Money Value of Time

Time is money - right? Ehh - I’m not sure. 

This past weekend I painted a large section inside our house. While doing so, I had ample time to think - specifically about the tradeoff of paying someone to be doing the very task I was doing. 

While I’m a huge believer in the Time Value of Money, I was thinking more about the Money Value of Time. 

I listened to a podcast in which the guest said early on in his career he would either ignore or delegate anything that didn’t add $5,000 an hour to his personal income. I would agree there’s some business-specific truth to this - hiring, empowering, and delegating certain tasks to others.  

For me, let's use easy math, and let’s say I want to target to earn $100/hour of my time. If it took me 25 hours to paint, then I could have easily justified paying a contractor $2,500 to do it. 

But (pun warning) how wide of a brush do we paint with this idea?

What about life outside work? Am I going to pay someone to help with the dishes after dinner? To teach my boys to ride a bike? To attend my daughter’s gymnastics meets?  To volunteer in ministry? This gets dicey. 

Or what about other things we enjoy? I happen to enjoy [most] house projects. I could financially justify paying someone to paint, mow, or fix some appliances. But I personally place a value on being pseudo-handy, seeing instant results, and figuring things out. Shoveling snow, all plumbing and HVAC work - different story, and I'll gladly pay someone to do those things

But what if ALL my time was spent doing those projects - leaving no time to spend with my kids? Or I became so agitated doing those things I was miserable for days? Then I think using Money to pay someone else gives me more Time to spend elsewhere. 

I don’t believe that Time is equal to Money. I believe Time is more valuable than Money simply because Time is non-renewable. The key is to figure out how to better utilize Money to best allocate our Time. 

And to do that - you have to get super clear on 

1- what your Values are, so that 
2- you can allocate your Time accordingly, and 
3- allow Money to give you that Time. 
Interesting Resources 

1. Albert Bridge Capital - Stay in the Game
This was one of my personal favorite pieces I’ve come across in a long time. Really amazing, transparent, personal story from a father and his wayward son, a dog named Chica, and a man named Kenny. The surprise at the end - well, just go read it. 

2. Chris Horst - How To Survive Our Cause-Saturated World
I’m proud to call Chris a friend of mine, and this article is fantastic on how to navigate a world that’s steeped in Causes. “Even my seemingly inconsequential actions can communicate - albeit unintentionally - a collage of values and political beliefs.” Chris proposes 3 considerations for navigating these - Challenge your presumptions, Go deep not wide, and Share without scolding.

3. Dan Pink (Pinkcast) - This is How To Make Your Meetings Less Awful (video)
For those of us who find meetings a required part of our job, this quick video offers 3 quick tips. Separation, Standing, and Shrink. If you’re hosting or leading the meetings, this is especially important. And do you know why the normal meeting time is 60 minutes? Because that’s the default meeting by calendar products. The last one really got me - “Work expands to fill whatever time is allotted to it.” 
So - tell me what you think. Does Time actually equal Money? Am I wrong in thinking otherwise? Would love to hear your thoughts. 


PS - congrats to the S&P 500 for closing at a record high this week. 
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