The Ultimate Currency

In a conversation that might have seemed like just another exchange between two brilliant minds, Lex Fridman asked Elon Musk about the challenges of managing time. Musk, in his straightforward manner, responded, “Time is the true currency.” It was a statement that, if you blinked, you might miss. But like many profound ideas, it holds the potential to reshape how we view the world.

The Unseen Currency

Imagine a world where time, not money, is the currency of choice. It's a strange thought, isn't it? We live in a world where every day we’re bombarded with reminders of money—prices on store shelves, salaries, profits, the stock market ticker. But time? Time is the shadow currency, always there, yet rarely considered in its true value.

Money, as we know it, is a human invention. We created it, we control it, and we can even print more of it when we need to. Time, however, is different. Time is woven into the very fabric of our universe, a dimension governed by the unyielding laws of physics. It’s finite, immutable, and universally distributed—24 hours for every person, every day. Gold, another form of wealth, is often considered precious, yet in the vastness of the universe, it's abundant. But time? Time is the rarest of all commodities. Once spent, it’s gone forever.

The Changing Value of Time

There’s a curious phenomenon that occurs as we age. When we’re young, time seems infinite. We waste it freely, often exchanging it for relatively little money by working simple jobs that help us get by but don’t necessarily move us forward. But we don’t think much about it—there’s always more time, or so we believe.

As the years pass, however, something shifts. The reality of our limited time on this planet begins to set in, and suddenly, time becomes more precious than any amount of money we could earn. Yet, there’s a paradox here: as we accumulate wealth, we often continue working simply because that’s what we’ve always done. It’s the default behavior. Even after we’ve accumulated enough resources to live comfortably, we keep going, driven by habit more than necessity.

This doesn’t mean we should stop working altogether—far from it. Let’s look at Elon Musk again, the man who brought this idea of time as the true currency into the conversation. Musk, by any measure, has no financial incentive to keep working. His wealth is beyond what most people could ever spend in a lifetime. Yet, he continues to push forward, driven by something other than the accumulation of money. There are other drivers—passion, purpose, the desire to leave a lasting impact—that keep us engaged, even when we no longer need to work for financial reasons.

The Role of Money: A Necessary Conversion

While time might be the ultimate currency, money serves a crucial role in converting time into a tangible representation of value and power. Just as money simplified the exchange of goods, it also provides a way to allocate resources and influence efficiently. Money allows us to trade the time we spend working into something that can be used to procure goods, services, and even experiences that enhance our lives. However, this system is not without its flaws. As discussed, money's value can be eroded by inflation, and its accumulation can lead to a disconnection from the true value of time. While money is necessary for facilitating transactions and empowering individuals within a society, it can never fully encapsulate the irreplaceable nature of time.

The Salary Trap

There’s another layer to this that’s worth exploring. Salaries, the bedrock of how most of us earn our living, are often anchored to time. We’re paid by the hour, by the week, by the year. This creates a psychological anchor that makes it difficult for us to see beyond the paycheck. We start to believe that our worth is tied to these increments of time, making it challenging to negotiate raises or increase our prices, especially in a world where inflation steadily erodes the value of money.

Inflation is a peculiar beast—a consequence of the fact that money, unlike time, is man-made. As prices rise and the cost of living increases, our salaries often struggle to keep up. Meanwhile, time, which is impervious to inflation, quietly becomes more valuable as it slips away. Yet, many of us continue to measure our lives by the money we earn, not the time we spend.

The Corporate Perspective on Time

Now, let’s shift our focus to the corporate world. For companies, time is not just an abstract concept; it’s a tangible resource, often the most critical one they manage. Salaries, which represent the largest expense for most companies, are fundamentally about buying time—the time employees spend working to achieve the company’s goals. How a company allocates this time is not just a logistical concern; it’s the most crucial decision they can make.

This is where workforce management comes into play. Companies like Soon help businesses allocate their employees’ time in the most effective and efficient way possible. When time is treated as the ultimate currency, companies can maximize their return on investment. They’re not just managing people; they’re managing the most valuable resource they have—time.

There’s an interesting irony here. Unlike humans, companies can, in theory, live forever. They are not bound by the finite lifespan of an individual. Yet, they must still be meticulous in how they manage time because the success of a company hinges on the effective use of this precious resource.

The Paradigm Shift: From Money to Time

Here’s the crux of the matter: shifting from a money-centric mindset to a time-centric one is no easy feat. We are, after all, creatures of habit, and our world is saturated with reminders of money’s importance. But imagine, for a moment, what would happen if we began to see time as the ultimate currency.

It’s not just a change in how we think; it’s a fundamental shift in how we live. Decisions, once clouded by financial considerations, become clearer when evaluated through the lens of time. We begin to prioritize activities that bring the most value in terms of time, not money. This shift can lead to profound changes in our personal lives and our professional endeavors.

To truly understand this shift, we might look to the world of science fiction. In Star Trek, for example, society has moved beyond money because resources are abundant, and everything can be created out of thin air. In such a world, where the accumulation of wealth is meaningless, what drives people? The answer lies in time—how they choose to spend it, what they choose to create, and the legacy they hope to leave behind.

The Final Thought: Time, the True Currency

As we come full circle, it’s worth reiterating Musk’s simple yet profound observation: time is the true currency. It’s finite, irreplaceable, and universally significant. Whether you’re an individual deciding how to spend your day or a corporation determining how to allocate resources, understanding and valuing time appropriately can lead to better decisions and a more fulfilling life or successful business.

But how do we make this shift? Start by asking yourself one simple question before making any decision: “Is this the best use of my time?” This small shift in perspective can lead to profound changes in how you live your life and run your business.

Finally, consider conducting a time audit—just as you would with your finances. Track how you spend your hours each day, identify where you’re investing time with little return, and reallocate that time toward activities that enrich your life or advance your goals. Just as you wouldn’t spend money frivolously, aim to be just as intentional with your time.

In the end, time, not money, is the ultimate currency. It’s up to us to spend it wisely.