Money is #3, and it’s not even close
· 4 min read · Aug 16, 2021
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There are only three assets that matter to live a long, happy life:
- Health
- Time
- Money
The key to a successful life is to maximize all three assets to the best of your ability.
When many of us are born, we have health and time but no money. So, we make the rational decision to trade time (an asset we have plenty of) for money (an asset we have little of.)
This becomes a problem when two conditions are met.
- We trade in too much of our time for money (we work too much)
- We do work that we don’t enjoy and don’t find fulfilling.
This leads to a situation where you think you’re trading time for money, but you’re really trading time and health in exchange for money.
The World Health Organization (WHO) published a research paper that found people who work more than 54 hours per week were at greater risk of dying from heart disease.
Nearly 750,000 are literally working themselves to death each year.
As someone who’s often described themselves as a “grinder’ (a self-aggrandizing way of saying I work too much), this research scares the hell out of me. Mostly because when I read it, my first reaction was, “that makes perfect sense, and if I am being honest this directly applies to me.”
Now that I am a father, I have a newfound appreciation for the immense value of time and health. It fills me with pride that I am building enough wealth to make my son’s life easier than mine was. But I fear my anxieties around money might be leading me down a path where I’m trading in way too much time and health for money.
Money and the accumulation of wealth can feel like a drug. You always want more, and the more you get, the less satisfying it is. I’ve talked about how saving my first $100,000 was a life-changing achievement for me. But when I saved $200,000, it barely registered with me in any meaningful way.
Does working less mean making less money?
I've delved into various aspects of personal finance, and the intersection of health, time, and money is a subject I'm quite well-versed in. To start, the article you provided encapsulates a profound understanding of the delicate balance required to lead a fulfilling life. Ben Le Fort rightly identifies health, time, and money as the three pivotal assets shaping our well-being.
Now, let's break down the concepts mentioned in the article:
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Health:
- The article emphasizes the importance of health as a fundamental asset for a happy life. It draws attention to the World Health Organization's research, revealing the health risks associated with working excessively long hours—more than 54 hours per week. The alarming statistic of 750,000 people per year working themselves to death underscores the critical need for maintaining a healthy work-life balance.
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Time:
- Time is portrayed as a valuable asset, especially during the early stages of life when individuals often have health and time but lack financial resources. The narrative suggests a common strategy: trading the abundant asset of time for the scarce asset of money. However, it warns against the pitfalls of trading too much time and health for financial gains, highlighting the potential long-term consequences.
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Money:
- Money is acknowledged as an essential asset for a successful life, but the article urges readers to be mindful of the pursuit of wealth. The author reflects on personal experiences, noting the diminishing satisfaction that comes with accumulating more money. The comparison of reaching $100,000 versus $200,000 savings illustrates the diminishing returns on the happiness derived from monetary success.
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Work-Life Balance:
- The article raises a crucial question about the trade-off between working less and making less money. It challenges the notion that more work always equates to more financial success and prompts readers to reconsider the quality of life and overall well-being sacrificed in the pursuit of wealth.
As someone who values the intricate dynamics of personal finance and holistic well-being, I can attest to the significance of striking a harmonious balance among health, time, and money. The evidence provided by the World Health Organization adds a compelling layer to the argument, reinforcing the idea that excessive work can have severe consequences on health, ultimately impacting the quality and duration of one's life.
