Time vs. Money: Which Is More Important?02 Sep 2021
Source: The Simpsons
Time and money are two topics that often get debated.
Most articles and many people think time is more important and more valuable than money. But is that really true?
Source: Late Night with Seth Meyers
Why time is important
Time waits for no one, which makes it a precious resource - once it’s gone, you can’t get it back.
This is why time should be used wisely and why there’s the saying that “time is money”. We only get 24 hours of this valuable currency “deposited” daily into our “time accounts”, and this amount resets at the end of the day and cannot be accumulated.
With the availability of social media and other distractions in this day and age, it can be easy to waste and lose precious time if we are not careful with it. Our success or failure will depend on how we spend our time, so we must do all we can to seize every opportunity and make the most of the time that’s given to us.
Why money is important
It’s true that money isn’t everything. Nonetheless, it is still necessary for our survival.
We need money to have access to our basic needs, which are food, shelter and clothing. Beyond that, money functions as a tool that enables us to support the things that matter, such as our family’s health, education and well-being, as well as charities and causes we care about.
Money can also help us achieve our life goals, like the freedom to choose our own path in life, travelling the world, and finding new experiences. It can also buy us more time (eg. outsourcing certain tasks to others) to focus on other responsibilities, as well as on the things that make us happy.
In an ideal world, a lot of the world’s problems can be solved if everyone had adequate money and financial security.
So what’s the verdict?
It is easy to think about focusing on just time or money, but a lot of people forget to focus on BOTH.
The truth is, time and money are EQUALLY important - we need both to achieve our targets. So when we place equal emphasis on both, we can achieve our life, financial and other goals much sooner.
Take advantage of the time you have now to grow your wealth and start planning for your retirement. And more importantly, do ensure the wealth you’re working hard to build is protected financially against any uncertainties.
Gibraltar BSN’s savings and investments plans include financial protection, savings and investment. Take a look at our recommendations here.