You know those posts that have a title that is designed to be misleading, but it is technically true. Yeah, this is going to be one of those posts. I do believe that time and money are directly correlated, but I do not believe that this equation time(sec) = money($) is correct. I think the equation really looks like this x*time(s) = money($). Where x is a variable that changes in each situation. At different points in my life I have had more time than money, and others I have had more money than time. So x can grow larger and smaller depending on the situation.
The best example of this for me is right after I graduated from college and had a full time job. Even though I did a lot in college, I honestly had a lot of free time. Chipotle had a promotion going where they were giving away free burritos. Of course because of this the line was an hour long. I was on a college campus so there was always a line for Chipotle, and there is nothing college students love more than free food. While I was in college, I totally would have stood in line for a free burrito. Honestly, I used to stand in line for a lot longer for things that were much less delicious. I drove by Chipotle in my car after work, saw the line, and thought, “I will just pay the $6 for the burrito.” There was a fundamental change in my time-money equation. I suddenly had more money and less time, so standing in line for an hour for $6 worth of food was no longer appealing.
This is a natural phenomenon. When we are young, we have a lot of time, and very little money. When we get older and have a job, we have a lot less time but more money. When we retire, we have a lot of time, and depending on our retirement plan, a good amount of money. I am a sucker for a graph, so here is a poorly made one.
I am just guessing on the proportions here, but the downward slope during most life, and then sharp incline at retirement I think is accurate. So anyway, I think you all already make decisions like this subconsciously. However, I think that it is very important to examine yourself, and be aware of the reasons you make decisions. So being aware of your value of x is extremely important to make good decision. So go out and be a good steward of your time and money.