Chapter 7 - The value of controlling your time Flashcards
What is the chapter summary
Chapter 7 of “Psychology of Money” emphasizes the true measure of wealth as the freedom to do what you want, when you want, with whom you want, and for as long as you want. It argues that having control over one’s life and time is the greatest determinant of well-being, outweighing factors such as income, job prestige, or the size of your house. The chapter illustrates how different levels of wealth equate to varying degrees of autonomy and independence, and how the desire for control influences our decisions and happiness. The author also notes that modern society often sacrifices control over time in the pursuit of bigger and better material possessions. The chapter explores how jobs have evolved from tangible labor to thought-based work, leading to a feeling of constant engagement with work due to its omnipresence in our minds. It concludes by affirming that factors such as quality relationships, being part of something larger than oneself, and quality, unstructured time with children are the true contributors to happiness.
a) The chapter seems to imply a critique of modern work culture, where thought-based jobs often blur the lines between personal and professional time, but this is not thoroughly explored.
b) There’s a mention of societal shift from the value of tangible work to intangible, thought-based work, but the consequences of this shift could be explored more.
c) It talks about control over time, but it could further delve into practical steps one can take to regain control over their time.
Q1: What is the highest dividend that money pays according to the chapter?
A1: The highest dividend money pays is the ability to do what you want, when you want, with who you want, for as long as you want.
Q2: How have jobs shifted from the past to the present, and what are the implications of this shift?
A2: Jobs have shifted from being primarily labor and action-oriented (agriculture, manufacturing) to being thought-based and decision-making roles. This shift implies that work has become less tangible and often feels never-ending as it is carried out in our minds, blurring the line between personal and professional time.
Q3: How does the chapter describe the connection between wealth and control over one’s time?
A3: The chapter describes wealth as a means to gain control over one’s time. The more wealth one has, the more freedom they have to use their time as they wish, which in turn significantly contributes to their well-being and happiness.
Q4: What is the primary determinant of well-being as mentioned in the chapter?
A4: The primary determinant of well-being, according to the chapter, is a strong sense of control over one’s life, especially control over one’s time and actions.
Q5: What are the key contributors to happiness according to the responses of the thousand people surveyed by an author?
A5: The key contributors to happiness, according to the responses, include having quality friendships, being a part of something bigger than themselves, spending quality, unstructured time with their children, and having control over one’s time.
Q6: What are the general levels of wealth as indicated in the chapter?
A small amount of wealth: The ability to take a few days off work when sick without financial strain.
A bit more wealth: The ability to wait for a good job to come around after being laid off, rather than having to take the first one available.
A substantial amount of wealth: Having six months’ worth of emergency expenses, offering the ability to leave an unsatisfactory job and take some time off to find a new one.
Even more wealth: The ability to take a job with lower pay but offers flexible hours, allowing for more control over one’s time.
