Time Vs Money
Have you ever stopped to think about the meaning in the saying "Time is money."? Let's take a look at two real life examples:
Person A.
"I live in NJ and work in th city(NYC). I get up at 6am everyday, leave my house at 7am, drive to the bus stop, and arrive at my office around 9am. I take off an hour for lunch and usually leave work around 5:45-6:30pm reaching home around 7:30-8PM. I eat dinner, then watch TV or browse the internet until bed time(11-11:30PM). My compensation: near 6 figures..."
Person B.
"I live about 7-10 mins from work. I get up around 8am everyday, leave my house around 8:30am, and arrive at my office around 9am. If I do not have a early afternoon meeting I go home for lunch for about an hour-hour 15mins. I leave work between 5:00-5:30PM and at home 15 mins after that time. I make dinner, eat and from 7-11pm I have free time. I go to the gym or rock climbing, or I go to Barnes & Noble, watch TV, read, etc. My compensation: in the 80s..."
If you had the option to choose between these two, which one would you choose? In this example we are really talking about 4-5 hours spent in commute time. Is it worth the extra 10-15k?
Let's look at another case.
Person C.
"I use to have a 9-5 job. It was near my work and I was able to go home for lunch on most days. I even got out early on some occasions. I was able to work out every day or go to Yoga classes. BUT, the compensation was very unsatisfactory. At my current job I make 1.3X what I use to make! Finally, I feel like I have some financial freedom. Work pays for all my meals which saves me even more money! However, I work 15-18 hour days and most weekends. I almost never get to the gym and Yoga and friends are fading fast..."
1.3X the pay, but more than double the work hours and work on weekends? Hrmnn... in terms of pure math I could understand 2X the pay for double the work. For all those considering a career path that consumes 100% of your time, please remember to calculate the number of hours you work divided by your salary to figure out how much an hour of your time is worth. For some folks, it isnt much more than minimum wage....
-Mikey
Person A.
"I live in NJ and work in th city(NYC). I get up at 6am everyday, leave my house at 7am, drive to the bus stop, and arrive at my office around 9am. I take off an hour for lunch and usually leave work around 5:45-6:30pm reaching home around 7:30-8PM. I eat dinner, then watch TV or browse the internet until bed time(11-11:30PM). My compensation: near 6 figures..."
Person B.
"I live about 7-10 mins from work. I get up around 8am everyday, leave my house around 8:30am, and arrive at my office around 9am. If I do not have a early afternoon meeting I go home for lunch for about an hour-hour 15mins. I leave work between 5:00-5:30PM and at home 15 mins after that time. I make dinner, eat and from 7-11pm I have free time. I go to the gym or rock climbing, or I go to Barnes & Noble, watch TV, read, etc. My compensation: in the 80s..."
If you had the option to choose between these two, which one would you choose? In this example we are really talking about 4-5 hours spent in commute time. Is it worth the extra 10-15k?
Let's look at another case.
Person C.
"I use to have a 9-5 job. It was near my work and I was able to go home for lunch on most days. I even got out early on some occasions. I was able to work out every day or go to Yoga classes. BUT, the compensation was very unsatisfactory. At my current job I make 1.3X what I use to make! Finally, I feel like I have some financial freedom. Work pays for all my meals which saves me even more money! However, I work 15-18 hour days and most weekends. I almost never get to the gym and Yoga and friends are fading fast..."
1.3X the pay, but more than double the work hours and work on weekends? Hrmnn... in terms of pure math I could understand 2X the pay for double the work. For all those considering a career path that consumes 100% of your time, please remember to calculate the number of hours you work divided by your salary to figure out how much an hour of your time is worth. For some folks, it isnt much more than minimum wage....
-Mikey
posted by M @ 10:54 PM
1 Comments:
At 4/19/2006 9:32 PM,
Anonymous said…
i'd like to say that for that extra money made, if invested wisely, along with the lack of ability to spend the money you will be able to drastically change your lifestyle in the long haul.(or even just a few years of difference) considering you're looking at saving all your money and not doing anything anyway.
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