We Talk About The Cost Of Money, What About The Cost Of Time?

[slapper]

GDP doesn't care that you burned fuel getting to work and sat in traffic for two hours, and might even go up because you did. Mind you, opportunity cost is a real thing for economists, it's just not reflected in GDP.

Problem is, rich people can constantly buy back their time. For them almost everything comes with a delivery option. They can also hire drivers or have a house near the office or even someone to stand in line for them at some government office. Poorer people can't actually buy most of those things so they end up paying in hours instead of money. So the cost falls on people who already have the least amount of free time to begin with.

Less free time translates into fewer opportunities to broaden your skill set and improve your career prospects. It also means fewer chances to cook a proper evening meal, rather than grabbing junk food in a bid to save time.
If you are constantly short on time, you'll most likely stay short on money too. This is nobody's design. It just ends up working that way.

As for running a business, people here who actually run one can correct me, but I'd guess paperwork and chasing late payments cost more time than traffic does. At least in traffic you can listen to a podcast or something. You can't really do anything when some clerk tells you to come back tomorrow with another copy of the same document. Government stuff is cheap or free on paper, so people pay for it by waiting instead. And like OP said, nobody sends you a bill for that.

[Crypto_Timothy]

Here’s is what I want to know;
How much does it affect your ability to earn or run a business and improve your standard of living?

The quote "Time is Money" is forever goated, i have personally experienced a situation where the more i was delayed to complete the task, the more i had to deposit when i was near completion and it was just bad network  tho but i paid for it with my money, mind you i had data that i had already bought still. I am always heavy on the fact that your local environment contribute to your overall development especially business wise becuase imagine if getting to your place of business due to bad road takes 2 hours when originally, it should be 20 minutes and then you get there because electricity is still a big problem, you have to go and buy fuel so you can run your business, all of these things and you still tax though but you are still solving basic amenities just so you can then run your business, all these things cause extra money and extra time which in return cost extra money, its all so funny and annoying at the same time.

[terrific]

I am inconsistent with doing things for myself like learning a new skill and trying to make a business. I did it before but I lack of motivation for myself of doing it.
And I guess that's because I still have some bread and butter that I can source out.
But if things get ugly, it will possibly force me to do it and will dedicate my time into it. So, it depends on the situation that we're in.
I even tried to do multiple jobs and that's way easier than learning a new skill because it's already there and I shall do it with a reward that awaits.
Compared to learning something new, it takes time and will consume it without assured expected result for someone who's managing their time and wants an assurance of what they do.

[Plutomanian]

I am inconsistent with doing things for myself like learning a new skill and trying to make a business. I did it before but I lack of motivation for myself of doing it.
And I guess that's because I still have some bread and butter that I can source out.
But if things get ugly, it will possibly force me to do it and will dedicate my time into it. So, it depends on the situation that we're in.
I even tried to do multiple jobs and that's way easier than learning a new skill because it's already there and I shall do it with a reward that awaits.
Compared to learning something new, it takes time and will consume it without assured expected result for someone who's managing their time and wants an assurance of what they do.

I just want to explore and do things myself. This is very important for everyone of us, we want to win and keep growing. There's something I've learned, that each day, no matter how small it is, we should always do more because that more will better our life. We can't predict life but what we need to know is, we can write our own future and our life with our hardwork. Anybody can make it to the top in this world as long as you're working smart, and trying out new things with full competency and consistency, ofcourse you will make it.

[terrific]

I am inconsistent with doing things for myself like learning a new skill and trying to make a business. I did it before but I lack of motivation for myself of doing it.
And I guess that's because I still have some bread and butter that I can source out.
But if things get ugly, it will possibly force me to do it and will dedicate my time into it. So, it depends on the situation that we're in.
I even tried to do multiple jobs and that's way easier than learning a new skill because it's already there and I shall do it with a reward that awaits.
Compared to learning something new, it takes time and will consume it without assured expected result for someone who's managing their time and wants an assurance of what they do.

I just want to explore and do things myself. This is very important for everyone of us, we want to win and keep growing. There's something I've learned, that each day, no matter how small it is, we should always do more because that more will better our life. We can't predict life but what we need to know is, we can write our own future and our life with our hardwork.

That is true that we don't know what tomorrow will bring us. And that's why live the best of your life.
But, if you're in that form of struggle and you're only doing things to survive, you're not going to thing of so many things but just to live, work and earn.

Anybody can make it to the top in this world as long as you're working smart, and trying out new things with full competency and consistency, ofcourse you will make it.

I'm sorry but this can't happen to all of us. Yes, someone might be out there that can reach the peak of their lives and become successful.
But there are those who have tried hard, worked consistently and hardworking just as what you have said but didn't make it.
Each person has a different path I think that it's about having our own right timing in life. Some may be lucky, some may have a plan to follow. Regardless of what it is for us, just do your best at all times.

[trendcoin]

I think the biggest waste of time might be commuting back and forth from home to work. If we had a magic wand to fix this, productivity in the workplace could increase by about 20% or 30%. If we could directly translate that into economic gains, perhaps we’d be seeing more favorable cost structures today. I prefer to spend that time listening to music or podcasts from my favorite hosts. That way, I’m turning that lost time into a productive activity. Music is food for the soul and a necessity. We need to look at things from the bright side and turn crises into opportunities...

[Dogedegen]

One thing I’ve come to realize is that when we talk about the economy, we overlook how much money we indirectly lose through the time we waste. Think about someone who spends so many hours in traffic or have to visit several places before getting sometime that should have been easy to access. Nobody sends that person a bill for the time they’ve lost but the cost is still there.

A worker who spend hours working has little time to rest, learn new things or take on extra work. Even small delay can sometimes become expensive when they happen every time. We usually measure economic costs in dollars, wages and price but time is also a resources and once it is lost it cannot be recovered. I wonder how much more productive people and businesses could be if less of their time is spent while dealing with unnecessary delays.

Here’s is what I want to know;
How much does it affect your ability to earn or run a business and improve your standard of living?
Have you ever considered how much time you lose in a week just trying to get things done?

The reason for which you are not often thinking about cost of time is because the majority of humans are wasting a big percentage of their lives. So if you are actively wasting time doing bad activities, acting, working inefficiently and other time-wasteful activities how can you think about the cost of time perspective? Most humans hate the traffic because it is annoying, not because it is a waste of their time which completes this view that they do not actually care about their time.

Time is extremely important, but very few people care about this efficiency. Many people don't even actually consider cost in many cases where they should, let alone this time. Think about this example. A person is offered 2 jobs. One pays slightly lower but is very close to their home. Another pays higher but involves every day driving the car back and forth. The person sees the higher number, most often they will accept it if the job is similar and pay like 10% more. But if you put the math on gasoline, car maintenance, and your own time the second job pay much worse like often 30% worse than the first one. People don't care and don't think that much sadly..