It's an age-old question: If you had to choose between more time and more money, what would it be?
Researchers at the University of Pennsylvania and University of California Los Angeles wanted to find out in a study they published in the journal Social Psychological and Personality Science.
Here's what they found:
People who value time over money are happier
The scientists ran several studies — online surveys, in-person surveys, nationally representative surveys of more than 4,000 people — asking the same basic question: What would you rather have, more time or more money? The surveys also contained questions on personal well-being.
Most people were practical: Around 64 percent surveyed answered "more money."
But there was something else: The people who said they'd prefer more time were generally happier.
What's more, this relationship held true when the researchers controlled for the participants' time and money.
It's not that people who have more money are happier and have more freedom to say they'd want more time. It's much more subtle than that. "What matters is the value people place on each resource," the authors write. "Beyond the amount of these resources people have, happiness is linked to the resource people want."
It's important to note, however, that there were some differences between the people who chose money and those who chose time. And the authors note these differences warrant further study.
People who tended to choose more time also tended to be:
Older, which suggests perhaps as we age we get more satisfaction from valuing our time over money
Parents, which suggests children can change our values on the time-money question
Married
Wealthier (but when the analysis controlled for this, the correlation between choosing time and happiness remained)
Money and time are both often scarce. It can be genuinely frustrating to decide which matters more.
People want both more time and more money, the researchers from UCLA and the Wharton School write, "but unfortunately there is rarely an opportunity to simultaneously gain in both."
Life is a series of trade-offs between the resources. The researchers list some common examples:
Should you pay more for the direct flight that gets you to your destination sooner?
Should you accept the higher paying job that requires more hours in the office?
Should you take on the huge financial burden of receiving the best medical care available for the possibility of extending your life several years?
All these questions — and more — are complicated when relationships enter the equation: Should we spend more time with our kids or work harder to provide for them?
There probably isn't any research that can definitively answer these questions. They're too thorny, too broad to apply to the messy lives of individuals. But this latest paper does lend some insight.
For many, this isn't even a practical choice
It's a gift to be able to even consider choosing between time and money. For many — people who work multiple jobs, at odd hours, scraping by to feed their family — there's never enough of either. But as the paper persuasively shows, even if you know money is more important, valuing time could lead you to a happier life.
As far as whether more money would make us all happier, there's actually conflicting evidence. A famous 2010 paper found that happiness and wealth are correlated up until an income level of around $75,000. But a subsequent 2013 paper out of Brookings found the opposite. Looking at international data, Brookings reported, "If there is a satiation point [meaning the point at which money stops correlating with happiness], we are yet to reach it."
Overall, how we use our time might be slightly more in our control than how much money we earn. And how we value that time is absolutely in our control.
In the pursuit of a fulfilling life, the age-old adage, “time is more valuable than money,” rings true. While money can be accumulated through any number of means, time is an irreplaceable resource that cannot be increased, no matter how much money we spend.
In fact, time is much more valuable than money because you can use your time to make money, but you can't use the money to purchase more time. The reality is, you can lose all your money and get it back again, but you'll never be able to get back your time. There are no chances for you to create more time.
Money can indeed buy you a lot of nice, fun things, but it cannot buy you more time. *Time is invaluable.You cannot put a value on time. It is our most priceless resource.
One of the greatest lessons I've learned in the last few years is that time is more valuable than money. You can always earn more money, but time is a finite resource. I've also learned that if you don't protect your time, it will get filled, beyond capacity, with no room for you to relax or play.
People who value time over money are much more likely to have a more active social life, leading to greater happiness. That was the finding of a 2018 paper titled “Valuing Time Over Money Is Associated With Greater Social Connection.”
In a world fixated on material possessions and monetary wealth, it is easy to overlook the intangible value of time. Money can buy comfort and convenience, but it cannot purchase moments of joy, love, or personal growth. These invaluable experiences are only made possible by the time we invest in ourselves and others.
However, it is important to recognize that time is very important. In fact, it's an invaluable resource we possess. Once a minute passes, it is lost forever, with no way to regain it. Without understanding the true value of time, we lack the motivation to prioritize it in our lives.
It is because once you lose time, you will never get it back, not even a second of it. Time can be used to make money but money cannot be used to make more time. Thus, all the money in the world does not matter if you do not have enough time.
Epictetus: “Wealth consists not in having great possessions, but in having few wants.” Edmund Burke: “If we command our wealth, we shall be rich and free; if our wealth commands us, we are poor indeed.” Jim Rohn: “Formal education will make you a living; self-education will make you a fortune.”
With spending time, we can earn more money, but with money, we can't buy time, so time is invaluable, and that is why time has more important. But without money, life is nothing because we can't buy anything significant to live a good life.
Your money may not run out, but your time will. Because it is finite, time is priceless. Once time passes, it is gone forever, and you cannot get it back. No matter how much money you have.
The time value of money is a financial concept that holds that the value of a dollar today is worth more than the value of a dollar in the future. This is true because money you have now can be invested for a financial return, also the impact of inflation will reduce the future value of the same amount of money.
Time and money essays show that time is more valuable than money. It's because, with the proper utilisation of time, one can earn money and become successful. However, even if you have a large amount of money, you cannot buy time.
Introduction: My name is Patricia Veum II, I am a vast, combative, smiling, famous, inexpensive, zealous, sparkling person who loves writing and wants to share my knowledge and understanding with you.
We notice you're using an ad blocker
Without advertising income, we can't keep making this site awesome for you.