Valuing Time
By: Chris Teague

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.

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

Categories: Inspiration