The money value of time

A long, long time ago in a finance lecture far, far away someone taught me about the time value of money. It is a principle that states money in hand now is worth more than the same amount in the future because of inflation. Lately however, I am beginning to think more and more about how I choose to spend my time and what a valuable commodity it is, hence me musing the money value of time.

I just typed the latter phrase into google and found this: “…you can’t have more than 24 hours in a day whatever you do and whoever you are. But putting these 24 hours to use is our individual choice. That makes it valuable. As they say it’s a perishable thing. Once gone you can’t retrieve it. That’s the value of time”

What makes time valuable? Some would say it’s the opportunity to make money and that is how it’s value can be measured. I prefer now to think back on memories that are really precious to me and think what was the x-factor ingredient that makes them memorable. Certainly some of those fond memories I could not have had without spending money to achieve them but equally I have spent large amounts of cash of things that have ultimately disappointed.

More common is the people that were involved, the relationships that have held strong over a number of years and sometimes a chance meeting or conversation with them that spurred the memorable event. How do we make more of those memories? Well I guess for me the answer is to nurture those friendships, be open to the ideas of others and when the opportunity to do the extra-ordinary arrives, seize it!

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