The perennial question of Time vs Money is probably one of the many questions that every young struggling executive or budding entrepreneur is seeking to answer. While those with time grapple with stability, those with money grapple with joy. The question therefore remains, which is the better choice. Read on to find out more.
People tend to value money more when surveyed
It is no big secret that when polled by researchers, majority of people prioritised money instead of time when given the choice. A recent study conducted in 2016 published in the Journal of Social Psychological and Personality Science surveyed over 4,600 participants in a massive study to find over 64% of its participants selected money over time when given the choice.
People who tend to value time are happier
The same study on the other hand also revealed some stunning results for individuals who prioritised time over money. People who prioritised time over money on average scored higher in happiness compared to those who choose money. This is after controlling for other factors like salary, education, hours of work and age and gender.
Being old does not mean your time is up
While research suggests that people who value time are happier, we’d like also to point out that many successful individuals you know and admire today succeeded much later in life than expected. Probably the two most prominent examples of people who succeeded late in life were Colonel Harlan Sanders of Kentucky Fried Chicken (KFC) and Ray Kroc of McDonalds. After having lived almost a full life, Colonel Sanders sold his first KFC franchise in 1952 after a failed marriage of 39 years, being fired from almost a dozen jobs and being declared broke at age 65. McDonalds franchise salesman Ray Kroc on the other hand was initially a milkshake mixer salesman for Prince Castle which closed down due to poor sales. Not only until he reached his 50’s did he purchase his first McDonalds franchise in 1961 and expanded it into a world-wide franchise.
Money is a renewable resource, time isn’t
When considering the money vs time question, many often fail to recognise that time unlike money is a resource that is not renewable. How one chooses to spend the seconds, minutes and hours in a day while entirely up to a person is a resource that is forever irretrievable. The passing of time cannot be redeemed while money on the other hand though hard to earn is a near infinite resource that can be renewed day by day as long as one chooses to work or find creative solutions to problems people face. It is important for you then to realise the importance of time management and to ensure these precious moments go into creating your best and most inspiring work. Save precious time by working instantly when inspiration comes to you with Microsoft 365 Business . With this unique solution, you’re now free to be productive anywhere and at any time you choose, particularly when inspiration strikes you the most.
Implications for business owners and entrepreneurs
There is no denying that business owners and entrepreneurs know that time is one important resource but in pursuit of material wealth and fortune, the lines can sometimes be significantly blurred and we end up neglecting people and relationships that matter around us due to a significant lack of time. A smart entrepreneur will always look for the best ways and approaches to manage one’s time by utilising all available resources. This means looking hard into advents in both technology and better social well-being management to ensure they are able to present their best selves to both their community and their families. The mark of a true entrepreneur is the ever-growing need for improvement and no good entrepreneur is ever seen without a good system or routine that propels continuous success.
Food for thought
Living in challenging times maybe one of the main factors that so many have chosen to prioritise money over time. Most times as individuals we complain, grumble and whine about the lack of resources and support from either love ones or our employers. A movie moment that characterises this with deep similarity was when Frodo laments to Gandalf the wizard regarding his fate of having to live through the period of strive in his quest to destroy the One Ring. The reply by the wise wizard is filled with both deep relevance and wisdom to the question of time vs money. We leave you with this exchange as food for thought.
“I wish it need not have happened in my time,” said Frodo.
“So do I,” said Gandalf, “and so do all who live to see such times. But that is not for them to decide. All we have to decide is what to do with the time that is given us.”
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