What the "Time Is Money" Mindset Gets Wrong and How to Fix It
This subtle shift in mindset is a game changer
Valuing money over time is a recipe for a sad, lonely life.
Two connected problems in modern society are contributing to feeling isolated and unhappy:
Valuing our time in the same way we value money
Believing that having more money is more important than having free time
In this article, I review research highlighting the benefits of valuing time over money and the dangers of valuing time in the same way we value money—lessons I did not learn until my mid-30s.
The costs of thinking of time the way we think of money
“Time is money” is one of the more subtly self-destructive beliefs a person can hold.
That was my first thought after reading a 2019 study titled “Making seconds count: when valuing time promotes subjective well-being.”
The paper explores how we value our time and how it influences our happiness.
In modern society, most of us have been conditioned to perceive our time in dollars and cents by the nature of our work. More specifically, how we get paid for our work:
I make “X” dollars per hour.
I make “Y” dollars per year.
Hourly and salaried workers have been conditioned to value their time in financial terms—not only do they believe “time is money,” they also believe that their time is worth a very specific amount of money.
This leads many of us to give our employers permission to dictate the value of our time—not only at work but during our free time.
It also makes us more likely to describe and place values on how we spend our time using the same language we use to describe how we spend our money, which can be 'spent,' 'saved,' or 'wasted.'
The researchers found that workers who value their time in financial terms live much more isolated lives:
They spend less time with family and friends
They socialize less—and when they do, they spend more of that time with people from work
They spend less time on so-called “pro-social behavior,” meaning they don’t get out in their community, don’t volunteer as much, and are even less likely to recycle.
Equating time and money can lead you down a path where your work is the most important thing in your life. Which is a recipe for a miserable life—unsurprisingly, the research found that workers who equate time and money are less happy and more stressed.
The obvious conclusion: value time over money
It should shock no one that people who value time over money are much more likely to lead fuller, happier lives.
Here are all the benefits the researchers found for valuing time ahead of money:
Happiness: People valuing time over money report greater life satisfaction, more frequent positive emotions, and fewer negative ones. This is because they are more likely to spend time in ways that promote happiness.
Greater social connections: People prioritizing time are more likely to engage in activities consistent with their values, such as forging social connections. For example, students valuing time over money spent significantly more time making friends.
Becoming a better person: Focusing on time rather than money promotes self-reflection and moral behaviors. People primed to think about time cheated less during lab tasks compared to those thinking about money.
Less stress: Unlike the mindset of valuing time like money, which increases stress, focusing on time for its own sake can reduce stress and improve overall well-being.
The difficult task: moving from a money-first to a time-first mindset
The most important question is how we can shift our beliefs and begin thinking of our time without any association with money.
You may not like the answer because it flies in the face of what conventional advice on being “successful;” would tell you.
The research suggests that you can adopt an alternative approach to valuing time by consciously shifting your focus from monetary gain to “self-transcendent activities.”
Essentially, this means shifting your focus from seeking pay raises to enhancing personal relationships.
Spend 25 more minutes a day talking to your significant other about anything but work.
Instead of calling your mother once a week, call her every other day.
Don’t just feed the cat and rush to the couch to watch Netflix. Put on a 10-minute timer, pull those cat toys out of the bin, and engage your feline friend.
Find absolutely any excuse to text at least one of your friends every day—even if you just literally say, “I just wanted to say Hi. We haven’t talked enough lately.”
Go give blood once per month.
Spend 20 hours volunteering next year.
The more often you make a choice that results in you connecting with another human (or pet)—the more likely you are to value time in terms of great conversations, laughter, and love rather than dollars and cents.
Stop obsessing over your personal achievements and start caring more about other people.
This article is for informational purposes only. It should not be considered Financial or Legal Advice. Not all information will be accurate. Consult a financial professional before making any significant financial decisions.
Is the first line correct? - "Valuing time over money is a recipe for a sad, lonely life."
Because it says later in the article "It should shock no one that people who value time over money are much more likely to lead fuller, happier lives."
Or is the first line talking about valuing time in the same way as money, ie - worrying about making every second count.
It's true that we're placing too much value on money these days. Personal relationships are the first thing to suffer from that.