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Money is important, especially when you don’t have any. Ask anyone who is struggling financially, and it is no surprise that money is constantly on their mind.
Ask someone who is financially set, or someone facing a terminal illness, and you may hear a different answer.
Weighing the value of money against time has been on my mind ever since learning I had breast cancer in 2022. After getting over the shock of my diagnosis and getting through treatment, I knew I would be fine.
However, I had to think long and hard about going back to work. The last thing I wanted to do after recovering from cancer was to risk getting COVID, since my work put me in the homes of my clients. How much time do I have left, anyway? Cancer made me ask myself why I was even working.
Ten years into my plan to catch up on retirement savings, I had achieved what I had set out to do. Enough to put a priority on my time going forward, at least.
Chalk it up to cancer and a global pandemic, time is worth more than money to me now.
Table of Contents
What Is More Valuable, Time Or Money?
The answer to this question may depend on who you are and where you are in life.
We have all heard the phrase “Time Is Money” and it is easy to become consumed with the desire to earn more. Especially when you are behind in saving for retirement and still want to travel and enjoy life along the way.
If You Are Young Or Broke
If you are young and healthy but lack the income to meet your basic needs, money feels much more valuable. It may seem like you have all the time in the world, but without enough money, you may struggle to afford rent, feed yourself or your family, or pay your bills on time.
When cash is tight, you may find yourself in the downward spiral of debt with no way out. A little more money seems like it could help solve all your problems. I’ve been there and definitely felt that way in the past.
Related: How To Get Out Of Debt For Good
Can Money Buy Happiness?
Once you have been able to meet your basic financial needs, more money should lead to even greater happiness, right? Yes, but it may have more to do with whether you were a happy person to begin with.
A study done in 2010 found that money did increase happiness, but only to a certain point. At that time, it was $75,000 per year. Research published in 2021 contradicted that, so the authors of both studies collaborated to figure out why.
Together the researchers concluded people do enjoy the spoils of a bigger net worth. Except for 20% who were not any happier. Even for those who reported feeling happier with more money, the increased level of happiness was small.
Money can be a tool to help you afford rewarding experiences. Still, it’s just money. You do not have to have money for every activity. There are plenty of ways to entertain yourself and create happy memories for free.
If You Already Have Money
Those who have enough money frequently put a higher priority on time. When your work life takes over and your time becomes focused on chasing after more money, there is extraordinarily little time for rest and relaxation, or for social connection.
Remember the Harry Chapin song about the boy who grew up to be just like his dad, with no time for family? You do not want to be that guy, looking back over your life with regret.
Better work-life balance becomes an option when you have enough money. You can even buy back your time by paying someone else to do the things you do not enjoy doing. Having a day off from work can result in more pleasure and satisfaction than the financial reward of one day’s pay.
It is important to note that there is a level of privilege involved when you do not have to worry about money. Personally, I have lived through times of scarcity. My career as a social worker also gave me a bird’s eye view on the challenges of poverty. It taught me to be grateful for what I have and generous when I can be.
If You Are Old Or Sick
Age and illness also impact views on time versus money.
For those with a life-threatening or terminal illness, having more time is way more desirable than more money. A dying man will never cry out on his deathbed, wishing for more money. Another money truism is that “you can’t take it with you” when you die.
Your money may not run out, but your time will. Because it is finite, time is priceless. Once time passes, it is gone forever, and you cannot get it back. No matter how much money you have.
Sometimes There Is No Question
In 2013, my husband and I were deep in debt, with no retirement savings. During that time, we experienced a health crisis when my husband had a ruptured brain aneurysm and almost died! If that was not shocking enough, my employer unexpectedly cut back everyone’s hours. Our two-income household suddenly had to rely on less than one income.
Despite our unstable financial situation, it became clear to me that money was the least of my worries. I was facing the possibility that I might not have any more time with my husband. There was no question that time with my partner was worth more than money.
My husband recovered enough from his ruptured brain aneurysm to come home, but his permanent memory problems prevented him from being able to go back to work. If we were going to improve our finances, it was going to be up to me to make it happen.
Although we eventually got out of debt, we were now painfully aware that a job loss, health issue or even an accident could happen again at any time. We needed a financial safety net, and we needed to do something about our empty retirement accounts. Otherwise, I would be working the rest of my life.
Little Boxes Of Time
When trying to figure out how to catch up our retirement savings after a late start, I read every blog and book I could find. Eventually, I discovered the FIRE (Financial Independence, Retire Early) movement.
