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Valuing Time

Chris Teague - 2 mins

What’s it for: Putting a value on our most prized asset.

Who’s it for: The foolishly busy (me included)

“The price of anything is the amount of life you exchange for it.” Henry David Thoreau.

This is a quote I recently read and it really made me think; we don’t buy things with money, we buy them with hours from our life.

This I felt was a life-changing principle, one I needed to share. The money we earn is ours to keep and we can spend it as we wish. But it can be a helpful exercise to realize how many hours of our lives go into each purchase we make.

ACTIVITY Median UK income = £28,400 in the financial year ending 2018 Typical working week = 40hrs/2400mins 52 weeks a year = 22p/min

This is approx. how many hours of work (ignoring taxation) that are needed for the following purchases: Starbucks Cappuccino (£2.60) = 11 minutes of work Dinner at a restaurant for your family of four (£100.00) = 1 day of work 256GB iPhone XR (£849) = 8 days of work 2019 VW Golf (£25,040) = 11 months of work UK average house price £226,234 (interest rate 3.92% over 25yrs) = 11yrs 2mths of work

Based on the above are there better ways to spend our hours pursuing items of far greater value than material possessions?

Inspired by We Don’t Buy Things with Money, We Buy Them with Hours from our Life WRITTEN by JOSHUA BECKER ·