Authored by Stephanie May, NBR Summer 2009 Intern
We've all heard the phrase "time is money" right? Whether or not the cliché is true, it seems we never have enough of either. I was pondering that phrase today as I was racing from class to class lugging a 50 pound camera and wondering how in the world I was going to even eat lunch, let alone find any time to relax. What does the phrase really mean? Who in the world does it apply to? And, wouldn't life be great if we all had more time and more money?
As a freelance journalist, I work ten hours a week for 11 dollars per hour. I think it's a pretty sweet deal, but, in my case, time definitely isn't money. Bill Gates however is a different story. He makes 250 dollars a second. If I made that salary, I would have earned $225,000 just while taking a shower this morning. I'll take it!
But what if we reversed the phrase and began to think of money in terms of time? Yesterday, I went to the store and bought a pair of sunglasses for $115. If I think of that purchase in terms of time rather than money, I realize I just spent 10 hours instead of 115 dollars. In this instance, I think my fancy new shades are worth the week I spent earning the money. However, there are some other cases where I'm not my purchases were worth the cost (in time or money).
What if we had the choice... more time or more money? Which would you pick? Does one of them actually make your life better? If I were given the choice between more time and more money, I would definitely pick time. If you had a surplus of money, but no time... how would you enjoy that hard-earned pay check? What's the use of being able to afford an expensive vacation without the time to take one?
But with more time, I think we could all enjoy more of the joys of life that are actually free! Think about having more opportunities to hang out with family or friends, take a long nap, or curl up with a good book. (As my roommate recently reminded me, a library card is free... assuming you bring your books back on time.)
Exhausted, stressed, and did I mention exhausted? I'm wishing I had a bit more time to myself. Some extra cash would be great, but -- when you get down to the essentials of life -- it's time that really matters. At least, it matters most to me, as it should to everyone working to get fiscally fit.
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Comments
I think you make a valid point here, Stephanie, about the idea of focusing on making more money when you don't have time to enjoy it. Some people don't have a choice due to the fact that their basic needs aren't being met. Others would lose their jobs if they didn't put in the hours demanded of them. However, if you do have a choice about earning and then spending more money or taking time out to do things that don't cost money it is definitely something to consider as you point out in your blog.
Jaime,
I too don't think the Dow hitting 10,000 means anything, either fiscally or emotionally, at least until it stays above that number for a significant period of time. Today the Dow closed below 9,950; that makes 10,000 completely irrelevant. I think the meaningful DJIA is a moving floor where it passes a number, stays above the number through normal swings and can withstand some unexpected events. To me that number right now is 9,000. Even if we're to have the correction many analysts are predicting, 9,000 is probably pretty safe. It's like building an office building---make sure one floor is solid and secure, then build the next one.
But let's not confuse the stock market with the overall economy. A lot of people have gotten well in the market during these last 8 months. Bank of America was selling below $3; it's now around $17. Citi was less than $1; now it's $4+. Ford, GE, Apple---there are a number stocks where people have made a killing. But all the while, the unemployment numbers are still growing and housing prices are still way down. The average person---those who don't play in the markets---is still getting hammered.
Terri says Wall Street is telling us we should have renewed confidence now that the Dow has hit that "magical" number. But wasn't Wall Street a major player in putting us where we are now? Why should we believe what they say?
Charlie - We'll make sure our program producers read your comment. In the meantime, you might also want to check out this blog entry from Terri Cullen, our Economy and the Markets blogger: No Bubbly Needed Because the Dow Hit 10,000
Stephanie,
Your posts are always well written, informative and very entertaining. You're obviously a very intelligent person, a good student and you should have no problem finding a job after completing your education. For your sake, I hope the job will be a well paying one or that the Bank of Mom doesn't run out of capital. Otherwise you may have to stop blowing an extra $2,000 a month, or not be able to afford $115 shades or weekend trips to Las Vegas. Let's see if you still take 15 minute showers when you're paying the water and electric bills. Stephanie, it's time to leave Fantasyland and move into the real world.
Your cutesy posts are in some ways a relief to the serious financial and economic issues covered by NBR. But most of us, including those of us who are fortunate enough to have well-paying, are still struggling with many aspects of today's financial climate. The last thing I need to read about is some college kid's out-of-control spending habits.
ok i have no idea who to comment to but since i have good experience of interns maybe you would find a use for this . NBR has been all a flutter that the market is above 10K mark again the first time it crossed that mark was about 10 years ago. What has not been factored into this is that the compound inflation since that first event means the current equivalent should be 14K. It does not speak well of NBR to ignore such an important financial computation ... maybe your bosses should comment on this.
I wanted to take time off to recover from an injury, but could not because I couldn't risk losing my income. With enough money I wouldn't have to choose between good health and a job - I could pay the price for a better life. So money can buy some needed time, but time won't buy money (especially if you're unemployed).
Of course, if you already have more than enough money for all your needs, then more money doesn't matter as much. I'm all for enjoying the things that are free, so you have more money when you need the things that aren't free.