How The Pandemic Changed The Value Of Time Vs. Money For Business Owners: A Guide

www.forbes.com
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The pandemic has altered the way we value time.
By Arash Asli, co-founder and CEO of Yocale.com, an online scheduling and client management software for appointment-based businesses.

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The global pandemic has forever altered the ways in which we live our lives, and perhaps no place better encapsulates this than Google's autocomplete predictions; a simple search beginning with "the pandemic has changed" ends with our lives, the way we work, me, education, the world, the way consumers shop, business and on and on.

One of the most common threads is that the pandemic has altered the way we value time.

This is not a new idea, but we are only beginning to see the true reckoning of it now.

Just recently, Microsoft predicted that approximately 40% of the global workforce is considering leaving their jobs in what has been coined "the Great Resignation."

Similarly, "hustle culture" is presumed to be dead.

And now?

Perhaps in a twisted turn of events, especially for many business owners trapped in a vicious cycle of earning more money, we are finding that money does not necessarily lead to greater satisfaction.

But do you know what does?

Time.

Of course, the research has suggested this for years, but it is only now becoming part of the cultural conversation.

So, the question becomes: How can business owners, caught up in a habit of working harder and harder because they believe money will enrich their lives (and even for those trying to make ends meet), shift their mindset?

Why Business Owners Should Prioritize Time Over Money (According To Research)

Historically, greater income has been associated with greater well-being. However, research is beginning to shift on the topic.

Research published in the Social Psychological and Personality Science journal repeatedly shows that valuing time over money is associated with greater well-being, including here and here.

Furthermore, research has found that there is actually a tipping point when greater income is no longer associated with well-being (and can…
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