Time is Money – How Do You Value It?

Recently, NPR’s Planet Money penned an article about how much our time is worth based on some research that was sponsored by the rideshare company Lyft. According to the article, Lyft economists tried to determine how much people were willing to pay to save some time.

After crunching data from nine different cities, Lyft estimated the average value of time is $19.00 per hour.

In this episode, Kurt and Tim discussed Ashley Whillan’s new book, “Time Smart: How to Reclaim Your Time and Live a Happier Life,” some of the fundamental errors humans experience with time such as temporal discounting, loads of stats you’ll probably never need.

We discover that better time management leads to greater happiness and combining habits and mindset is critical to wellbeing.  By the way, the US Department of Transportation’s official value of people’s time is $14.00 per hour. Go figure.

© 2020 Behavioral Grooves

 

 

Links

Planet Money (NPR): What Is Your Time Worth?:

https://www.npr.org/sections/money/2020/12/08/943812834/what-is-your-time-worth

Big Think – Life in Numbers: https://bigthink.com/paul-ratner/how-many-days-of-your-life-do-you-have-sex-your-lifetime-by-the-numbers

Ashley Whillans, “Time Smart: How to Reclaim Your Time and Live a Happier Life”: https://www.amazon.com/Time-Smart-Reclaim-Your-Happier-ebook/dp/B0842X6L2C