How Our Perceptions of Time and Money Change as We Age
How Our Perceptions of Time and Money Change as We Age
BY RETIRE BEFORE DAD
Our perceptions of the value of time and money shift as we age. In early adulthood, time is abundant, while money is scarcer. We want more money and are willing to sacrifice our time to get it.
By middle age, a thriving career helps us earn more, but job and family obligations consume our time. Life is expensive, and working middle-aged people never seem to have enough time or money.
Approaching retirement, we’re more willing to spend money to save time. Why mow the lawn when you could be playing golf or Bridge? And what good is all that wealth if we have no time to enjoy it?
Time was valuable all along.
But as we age and grow wealth, we learn to appreciate time more because we have less of it to live.
The sooner we learn, the sooner we can shift our focus to what’s most important.
Important of time vs. importance of money chart.
The crossover point — when we fully embrace time as the superior resource and prioritize accordingly — is realized at different stages of life for different people.
It may be gradual or sudden.
The approach to retirement is a typical time when priorities shift.
Does retirement change our perception of the value of money?
The standard path of attaining an expensive education and then working full-time for the next four decades to retire at 65 is still predominant.
But that’s Baby Boomer gold-watch thinking.
We have more options.
Time vs. money purpose?
Maybe when we find our true purpose in life, we modify priorities to elevate the importance of time, relationships, and our impact on the world over income and wealth.
For those with a clearly defined purpose, time spent not fulfilling that purpose is wasted time.
There can be prosperity in purpose. Finding work you love that serves others and makes you wealthy might be the holy grail.
Diagnosis as the cross over point.
A serious health diagnosis, accident, or death of a loved one might change your feelings about time and money too.
Imagine a doctor telling you there are only a few months left to live.
Life’s priorities would shift immediately.
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