Many measure wealth in terms of money alone, the higher the number in the bank account, the wealthier they are. Others measure wealth in terms of material possessions: lavish homes, expensive cars, designer wardrobes, intricate jewelry, and the like. For many, however, the true measure of wealth isn’t the money you have or the material goods you can buy with it, it’s the time you can buy back with the money you have.
Just how does one put a price on time? Start with living expenses. Examine what you need to be comfortable vs. what you want. A significant difference between the two is the extra amount you have to earn on luxuries, which could be spent on buying back time. How does it work in real terms? Here are two examples:
Taking time off. With extra money in the bank saved from cutting down on extra expenses, you could cover your essentials for longer with the cash on hand, enabling you to take time off work.
Avoiding the tasks you don’t like to do. Don’t like spending time cleaning the house? Or maybe you don’t like taking the time to cook? With money saved from extra expenses you could spend more time dining out or hire someone to clean around the house.
How you spend your money is ultimately your choice, but it’s also up to you how much you value your time.
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