Time Vs Money - Deepstash

Time Vs Money

Money is concrete, tangible and countable, with an added advantage of being more valuable in the future due to compounding. Time, on the other hand, is abstract and hard to count.

We are usually not able to imagine what we would do with a lot more time, and also mistakenly expect to have plenty of time in the future.

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MORE IDEAS FROM How to Stop Feeling Crushed for Time - Issue 92: Frontiers - Nautilus

The present world is full of uncertainty and instability even if one is employed, having money in the bank. 

The constant anxiety to be productive persists in most people who would do second and third jobs to keep the money pipe from going dry.

  • To decrease this constant time-anxiety, one can start the day early, away from the smartphone, office work, news or the dreaded inbox. 
  • Take frequent walks and relaxing breaks in between the Zoom calls.

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The Easterlin paradox explains the perplexing situation when our income is no longer an indication of our happiness. More money then starts to diminish happiness.

Happiness often eludes wealthy people as there are more problems, more comparisons and more keeping up with the Joneses.

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Even saved time and how much value it really has to be converted into money value to make people understand it better. Shifting our mindset from money to time makes us happier at a money value of USD 4400 per year.

People earning a per-hour rate feel the value of time, and that paradoxically makes time more scarce.

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Though we have relatively more time due to technology, and the gig economy that outsources our food, laundry, commute and other stuff, we don’t use that time well. The smartphones in our pockets blur our work and personal life, making us time poor and with conflicting goals.

Example: Going to the zoo with the kids is less enjoyable with constant email notifications that pull us back to work.

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Just like money-based accounting, we need to account for our time, writing where we spent our day, and how nourishing and time-affluent the activities are.

Ironically, the amount of time we waste has increased, as useless activities like doom scrolling on social media or looking for the best deal on a shopping site fill up our day.

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  • We often hear that time is money, but comparing something precious, finite and uncertain as Time to a man-made commodity like money is a mistake.
  • Time is infinitely more valuable than any other resource.
  • Everyone has learned that earning money and being productive is the key to happiness and success, but it is an increasingly wrong belief.
  • Focusing only on earning wealth can lead to dissatisfaction instead of happiness, and many people who have lots of time in their hands report greater happiness, better health and fewer anxiety issues.

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Earning lots of money to lead a better life in the future is one of the biggest mistakes many youngsters make, as once they get enrolled in a promotion/incentive mechanism, their focus becomes earning more and more.

We need to stop being too wired in just one direction and incorporate more time for social relationships, hobbies, fitness and sleep, but we seldom are that ‘time-smart’.

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RELATED IDEA

We All Are Time Poor

Most of us are ‘time poor’ and have deep-rooted habits, priorities and belief patterns that are no longer relevant. We always feel rushed and are in misery as we become less productive, less happy due to our constant running against time.

Time poverty is not just a first-world problem, but the root cause of many lifestyle, health and relationship issues across the world.

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Have the courage to stop what you're doing. Give yourself the space to slow down, so you can see the bigger picture and get a handle on things. 

Take a day or two to rest, do nothing, and regroup. Center yourself so that you have the energy to make wiser, healthier decisions.

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It starts with knowing what your time is worth. For instance:

  • People who spend their time doing more profitable work make more money. 
  • People who spend their time investing in others build better relationships. 
  • People who spend their time creating a flexible career enjoy more freedom. 

Understand that there will be tradeoffs, but that it can be managed.

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