A Look at Wealth Inequality Through the Lens of Time

Imagine a world where money doesn't exist, and instead, time is the currency. The 2011 movie In Time gave us just that—a society where the rich live forever and the poor are literally dying as they struggle to earn more time. While our world doesn’t operate this way, there’s a striking similarity: the wealthy do seem to have more time. Not because their days are longer, but because they have more free time. And just like in In Time, the poor are constantly hustling, trading away their most valuable asset—time—for money.

The Illusion of Equal Time

We all have 24 hours in a day, right? In theory, yes, but in practice, it’s a different story. If you're not wealthy, your time is often consumed by tasks that don’t exist for the rich. Let’s break it down.

Most people work around 8 hours a day and sleep for 8 hours, leaving another 8 hours of "free" time. But if you aren’t rich, is it really free? Probably not. A large chunk of that time is swallowed up by daily chores: cooking, cleaning, meal prepping, and running errands. You’re making your own meals, shopping for groceries, cleaning the kitchen afterward, loading the dishwasher, and then sweeping, vacuuming, and mopping the floors. And that’s just for eating. Houses require constant maintenance—yard work, changing air filters, fixing things here and there.

For wealthy individuals, these tasks don’t exist. They have personal chefs to cook their meals, cleaners to maintain their homes, and gardeners to take care of the yard. If something breaks, a handyman fixes it. If they want to exercise, they have personal trainers. And when they have kids, full-time nannies step in. For them, work becomes optional, and so does any labor. Those 8 hours of "play" are truly play. They’re free to pursue hobbies, travel, or relax, without the constant grind of daily chores.

Stay at Home Parent

Wealth also brings the luxury of flexibility in work-life balance. In many middle and lower-income households, both parents need to work full-time just to cover basic expenses, leaving little time for anything else. However, with greater financial security, families often have the option for one parent to work part-time or even stay at home. This dynamic opens up a lot of free time for the household. A stay-at-home parent can take care of daily chores, manage the household, and provide care for the children, freeing up more time for the working parent to focus on their career or enjoy more leisure time. For many, this choice isn’t a luxury they can afford, but wealth can turn that option into a reality.

The Real Cost of Living: Time vs. Money

Here’s where the concept of "cost" comes into play. Yes, prices are the same for everyone, but the true cost of something depends on how long it takes you to earn the money to pay for it. Take, for example, a $1,000 car repair. That bill is the same for everyone, but the time it takes to earn that $1,000 can vary drastically based on your income.

If you make $15 an hour, that $1,000 repair will cost you around 67 hours of work, not including taxes.

If you make $50 an hour, the repair only costs you 20 hours.

At $200 an hour, it's just 5 hours of work.

The price tag may be the same, but the time it takes to afford it is vastly different. For someone earning minimum wage, that car repair is a much bigger hit to their time—and consequently, their life—than it is for someone earning six figures.

The Hidden Cost of "Fun"

This disparity is even more apparent when it comes to social spending. Imagine planning a $1,000 vacation with friends. For someone earning $200 an hour, it’s not a big deal. But for your friend earning $15 an hour, that trip might "cost" them 10 times more in terms of the time they have to trade for that money. While it’s easy to focus on the price tag, the real cost is in the time spent earning that money.

Three friends splitting a meal evenly may seem like the fairest option, but the meal is actually the most expensive for the friend that makes the least amount per hour. Splitting the cost via price actually benefits the wealthy since they trade the least amount of time for money. The cost in terms of time is highest for whoever earn the least. They will have to work so many additional hours just to earn the same amount of money. This is why it's important to be considerate of how much you're asking of others when planning events or suggesting purchases.

Time Is the Ultimate Currency

In the end, money is just a medium we use to trade time. Some of us can trade our time for a lot of money, while others have to trade more time for less. That’s why time is our most valuable asset—it’s finite. Once it’s gone, we can’t get it back. So, whether you're wealthy or not, it’s important to be mindful of how you spend your time and the money you’ve earned by trading it.

The next time you think about how much something costs, don’t just look at the price. Think about the time it takes to earn that money. And if you’re in a position of financial stability, be aware of how much more your time is worth compared to others. After all, we may all have 24 hours in a day, but the real question is: How much of it is truly ours?

If you found this helpful and would like help budgeting or investing please email me at taylormckeecoaching@gmail.com