Time is one's most valuable resource. We all get the same amount - 24 hours a day, 168 hours a week, 8760 hours per year. Rich people, poor people, famous people, important people and the masses all have the same amount of time. I can't get any more time, no matter how much I pay. Once time has passed, I can't get it back. Missed events, anniversaries, and "firsts"are gone forever once the event is past.
Money is another valuable resource. However, it is a "renewable" resource and has no limits. When I run out of money, I can earn more money via my job, business or investments. If needed, I can also ask others (e.g. banks, family, friends, etc.) for money. Also, as wealthy people know, having money has it's privileges, such as paying other's to do task to free up time.
So when I am asked, "Do I want more time or money?", I answer it differently. I think about how I want to spend time that I have. Do I want to spend time with family and friends or do I want to spend time making money?
The Evolution of My Answer
When I was younger, the answer was more money. During that time, I shifted my time from family and friends to work. I began to put long hours, invested personal time to improve work skills, and gave social elements second priority. My career and financial situation significantly improved during this time. Multiple promotions, significant raises, and qualifying for bonuses and other compensation.
Recently, the answer became more family and friends. My parents who have been very healthy all their lives, began to experience a significant decline. My dad caught pneumonia and passed away after fighting to recover from the illness for six months. Soon after, my mom had two hip fractures which put her in a nursing home. I began to realize that time with those important to me won't last forever. So now I want to spend more time with my family and friends.
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Photo Credit: morgueFile.com, Iván Melenchón
This is not financial advice. Please consult a professional advisor.
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