Uncle Roger's Notebooks of Daily Life

Time or Money?

Lets say it's the year-end-holiday-of-your-choice (or, more accurately, your employer's choice) and your boss wants to reward you for all your hard work during the past year. Your boss offers you a choice of a bonus of $300 or an extra day off anytime during the next year. Which would you pick? I know which one I'd go for.

Now, I understand that the significance of $300 is very different to different people. To some it might be a week's salary while to others it may only represent an hour's work. For the sake of argument, if you like, assume that it is about a day's pay.

For me, the choice is obvious; a day off is worth far more than a few hundred dollars. I have so little time to spend with family and friends that another day is much more valuable than whatever luxuries the money could buy.

That choice is made based on my situation. I have two young children, Rachel doesn't work during the summer, and, while we won't be buying a yacht any time soon, we're doing fairly well, financially. In addition, after 25 years I don't enjoy my work as much as I once did. Of course, not everyone is in the same situation. A lot of people, especially around here, are not as financially comfortable as we. For others, time off is not as valuable.

When queried, a coworker of mine quickly said he would prefer the money. His kids are grown, he doesn't take a lot of vacations anyway, and his wife doesn't work. He also enjoys his work much more than I, despite having been at it significantly longer. So, for him, the money is the better choice.

The saddest part of this whole discussion is that anyone would need to make such a choice. We in this country spend way too much time in pursuit of the almighty dollar instead of living our lives. We would all be better off doing stuff instead of buying stuff. If we didn't want so much stuff, we could work less, creating more jobs and happier people. I would happily cut my salary by a third to have an additional three months off. If two of my colleagues felt the same, that would create another position and four happy people.

[ Posted: 16:00 | home | print ]

When I was working, we were "given" a lump sum at the end of the year with limitations on its use. I always used it to buy two weeks extra vacation which, with the four weeks I had accumulated, gave me a lot of time off. Yes, we could have used the money, but it gave me a lot of three days weekends and when I combined it with holidays, sometimes additional full weeks off. No contest.

Posted by Ann Adams

Wow!

I just got official notice of my profit sharing bonus which, it turns out, is just about equal to two weeks' salary (prorated for the time I've been there.) I wish I had the option you were given -- I'd much rather have the two weeks off.

Posted by Uncle Roger

My Uncle

My uncle runs a manufacturing company out in Detroit that my Grandfather founded many moons ago. He still gives out Christmas bonuses regardless of how good or bad the year has been. For myself I think I would take the time off, too. The money would be nice but really anything I want these days is too expensive for $300 to make too much of a dent in. I'd rather have a day, any day, that I can do what I want when I want. Can we pick this day at the last minute?

Posted by dugh daren

I worked for a large insurance brokerage who was a leader in setting up employee benefit plans and ours was excellent. We could use the money for non-covered medical, some child care (I think - it's been a while), we could sell vacation time for more cash. There may have been more options. What we didn't have was the freedom to use it any way we saw fit. You'd be surprised, or maybe you wouldn't, at the number of people who sold back their vacation. I liked the first 10 years of my job but not well enough to sell vacation time. The last 5 years were a drag. They reorganized by throwing us all up in the air and where we landed became our new job. I hated what I was doing, although I liked the people I worked with. They made a broker out of someone who couldn't even make a success out of Avon calling. Go figure. I did a passable job but it sure wasn't what I signed on for.

Posted by Ann Adams

Priorities

When I was young and had the energy to stay up all night and go to work all day afterwards, sure, vacation wasn't so important; money was (I didn't make as much as I do now.) I also enjoyed my work a lot more back then. So I could understand selling one's vacation back to the company. Now, however, I've got very different priorities.

Posted by Uncle Roger

Like winning the lottery? I'll hold a good thought. It never worked for me and we haven't bought even a $5.00 quick pick in years.

Posted by Ann Adams

My #1 Priority...

is spending time with my family. Winning the lottery would make that much easier.

Posted by Uncle Roger