We spend a lot of time talking about money: how to earn it, how to save it, how to invest it. And for good reason – financial stability is a cornerstone of a secure life. But what if the ultimate goal of all this financial maneuvering isn't just a bigger bank account or a fancier car? What if the true, often overlooked, power of money lies in something far more profound: control over your time?
This powerful idea is a central theme in Morgan Housel's brilliant book, The Psychology of Money. Housel challenges us to look beyond traditional metrics of wealth and consider what truly drives happiness and fulfillment. And time, it turns out, is a universal currency of joy.
Why We Chase Wealth
Think about it. Why do most of us strive for more money? For many, the underlying desire isn't just about accumulating possessions. It's about achieving a sense of freedom, security, and ultimately, happiness. But happiness, as Housel points out, is a deeply personal and often complex subject. Yet, there's a common thread that weaves through nearly everyone's pursuit of contentment: the desire to control their own lives.
This control isn't primarily about having the highest salary, the biggest house, or the most prestigious job. It's about the ability to choose what you want to do, when you want to do it, and with whom you want to do it. Money, in its purest form, is the tool that can unlock this level of autonomy. It buys you options, and those options translate directly into control over your most precious asset: your time.
The Paradox of Progress
It’s a curious paradox. The United States, for example, is wealthier than ever before. Yet, studies often show that people aren't necessarily happier than they were decades ago, even when wealth and income were significantly lower. What's going on?
Housel suggests that while we've used our increased wealth to acquire more "stuff," we've often simultaneously sacrificed control over our time. In essence, the benefits of accumulating material possessions might be getting canceled out by the erosion of our personal freedom.
Consider the evolution of work. Many modern jobs, while potentially offering higher incomes, demand a constant mental engagement. Unlike a factory worker in the 1950s who could "clock out" and leave their tools at the factory, many of us now have jobs where our "tool" is our mind. This means we're constantly thinking about work – during commutes, at dinner, even waking up stressed in the middle of the night. We might be on the clock for fewer official hours, but it feels like we're working 24/7.
This diminished control over our time, despite increased financial wealth, can explain why many feel a persistent sense of unease or even unhappiness. When you can’t dictate your schedule, even doing something you love can begin to feel like a chore.
So, what's the solution? It’s not about rejecting wealth. Instead, it’s about recognizing its true purpose. Real financial freedom isn't just about accumulating a large sum; It's about designing a life where your financial decisions support your autonomy, allowing you to prioritize experiences, relationships, and well-being over endless consumption. The ability to control your time is truly the highest dividend money can pay.
Let’s Talk Money!
What does "control over your time" mean to you, and what would it look like in your ideal life?
How might your financial goals shift if you prioritized gaining more control over your time?