Is Time Really Money? Financial Advisors’ Daily Digest – Seeking Alpha

Pardon the dj vu, but AICPA has released another survey today, and I'm taking the bait and writing about it - mainly because once again I find myself at odds with prevailing cultural views of money.

This survey, also of more than 1,000 adults and conducted by Harris Poll, examines the cultural relevance of the old adage "time is money." Turns out most Americans (59%) do equate the two, while a significant minority (30%) favor money and a very tiny minority favor time (11%).

As the news release announcing the findings puts it, "the survey explores whether Americans are more likely to opt for extra money in their pockets or extra time on their hands."

While I have often made the case for applying one's work efforts to saving for the future, that should not be mistaken for the notion that people should become workaholics. To the contrary, the whole purpose of saving for the future is so that we can achieve financial freedom, and what greater hallmark of freedom is there than control over our time. Thus, according to this view, time is more valuable than money. Money is just a convenience, a medium through which we manage our economic lives. Because we all have material needs, we must give up some of our freedom in order to obtain money. But freedom is, or should be, the ultimate goal.

I believe that if this were properly understood, our society would be more successful in preparing for retirement, because the stakes would be clear. To make that goal more vivid, I believe it is important to enjoy the freedom that time affords throughout one's life. When I achieve financial independence, I'll have a very clear idea of what to do with my freedom because I will have had decades of experience in enjoying it already!

Sadly, many people who reach "retirement" (I confess, I do not like that word) experience depression because they don't know what to do with themselves. My two cents: Whatever your ideal vision of retirement may be, start enjoying it now to ensure that you will enjoy it even more then.

Please share your thoughts in the comments section. Meanwhile, here are today's advisor-related links:

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Is Time Really Money? Financial Advisors' Daily Digest - Seeking Alpha