods, or services
- Its individual determines how much they value their own time
- Each of us has a limited time of existence on earth
- We cannot store time (once it passes it can never be used again). We can only use a moment in the moment. Once that moment has passed we can never use it again.
- While time may be infinite, we only have a finite amount
Can we trade money for time?
We can trade our time for money, but no matter how much money you have you can’t buy more time (with the exception of healthcare treatments that can prolong your life). You can’t use your money to redo a past time in your life. Once you have spent time, that expenditure is permanent. No refunds, no exchanges!!!
With No Refunds, No Exchanges, what are you doing to spend your time wisely?
What is more valuable to you? Money or Time?