"TIME IS MONEY"?: On the Modernity of a Well-Known Saying

"Time is money" – a saying that everyone probably knows today. It goes back to Benjamin Franklin, one of the most versatile thinkers of the 18th century. He lived in a time when capitalism was just flourishing and trade and commerce were becoming increasingly important. Franklin was not only a significant politician and scientist, but also a successful businessman. In this capacity, he coined the famous saying: "Time is money".

Originally, this advice was directed at young merchants. He urged them to regard their personal time as an economic resource that should be used wisely. After all, it could be directly converted into money, according to Franklin. Accordingly, every minute of life has a financial value. Conversely, every wasted minute is lost potential.

This thinking reflected the spirit of that era, which was heavily focused on profit maximisation and economic efficiency. But given today's changes, I ask myself whether this principle is still contemporary or requires a new perspective.

The transformation of the Western world of work

Particularly in professional life, the classical approach of "time is money" still dominates. Efficiency and productivity are at the forefront. Especially in industry, where the assembly line still sets the pace, every second counts.

But the economic landscape has changed significantly since Franklin's time. Today we are experiencing a shift in various sectors and professions towards a world of work in which flexibility, creativity and quality of work are increasingly coming to the fore. In the IT industry, for example, software developers at companies like SAP or in start-ups in Silicon Valley are not evaluated based on the number of hours they work, but on the results they deliver. The rise of home working, flexible working hours and project-based work underscores this change. Here, time is no longer regarded as a rigid unit of measurement, but as a flexible framework that provides space for innovation and individual development.

This paradigm shift, viewing time not merely as an economic resource but as a valuable asset, could, if used correctly, significantly contribute to a company's innovative capacity and competitiveness in the future.

A new perspective: "Time is valuable"

Given these developments, it is becoming increasingly important to reassess Benjamin Franklin's capitalist motto "time is money". A shift in perspective towards "time is valuable" could bring about fundamental changes. This approach emphasises the intrinsic value of time as an irreplaceable asset. It makes it possible to appreciate the economic value of time whilst simultaneously making conscious decisions about its use.

A practical example shows how companies are already implementing this new way of thinking: Patagonia, a US-American outdoor clothing company, actively encourages its employees to enjoy nature and engage in environmental protection, even during working hours. Similarly, sabbaticals are gaining importance: companies such as BMW offer their employees the opportunity to develop personally, travel or further their education. These approaches illustrate: time can also be regarded as a resource for personal and social development in the workplace.

The illusion of success: How social media intensifies time pressure

The image of perfection

In contrast to a reflective and sustainable approach to time are social media platforms such as Instagram, YouTube or TikTok. These platforms convey the impression that time is primarily evaluated through immediate productivity and monetary success – very much in the spirit of "time is money" and "money equals success". They present perfectly staged lifestyles that rarely correspond to reality. A prominent example is the content creator who seemingly effortlessly juggles glamorous travels, successful projects and an impeccable private life. These portrayals can increase the pressure on the audience to behave accordingly.

We students also feel this pressure clearly. Whilst we have the privilege of dividing our time ourselves between academic demands, part-time jobs and social activities, every minute seems to need to be justified by a productive activity. The urge to keep up with the abundance of opportunities and emulate role models often pushes genuine rest into the background. The result is often overwhelm and stress. The real challenge is to recognise this pressure, consciously set priorities and redefine the value of one's own time.

Counteraction: recognising time as a valuable resource

Counteraction means integrating regular breaks and a balanced work-life balance alongside productive phases. Time for friends, hobbies or rest is equally valuable. Such activities not only promote our health, but also creativity and general wellbeing. By accepting imperfection and appreciating one's own time away from the constant overstimulation caused by social media, these are essential steps towards stress reduction and a more fulfilling life.

An example of healthy prioritisation could be to consciously plan time for sport or a creative hobby. These activities help to clear your head and gain new energy. Similarly, it can be worthwhile to consciously spend certain periods offline in order to escape the constant overstimulation and live more in the here and now.

Conclusion

The saying "time is money" must be reinterpreted in a modern world. The original principle, which emphasised efficiency and productivity, no longer corresponds to today's reality, in which time should above all be regarded as a valuable asset.

The shift to "time is valuable" highlights the importance of personal fulfilment and quality of life. Conscious rest, hobbies and interpersonal relationships contribute to stress reduction and wellbeing. In an age of constant availability and social media, this approach helps to find a healthy balance and strengthen both personal satisfaction and interpersonal relationships. Time is the most precious asset we have and should therefore be used with care.

"Time is the most precious asset we have. To waste it is as if we were wasting our lives."
Carl Sandburg