Related: Best FIRE Books
One of the first FIRE blogs I read was Millennial Revolution, founded by Kristy Shen and Bryce Leung. We had the pleasure of meeting them in person at a conference called Chautauqua, where Kristy talked about the lessons learned on their path to financial independence.
During a presentation Kristy gave at Chautauqua, she shared a large drawing of many little boxes, aligned as a grid. Each little box represented an equal chunk of our lives. As Kristy spoke, she colored the boxes to show the passage of time. The idea was to ask ourselves how we wanted to spend our limited time (the little boxes) before it was gone.
Four Thousand Weeks
How will you fill the boxes of your life? Will you spend most of your life in a cubicle, or will your priority be on following your dreams? If you look at the average lifespan in the United States, you might expect to live to 80 years old. That works out to about four thousand weeks.
In Oliver Burkeman’s book Four Thousand Weeks: Time Management For Mortals, he encourages us to discover ways to replace the anxiety driven productivity treadmill with community building and finding meaning in our lives.
Kristy and Bryce learned through their own trial and error what worked for them. They have since authored their own book, Quit Like A Millionaire: No Gimmicks, Luck, or Trust Fund Required, which highlights more of the lessons they learned.
Time Equals Money, Or Does Money Equal Time?
In their book, Kristy wrote about various side hustles she had started while trying to break free from a toxic 9-5 job. As each failed attempt added to her frustration, Kristy finally had an epiphany. After knocking a “Time = Money” poster off the wall, Kristy read the words upside down as “Money = Time” and realized she could use her savings to buy back her time.
By saving and investing in low-cost index funds, Kristy and Bryce let their money work for them. They saved and invested until they had enough money to generate their desired income. It took about ten years. Then, they left their unfulfilling jobs and began traveling the world, creating happy memories together.
Kristy and Bryce took advantage of the power of compounding, which allowed their money to continue growing even as they traveled the world. They invested their money, which bought them time.
Related: How The FIRE Community Is Going To Change Your Retirement Strategy
How Cancer Helped Me Prioritize Time Over Money
It is so easy to get stuck doing things the same way, over and over. Honestly, I would not have retired as early if I had not gotten cancer. Even though my husband wanted me to retire sooner, I thought we still needed more money in our retirement accounts.
Money is important, but it is not worth putting your health at risk. I do not know why I got cancer, as it does not run in my family, and I follow a healthy diet. Stress may have had something to do with it. I felt stressed about our financial situation in the past and ongoing pressure to improve it.
Working full-time as a social worker and part-time as a licensed speech therapy assistant helped bolster our finances but working that much was also a stressor. I had less time for family and friends.
Plus, I was worried about returning to work so soon. Would my cancer come back? Was my immune system weakened by my cancer treatment, making me more susceptible to any illnesses I might encounter when visiting the homes of my clients?
It Is OK To Take A Step Back
I concluded that I could go back to work in the future if needed, but now was not the right time. I realized it is OK to step back from a job in favor of prioritizing the time I had left doing what I enjoy with the people I love.
Time creates more memories than money ever will. This realization is critical, because we can always earn more money, but we will never be able to get back time once it passes.
Money Is Just Money, But Time Is Priceless
Shifting financial gears in retirement can be tricky. You must know when to stop saving and start enjoying the time you have left. For many retirees, the transition from saving to spending can be a tough adjustment.
It can be helpful to make a spending plan once you reach retirement. Give yourself permission to loosen the purse strings. You need time to spend money, too. If you wait too long, you may end up losing out on experiences you could have enjoyed with the people you love.
In the book, Die With Zero: Getting All You Can From Your Money And Your Life, author Bill Perkins makes the argument that it is far more satisfying to spend your money (or give it away) while you are still alive and can enjoy sharing it. If instead you bequeath your money to your heirs or charitable causes after your death, you will never get to see how they benefited from your generosity.
Not Money, But Time Contributes To True Happiness
Maintaining & strengthening relationships is something I have been thinking a lot about. The pandemic really put that in perspective over the past few years – we need social connection. Plus, none of us know how long we will be around. Hopefully, we will all get to enjoy rich, full lives for many years to come.
Having cancer helped me to reflect on what is most important to me. That turned out to be spending time with family, friends and having shared experiences with like-minded people. Preferably in beautiful places around the world.
“Call it a clan, call it a network, call it a tribe, call it a family. Whatever you call it, whoever you are, you need one.” – Jane Howard
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