There are a lot of sayings about time and money.
Time is money.
Time is something money can’t buy.
The list could go on.
Yet, I think one of the biggest points when the comparisons are drawn between the two is that time is finite while money is infinite. You can always look for ways to make more money, but you can’t create more time.
We all have 24 hours each day.
168 hours each week.
My Perspective
I believe there are a few things we can do to use our money to buy time to spend on the things we want to do.
Those things will be different for everyone.
Here are just a few examples of what you could do with money to “buy time”.
Invest as much money as possible to be able to retire early and do volunteer work.
Pay others to do work around the house so you can spend more time with your family or on a hobby.
Spend money on education or coaching to accelerate your career to higher income.
Start a side hustle to help pay off debts and enable you to reach financial goals sooner.
An important calculation to determine how much to spend to have others do work around the house is understanding the hourly income of your household.
Take the total amount you make (take home with taxes removed) and divide that amount by 1920 (48 weeks of 40 hours/week).
As an example, a household with a take home income of $100,000 would be $52/hour.
If you need to have a room painted and the hourly rate of the painter is under $52, consider having them paint.
If the cost is over that amount, you might want to consider painting the room yourself.
Your Turn
What is the hourly value of time in your household today?
How would you want to spend money to buy time – invest, pay others to do chores, etc.?
What things would you not do at work or home if you could pay someone to do them for you?
How might you start to work to make that happen?