Difference Between Time vs Money
There is an age-old saying that ‘Time is Money’. Well, this is true as the Company pays its employees for the time, they spend in the office to work for them. However, is it really worth the money they are paid for the time they spend? This brings us to the concept of comparing Time vs Money.
Time and money are inversely related. More the time spent is more the money earned. If someone wastes time, he actually wastes or loses the opportunity to earn more. However, time invested is similar to the money invested.
Time and money are valuableTime And Money Are ValuableThe Time Value of Money (TVM) principle states that money received in the present is of higher worth than money received in the future because money received now can be invested and used to generate cash flows to the enterprise in the future in the form of interest or from future investment appreciation and reinvestment. and an individual wants more and more of both of them. While both are valuable, still they have differences and the below table and infographics provide the differences between time vs money.
Time vs Money Infographics
Here we provide you with the top 6 difference between Time vs Money
Time vs Money– Key Differences
The key differences between Time vs Money are as follows –
- Time denotes the hours spent on doing some work and money is the amount earned for doing that work in a particular time. Thus, that can be seen as related to each other. The money was earned due to the time spent on that work. If the person does not do work or spend his time, he will not earn the money.
- Time doesn’t come back i.e. once the time is wasted it cannot be replenished whereas the money wasted or spent can be earned back.
- Value of money decreases with time whereas the value of time remains constant. $ 100 of money cannot purchase the same goods today as it purchased decades ago. The value of time is the same even over the decades. One hour is the same as it was decades ago and like it today.
- Time cannot be purchased or created whereas money can be earned by spending time on doing work.
- Time cannot create more time whereas money can create more money by investing in some financial products.
- Time remains the same for each individual where money is available in abundant with the rich and not much with the poor.
- Time keeps on moving and does not remain constant whereas money can remain constant for some time if it’s not spent.
- Time is limited whereas money is not limited. Everyone gets 24 hours of time in a day but money can be earned more and more.
A general example of comparing time and money could be for an entrepreneur. An entrepreneur can save money by investing his own time on some trivial things in the Company whereas he can save time by employing another person. His time would be useful to do things which could help in the growth of the Company and can earn better profits. Thus, his time has more value than the money he could use to employ another person as it would generate more return.
Time vs Money Head to Head Difference
Let’s now look at the head to head difference between Time vs Money
|Basis – time vs money||Time||Money|
|Definition||Time is the number of hours spent on doing some work.||Money is the amount earned for doing the work.|
|Replenishment||Time once wasted never returns again.||Money spent or wasted can be earned again.|
|Value||Value of time remains constant. It is as precious in future as it is in present and as it was in past. However, value earned from time varies with individual to individual. A CEO of the Company earns higher money for the same time spent in the Company than a new employee who just graduated out of college.||Value of money decreases with time also known as the time value of money. However, the value of money remains the same for each individual. Say, a burger which costs $ 2 will cost the same to the CEO of a Company as well as the new fresher employee.|
|Earning potential||Time cannot be earned or purchased. Time cannot create more time. Time is constant for each individual. It is available with the rich as well as the poor.||Money can be earned. Money creates more money. It is not constant with the individuals. Money is available with the rich but not available to the poor.|
|Spend pattern||Time keeps on moving every second, every minute and every hour.||Money may stay constant for some time, till it is not spent or new money is not earned.|
|Amount||Time is limited i.e. one has only 24 hours in a day.||Money is not limited, if the person works hard and uses his mind and skills, he can earn more and more money.|
We have seen the differences between time and money. Time and money are valuable, however, individuals generally do not value time much and let it waste. In a materialistic world, more value is given to money. One should know the value of time vs money and which one should be valued at various circumstances.
This has been a guide to the Time vs Money. Here we discuss the top differences between Time and Money along with infographics and comparison table. You may also have a look at the following articles –