When it comes to building a successful life, we often focus on money as the ultimate goal. However, Josefino Gomez, a Registered Financial Planner, believes that time might be the most important resource to manage, and how you spend both time and money can have a direct impact on your overall happiness.
“Money is often seen as the key to success, but in reality, time is just as valuable, if not more so,” Gomez told Financial Adviser PH. He emphasizes that understanding the relationship between time and money is crucial for making decisions that lead to a more fulfilling life.
One of the most profound points Gomez makes is about how people tend to undervalue time. While it’s easy to think that making more money will bring more happiness, it’s the time spent doing things that matter most that truly contributes to satisfaction. “Time is finite. Money, on the other hand, can be earned back. Once you spend time, it’s gone,” he explains. This is why spending time on activities that provide intrinsic satisfaction — such as pursuing passions, spending time with family, or engaging in personal growth — is key to long-term happiness.
Gomez also points out the benefits of spending money to free up time, something the Harvard Business School and University of British Columbia study on time and money confirms. The study showed that people who spent money on time-saving purchases reported higher levels of happiness. By trading money for time, people can prioritize what’s truly important to them, leading to a better work-life balance and less stress.
In addition, Gomez encourages people to consider the value of time when making purchases. “If you think about how much time you’re spending to earn something, you’ll have a clearer picture of its true cost,” he suggests. For instance, instead of thinking about a purchase in terms of pesos, think about it in terms of how many hours of work it represents.
The takeaway:
By shifting the focus from simply earning more money to managing your time wisely, you can create a life that is not only financially successful but also deeply fulfilling. Josefino Gomez stresses that, when you prioritize the right balance between time and money, happiness follows.
