Well, that's what Rob Berger believes, creator of the Dough Money Roller podcast, a podcast I listen to often. I don't necessarily disagree either, but I think the end to this statement could be different for everyone.
For me, I think the best thing money can buy is time. You could probably argue that time=financial freedom, but I like to be a little more explicit. You have probably heard the saying, "Time is money" and it's true. I explained in a previous post how you can calculate your wages per hour. I want to look at this from two perspectives: 1) How money can buy you time, and 2) Why I think buying time is the best use of money.
How money can buy you time
The other day I was driving home from the beach. I usually use Google Maps as my GPS because it has an option to avoid tolls. Most times, the time difference between taking a toll route vs a non-toll route is only 10 minutes or so. However, this route would double the trip from an hour and a half, to a three hour trip, if I took the non-toll route. The tolls would only cost about $16 total. Paying $16 to save an hour and a half of driving is more than worth it. That's just one example of how you can buy time.
Why I think buying time is the best use of money
Time is the only resource that you can't get more of. So, it's very important to use your time wisely and make the most of it. Therefore, this is the primary reason that I say buying time is the best use of money.
The way you end "The best thing money can buy is..." is different for everyone. Some people have very wrong answers too, morally or just not the best thought out. I also think many people would have an asterix next to their statement too. For me, "The best thing money can buy is time*" (*the money must be spent according to good financial principles and time can be bought indirectly). Even then, it's a little vague because "good financial principles" differ from person to person. For instance, I wouldn't recommend going into debt to save time. Thinking more about it too, I'm not sure how strongly I would hold my stance that buying time is the best use of money. It's not exactly a hard rule.
Let's try this exercise. Finish the statement, "The best thing money can buy is...". Once you finish this statement, ask yourself if you're following it. If you follow it in some cases, but not others, that might indicate that you should have a different ending.
Thanks for reading the Better Budget blog. I hope you enjoyed it! If you have any questions or want some financial help, please reach out to me. I'd be happy to help.
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My name is Corey and I have a passion for budgets and personal financing. I can talk about it for days (weirdly enough). Hope you enjoy the blog!
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