Are we getting the best value for our time?
This is a question more typically asked about money. You want to expend money in places and situations that will produce the best value for you. Sometimes this manifests as comparison shopping, if you want to acquire a specific item. Sometimes it’s a matter of weighing questions such as “Should I buy that new gadget or put the money into my retirement fund?” You want to decide where the money is best spent.
But increasingly, I’ve been thinking about where my time is spent. Consider this thought experiment:
Alice works as a cashier at the local 7-11. She earns minimum wage for her trouble, which is currently $5.85 per hour. Her gross income per 40-hour workweek is $234.00.
Betty has collected a college degree or two and now commands a higher wage in her position as a phlebotomist with the Red Cross. The median rate for this position in California is $15.02. Betty therefore has a gross weekly income of $600.80.
Assume that Alice and Betty have the same life situations. To keep it simple, they both are single and childless; they live in the same city; Betty does not have any debt from her college studies left. Effectively, their base living costs are the same.
Betty actually has an interesting choice here:
- Work 40 hours per week and enjoy the use of an extra $366.80 in disposable income.
- Reduce her hours to 16 per week and enjoy the use of three extra days of “disposable time”.
Everyone I personally know has chosen option 1. Why? Inertia? Habit? Cultural norm? Why is it that the investment in degrees and credentials is most often seen as paying off in terms of dollars, not time?
It is so easy to let your base living costs creep upward to match whatever your salary currently is. But then you’re running and running but not getting anywhere in terms of a better living experience; you’re still working 40 hours a week and you’re still making ends meet at about the same level that you were.
Leaving grad school and getting a “real” job was one time that this really hit me. One year, I was subsisting on a microscopic annual income (just above minimum wage); the next year, my income had more than quintupled. Did I have 5x the financial needs? No. Grad school had forced me to keep my living expenses gratingly low, so I did. With the additional income, I began to live much more comfortably, and even save for what ultimately became the down payment for my house. But at some point — at this point — I’m starting to wonder: would I be willing to trade income for time? “Disposable time” would permit me to do volunteer work or travel or hike or make crafts or do anything I wanted that didn’t require that I be earning money. I’m starting to lean in this direction more and more strongly. After all, do I live to work? Or do I live to live?
I’d love to hear the Salon’s thoughts on this.