Dear Young Woman

Written by Pamela Wagner

Written by Pamela Wagner

@pamelawagnerofficial

If we equate more time invested with more money earned, we will soon reach our limits. Nor would this equation work. Because, whether we talk about Dietrich Mateschitz, Warren Buffett, or Jeff Bezos, we all have one thing in common: 24 hours a day. If we subtract an average sleep requirement of 8 hours from that, we’re down to just 16 hours. So my time to make money is just as limited as those of people who earn more than some might imagine. 

When I searched Google Scholar for the term ‘money mindset’, over 250,000 search results appeared. On Amazon, as many as 20 pages filled with book titles on the subject was found.

Researchers DeVoy and House (2012) in their study of 53 participants showed that just the thought of an hourly wage decreases our sense of happiness. In the event of delaying the achievement of a goal, more feelings of restlessness, dissatisfaction, and wasting came out. Their research further highlighted that the concepts of ‘time’ and ‘money’ evoke two completely different mindsets. ‘Time’ is often associated with experience and emotions while money is mostly associated with material achievements. The reason is that experience and emotion are more intensely felt than any interaction with material things.

Furthermore, Quoidbach et al. (2010) showed that participants who placed more emphasis on the attainment of money than on the experience of time, enjoyed a delicious piece of chocolate for a much shorter time. As such, a reduction in hedonic happiness often occurs when time is equated with money. Thus, for many people, it can also be seen that when money is given a higher importance, activities are less valued which do not lead to a direct economic goal.

You surely know this – remember back to your last vacation. You can more likely recall of a trip or experience easier than of something you bought. This is because emotions and experiences are much more easily anchored in our brains and memories than, for example, obtaining a souvenir or a new pair of shoes.

Accordingly, now the invitation to question, at the latest, the statement of Benjamin Franklin, which he made in 1748, ‘Time is money’.

Source: 

Franklin, B. (2004). In A. C. Houston (Ed.), Franklin: The autobiography and other writings on politics, economics, and virtue. New York: Cambridge University Press.

Quoidbach, J., Dunn, E. W., Petrides, K. V., & Mikolajczak, M. (2010). Money giveth, money taketh away: The dual effect of wealth on happiness. Psychological Science, 21(6), 759–763.

DeVoe, & House, J. (2012). Time, money, and happiness: How does putting a price on time affect our ability to smell the roses? Journal of Experimental Social Psychology, 48(2), 466–474. https://doi.org/10.1016/j.jesp.2011.11.012

Hi, I'm Pamela, the face of Hustle Less & Live More!

Hi, I'm Pamela, the face of Hustle Less & Live More!

I have trained and coached hundreds of people on personal development all over the globe – from Jamaica, the USA, to hosting workshops while being on a ship on the Atlantic ocean, all the way to Uganda, Austria, Ghana, the UAE, Pakistan, Singapore, and many more.

I am a go-getter, dream achiever, a true role model for behavior change, and I'm here to help you become the same.

Find me on:

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Hi, I'm Pamela, the face of Hustle Less & Live More!

Hi, I'm Pamela, the face of Hustle Less & Live More!

I have trained and coached hundreds of people on personal development all over the globe – from Jamaica, the USA, to hosting workshops while being on a ship on the Atlantic ocean, all the way to Uganda, Austria, Ghana, the UAE, Pakistan, Singapore, and many more.

I am a go-getter, dream achiever, a true role model for behavior change, and I'm here to help you become the same.

Find me on:

Leave a Comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

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