27 | ⏱ Why time is(n't) money
Everyone's heard that time is money, but really, money is time. Here's why.
Yo,
Time is money. Benjamin Franklin apparently coined that idiom.
It's a bit of a cliche nowadays. But, that's not to take away from its accuracy.
I've always thought - and it's not exactly a unique thought - that people will always pay for convenience.
This could be skipping a queue, paying for a house cleaner, or getting speedy delivery.
This is all true. I didn't realise the other side of the coin, though.
Money is time
Reverse the phrase, and you realise that money begets time.
Money is infinite. In theory, we can all accrue millions, perhaps billions.
Time, on the other hand, is finite. Eventually, it will run out.
When we work late, or take the slower, cheaper train, we won't get that time back.
Money gives people the power to buy back time.
This time can then be used for anything and everything.
Learning an instrument, catching up with family, travelling the world.
It's a useful thought exercise, popularised by Naval Ravikant, to consider what your 'aspirational hourly rate' is. He recommends going big - as a child he started at $5k/hour.
No one is going to value you more than you value you. Set a high personal hourly rate, and stick to it [...] Factor your time into every decision. Say you value your time at $100 an hour. If you decide to spend an hour driving across town to get something, you’re effectively throwing away $100. Are you going to do that? [...] If you can outsource something—or not do something—for less than your hourly rate, outsource it or don’t do it. If you can hire someone to do it for less than your hourly rate, hire them.
— Naval - 'Hourly rate'
What is your time worth to you? £50 an hour? £500?
If your time is worth £50 an hour, is a £6 motorway toll road worth it to save you 45 minutes?
Worth a thought.
Cheers.
If you found this interesting and useful, feel free to subscribe. I send emails like this every Tuesday - see you next week 👍🏼
This Week’s Recommendation 🔝
Music 📻 - Radio 1 Relax
As I write this, I'm listening to the Wind Down show on Radio 1 Relax on. Super chilled, good for concentrating and chilling out. If you haven't heard of it before, it's a digital-only chilled out sister station to Radio 1.
Photo of the Week 📸
This Week I’m: ⬇️
Reading 📚 - Under the Whispering Door - T.J. Klune - I saw lots of anticipation for this book, so I had a YOLO moment and pre-ordered it following a brief look at the blurb. It abruptly arrived on my Kindle last week, and I can already tell after 3 chapters that it's going to be an absolute banger! It's about a very nasty man who dies, and refuses to 'cross over' as a ghost.
Also reading 📑 - Personal values: How to know who you really are
Listening to 🎧 - About to finish American Dirt - Jeanine Cummins (audiobook), I'll probably listen to A Promised Land next, read by the man himself - Barack Obama
Watching 📺 - Gordon, Gino and Fred Go Greek - hilarious
Planning 🏴 - A trip to Bristol in November - all recommendations welcome!
This Week’s Quote 💬
If you do hard things now, you’ll have an easy life later; and if you do easy things now, you’ll have a hard life later.
— Steven Bartlett
Let me know your thoughts by hitting <reply>.
Looking forward to catching up next week.
In the meantime, find me on Twitter, Instagram and YouTube, and have a look at what I’m reading on Goodreads. Ciao!
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