How Investing in Time, Like Money, Can Build Wealth
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Here's your money briefing for Monday, January 30th. I'm J.R. Whalen for The Wall Street Journal. You've heard the saying, time is money. Well, whoever came up with that phrase might have been onto something, because managing time properly can help us be smarter at managing money.
Maybe if we start thinking about time as something to invest rather than to just spend, we'll start allocating it towards things that are just more closely linked with long-term happiness.
Wall Street Journal personal finance reporter Joe Pinsker has been talking to researchers who've been studying the intersection of time and money and understanding the value of both. We'll hear from him after the break.
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Time is precious, but are you investing in your time the way you would invest your money? It turns out time, like money, can be allocated to build wealth and happiness in the years to come.
How does the episode introduce the idea that time can be invested like money?
Wall Street Journal personal finance reporter Joe Pinsker wrote about this, and he's here to talk about it. Hey, Joe, thank you for being with us.
Hey, thank you for having me.
So, you know, Joe, time is a precious commodity for people, and this topic reminds me of hearing people say things like, you know, don't waste my time.
It's something that's been around for a long time. People have been anxious about misusing the limited time they have on Earth for quite a while now. I was in touch with a lexicographer named Corey Stamper who pointed me to one of the early examples of a poem that combined the verb spend with the word time. And the line from it now translates to something like, the lifetime that I've been lent in idleness I have spent. So people have been feeling guilty about this for quite a while. And that poem goes back to the 14th century.
Oh, it's like I'm getting an English lit lesson along with hosting a podcast.
A middle English lesson, to be precise.
All right. So let's fast forward. You've been speaking with researchers who are studying how we use our time might help us in being smarter with money. Why is that significant?
Yeah, when we think about time as one of our big, important, but very scarce resources, people are in a way born rich with time and then spend down their fortune of it as they progress through life. And time, unlike money, isn't going to grow over the course of your lifetime. But there are ways to try to get time to pay out a similar kind of interest over time. When we think about what we do with time, the verb that we usually use is spend. And what I wanted to do in my article is think about what it would mean if we applied a different verb. And there were some researchers I was in touch with who study time and happiness. And they think that if we think of time as something to invest rather than just spend, that might help us use our precious hours to build up a wealth and fortune of fulfillment and meaning that...
would sustain us for the rest of our lives.
So how would that be beneficial to people?
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