What is the Time-Equals-Money Concept?

  • 1st Dec'20
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Everyone must have heard the famous quote by Benjamin Franklin, "Time is money". When we say time is money, we actually mean that saving your time is equal to saving money. It is a famous phrase in English that glorifies the importance of time and gives us the idea that once the time is lost, it cannot be regained. This is how we justify the concept of Time Equals Money. 

Benjamin Franklin used the phrase 'time is money' in his book, Advice to a young tradesman, which means that time should be spent wisely so that one can earn money, and if this time is wasted, then all the opportunities to make money are lost. 

Success and failure of a person depend on how wisely he/she spends time and those who utilize their time wisely surely attain success.
 

 

 

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Reasons Why ‘Time is Money’

There will be barely a person you have not heard the famous quote 'time is money' in their life. We are always told that time is precious and how we spend it determines our future, but do we know the reason behind saying so? Get to know the reason why 'time is money'.

 

Time-Equals-Money Concept

The time equals money concept is quite simple, it means those who own money own other people’s time. For example, as employees, we agree to offer our work and time in return for money. We offer our time, and in return, we earn a certain amount of money. Time equals money means saved money is saved time, gained money is gained time and lost money is wasted time. The amount of money you have in your pocket as savings represents the time you worked, and the market value of your time.

Listening to the importance of time and time is money so often, we tend to invest our time in trying to make more and more money. And in that process, we leave our loved ones back but get confused because the quality time you spend with people you care about, at home and at work, doesn’t translate into Dollars. Yet, it gives you a thousand times more happiness than you will get by earning money.  

Not everything is countable, weighable, measurable, or can be translated into money. In the end, your life is not measured in dollars spent or saved, but in years spent well.

 

Also read, Time: Meaning, Importance, and Value of Time

 

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*Note: The content published above was made in collaboration with our members.

About the author:

Jyotshana Rani, OpenGrowth Content Team

Jyotsana is very keen to express her views on new topics and wants readers to remember her through her writing. She is passionate about reading and believes that words wield the power of changing the scenario and she uses them to encourage people to the best of her knowledge.


Post Your Comment
Sathyan Muttambalam

Why most of us do not value the time of another person? Here is a personal experience. Some years ago I was asked to speak on my proposal of how Nair community can be developed. the Karnataka Nair Society. I was supposed to speak in the general body. The office bearers suggested me to speak after one session. I wanted there for 3 hours. And finally I was invited to speak informing me to speak only for three minutes. I waited and wasted three hours for speaking three minutes This shows that we are not bothered of the value of others Sathyan Muttambalam

2021-03-22 06:25:55


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