Since the time of Ben Franklin busy entrepreneurs have been told ‘time is money,’ but is this common mindset actually making you miserable?
Since the time of Ben Franklin, few sayings have been as popular as “time is money,” and that aphorism seems especially relevant among busy entrepreneurs. It’s a pithy reminder that lost productivity often translates to lost revenue. But despite being as common as dirt, is this saying and the mindset it represents actually causing us harm?
That’s the suggestion of new research published in the Journal of Experimental Psychology. The small study used 53 Canadian college students as guinea pigs to test the knock-on effects on our psychology of thinking of time and money as interchangeable.
The researchers conducted a series of three experiments that encouraged some participants to think of time and money as interchangeable by calculating their hourly wage from their earnings. Others weren’t asked to make this calculation but all participants were then given time to relax and their happiness was measured afterward. Here’s what they found, according to the paper:
- Experiment 1 demonstrated that thinking about one’s income as an hourly wage reduced the happiness that participants derived from leisure time on the Internet.
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