Buying Time

Buying Time

This summer at the Jersey shore, which is my happy place, I was able to get together with my best friend and hit the town.  It was what one would expect when two best buds get together sans’ kids and wives.  Did a little bit of bar hopping, ate dinner on the bay, and as usual, were full of spirited debates.  You know the kind when you and your bestie are engrossed in it, yeah, that kind.

Anyway, one of the topics that came up was spending.  His wife just took on a new job and is getting paid a good bit more than she was previously, yeah, she’s a big-time attorney boss lady (very proud of her).  In any event, I asked him, “So, with your newfound income, how do you plan to allocate it?”  He started with the obvious things of saving more, maxing out 401(k)’s, building up a cash reserve, etc.  Then he looked at me and said, “With the rest, I’m not sure, what would you do?”

If you know me, be careful if you ask my opinion, as you will almost certainly get an answer.  This led to a very interesting debate.  I told him I don’t strive for many material things anymore, and thus, if I am going to splurge, it would be on a different category.  Perhaps it was the martini’s speaking, but the conversation turned very philosophical.  That is when I said, “You know, I look at money as a way to buy the most precious resource there is, time.”

Time is Money, Money is Time

Time with my family, time with my friends, time pursuing my passions, time traveling, time reading, time working out, time on my health, and time having meaningful experiences.  That is what I want to spend my money on: post-financial and family security.  In essence, I want to spend my discretionary dollars in a way that buys time.

Let me give an example of buying time.  Now that my children are old enough to do family vacations, we do a fun spring break each year.  Yes, the vacation alone can be viewed as buying time with the most special people in my life.  In addition, even on vacation, the things I’ll splurge on, like direct flights or a car service from the airport vs waiting in line for a taxi, can all be viewed as spending money to buy more quality time together.

Let’s now contrast that with purchases or ways I could spend my money on not buying time.  If I simply wanted to buy another car or can’t wait to get the new gadget.  These things can be cool and enjoyable, but do they buy time?  I’d certainly argue not. 

Now, that isn’t to say, never buy nice things with your extra money, and look for some people you don’t even have to choose.  I find for myself, though, that if I am going to splurge on something extra, given the choice, it is almost always buying more precious time so that I can enjoy authentic relationships or experiences. 

How You Buy Time

It doesn’t matter who you are or how much you can allocate to buying time; there are a myriad of ways to adopt this in your life.  You can pay a landscaper or housekeeper to care for your house or lawn.  In effect, freeing up the time you allocate to those chores in a more thoughtful, impactful way.  As mentioned above, on vacations, you can buy direct vs layovers and splurge there.  Heck, you can even splurge by going out to dinner as a family on some form of regular occasion in an attempt to spend more quality time together, rather than cooking and cleaning. 

The options are literally limitless, and the important thing here isn’t to spend your extra money on buying time necessarily, but rather being thoughtful about what you spend those extra dollars on and if you are getting the best bang for your buck.

You can see that for me, I prioritize buying time, and as long as you are honest with yourself on why you spend what you spend, then go enjoy those extra few dollars and make sure your personal finances are intact first.

As always, stay wealthy, healthy, and happy.