Millionaires Take This Money Cliché Very Seriously (And Why You Should, Too)

The notion that "time is money" is fairly common, and some millionaires have fully embraced this idea when establishing their work-life balances. This sentiment may feel cliché at first, but it's actually fairly profound: No matter what you do with your money, you generally have the ability to earn more. But your time is finite, and once you spend some of it, you'll never get it back. The more limited your free time is, the more essential it becomes to be deliberate with your evenings, work efficiently during the day, and fight the urge to become static. However, there are those who consider breaking this cycle completely to be the true definition of success.

In 2016, a Financial Times column by Nilanjana Roy gave a name to the people who reorganize their priorities in this way: "time millionaires." These high-net-worth individuals have realized that they can work harder and earn more money, but spending all that effort chasing their next buck takes away from the time they could instead be spending with loved ones or pursuing activities that make them happy. To many, these opportunities prove a much more key value enhancer in their lives than the act of simply buying more stuff. It's for this reason so many millionaires get in the habit of deploying various streams of income and look to separate themselves from the salaried 9-to-5 grind. While the non-rich can't always achieve the same level of time freedom, there are still aspects of this mindset that people of many incomes can embrace.

In addition to prioritizing time over earnings, some millionaires work to ensure the free time they do have is put to good use. In one study published by the Harvard Business School, millionaires in the Netherlands were found to prioritize their leisure time in pursuit of enriching activities like working out or volunteering, rather than engaging in more passive forms of relaxation. Similarly, Rich Habits reports that 72% of self-made millionaires volunteer for at least five hours each month at local non-profits, while Forbes reports affluent people like Nike co-founder Phil Knight and Dell CEO Michael Dell have each given over $2 billion in lifetime donations. Another key example can be found in Warren Buffett: He's a famously voracious reader, and making time for intellectual nourishment like reading is one of his top money management tips.

Millionaires also tend to have the financial wherewithal to splurge on a range of lifestyle enhancements, but this generally follows a strategic pathway. Time millionaires, in particular, might only invest in upgraded, expensive purchases when it buys them more time to spend at their own leisure. For instance, first-class plane tickets are a luxury that some high-net-worth individuals can afford, but many won't splurge on this purchase. Instead, they might pay more for a direct flight route to enjoy more time in their destination. For a middle-class consumer, this approach to spending might look more like hiring a cleaner to come once a month or taking public transportation to work so they can perform other tasks during their commute.