Finding the Right Balance of Time and Money

BY:  CARL RICHARDS

One summer, a friend of mine planned a river trip. The closest public airport was a day and a half’s drive from the river. So my friend decided to hire a private plane to get his group to the destination in a few hours. I know this choice sounds extravagant, but it represents a choice we’ve probably all experienced at some point.

My friend had the money, but he didn’t have the time. For him, time had become a supervaluable commodity, and saving a day and half was worth the price of the private plane. We make a similar decision, for example, when we spend more to book a faster direct flight or pay for overnight delivery. At these moments, we’ve made the decision that our time is worth more than our money.

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