The True Value of Time: Rethinking Work and Money

Earning money, we all need it to survive and navigate in today’s society. But is this where our mind should be focused 5 days a week?

The True Value of Time: Rethinking Work and Money

Let’s talk about the relationship between work, time and money. In my teen years, I was obsessed with software development and decided to make this a living right after high school graduation when I was 18 years old. This led myself to work so many hours with the inexperience of not knowing how to manage personal life and work life. It’s great when you do what you love and get money from it; but at some points when you monetize your hobby and it becomes a necessity for you to survive in this world, when you don’t have enough experiences with life, this can backfire and ruin the practice of what was once upon a time: a hobby.

|Would working less hours increase or decrease your efficiency at work?

We’ll talk about my personal experience in the next chapter, followed with a reminder of what can be find on the internet, scientific papers, successful entrepreneurs thoughts and finally some personal recommendations based on the learnings from my personal experience.

My personal experience about working too many hours

If you’ve read my post on How I became an engineer, you’re already familiar with the intensity of my early career. The first three years of my professional life were a whirlwind of long hours and minimal time off. While this experience was undoubtedly educational, it came at a significant personal cost that I now recognize as unsustainable and, frankly, detrimental to my well-being.

In retrospect, I see those years as a paradox of achievement and loss. At 20, I found myself in the grip of a pervasive melancholy, despite my professional accomplishments. The contrast between my life and that of my peers was stark and sobering. While they were broadening their horizons through world travel and diverse experiences, I was singularly focused on work. Yes, I could boast about developing million-euro software before I could legally drink in some countries, but that achievement felt hollow in the grand scheme of things.

The impact of this intense period reverberated beyond my early twenties. When I returned to academia to pursue my first master’s degree in Computer Science, I was haunted by the specter of returning to that all-consuming work environment. The prospect of re-entering the corporate world filled me with such dread that I opted for a second master’s degree immediately after completing the first. It wasn’t just about further education; it was a psychological buffer, a way to postpone confronting the work-life imbalance that had defined my early career.

This experience taught me a crucial lesson: success at the expense of personal growth and happiness is no success at all. It underscored the importance of balance, of valuing time not just for its potential to generate income, but for its irreplaceable role in personal development, relationships, and overall life satisfaction. Looking back, I realize that while I was building software, I should have also been building a life.

  • In 1914, Henry Ford cut autoworkers’ weeks to 40 hours, taking advantage of newfangled assembly lines that made people more productive[1]. This revolutionary move not only improved workers’ lives but also increased productivity and profits.

  • In 2002, Toyota implemented a 6-hour workday and reported happier staff, lower turnover, and higher profits[2]. This demonstrates that shorter working hours can lead to increased efficiency and job satisfaction.

  • In 2011, Tim Ferriss released “The 4-Hour Workweek,” challenging traditional notions of work-life balance and inspiring a new generation of entrepreneurs to prioritize efficiency over hours worked[3].

  • In 2016, Sweden introduced the 6-hour workday, making it one of the most progressive countries in terms of work-life balance[4]. This move has been associated with improved employee well-being and productivity.

  • In 2015, Stephen Aarstol, the founder of Tower Paddle Boards, started experimenting with a 5-hour workday[5]. The experiment was so successful that it became a permanent policy, with employees managing their own schedules and enjoying profit-sharing benefits.

The Science Behind Working Less

Research has consistently shown that working longer hours doesn’t necessarily lead to increased productivity. In fact, studies have found that:

  1. Cognitive performance declines after 25-30 hours of weekly work[6].
  2. Productivity per hour declines sharply when a person works more than 50 hours a week[7].
  3. Sleep deprivation, often a result of overworking, can lead to decreased cognitive function and increased risk of health problems[8].

Lessons from Successful Entrepreneurs

Richard Branson, founder of Virgin Group, is a strong advocate for flexible working hours and believes that giving employees control over their time leads to increased productivity and job satisfaction[9].

Arianna Huffington, co-founder of The Huffington Post, emphasizes the importance of sleep and work-life balance after experiencing burnout herself[10].

Elon Musk, despite his reputation for long work hours, has admitted that working 120-hour weeks left him exhausted and affected his health negatively[11].

Redefining the Value of Time and Money

Given these insights, it’s crucial to reconsider how we value our time in relation to money:

  1. Quality over Quantity: Focus on the value you create rather than the hours you work.
  2. Life Experiences: Prioritize experiences and personal growth over accumulating wealth.
  3. Health and Well-being: Recognize that your health is your most valuable asset.
  4. Relationships: Invest time in building meaningful relationships, which contribute significantly to overall life satisfaction.

Practical Steps to Reclaim Your Time

  1. Set clear boundaries between work and personal life.
  2. Practice time-blocking to increase productivity during work hours.
  3. Regularly reassess your priorities and adjust your time allocation accordingly.
  4. Invest in personal development and skills that increase your value per hour worked.
  5. Consider entrepreneurship or freelancing as ways to have more control over your time.

Conclusion

Money is a tool, but time is the true currency of life. By reevaluating how we spend our time and challenging traditional work norms, we can create more fulfilling lives and potentially more successful careers. Remember, at the end of your life, you won’t wish you had spent more time at the office, but you might regret not having spent more time with loved ones or pursuing your passions.

As you move forward in your career, consider not just how much money you’re making, but how much life you’re living. After all, true wealth lies in the richness of your experiences and the depth of your relationships, not just the figures in your bank account.

References

  1. Ford, H. (1914). Implementation of 40-hour work week at Ford Motor Company. Ford Motor Company Archives. ↩
  2. Toyota Motor Corporation. (2002). Implementation of 6-hour workday program: Internal company report. ↩
  3. Ferriss, T. (2011). The 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich (Expanded and Updated). Crown Publishing Group. ↩
  4. Swedish Working Hours Act. (2016). Implementation of 6-hour workday pilot program. ↩
  5. Aarstol, S. (2015). The Five Hour Workday: Live Differently, Unlock Productivity, and Find Happiness. Tower Paddle Boards Publishing. ↩
  6. Pencavel, J. (2014). The Productivity of Working Hours. The Economic Journal, 125(589), 2052-2076. ↩
  7. Collewet, M., & Sauermann, J. (2017). Working Hours and Productivity. Labour Economics, 47, 96-106. ↩
  8. Walker, M. (2017). Why We Sleep: Unlocking the Power of Sleep and Dreams. Simon & Schuster. ↩
  9. Branson, R. (2014). The Virgin Way: Everything I Know About Leadership. Portfolio. ↩
  10. Huffington, A. (2014). Thrive: The Third Metric to Redefining Success and Creating a Life of Well-Being, Wisdom, and Wonder. Harmony Books. ↩
  11. Musk, E. (2018, August 17). Interview with The New York Times regarding work hours and burnout [Interview]. The New York Times. ↩