Why Your Cheap Boots Are Making You Poor
And Other Time Crimes
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Last week, I watched a friend agonize over buying a $200 pair of work boots. "Too expensive," he said, before purchasing his third $40 pair this year. He's not bad with money—he's just thinking about it in only three dimensions when wealth requires thinking in four.
The fourth dimension? Time.
Here's what separates those who build wealth from those who don't: wealthy people instinctively see money through the lens of time. They don't just ask "How much?" They ask "How much per year?" "How much per use?" "How much time will this save or cost me?"
This isn't about having more money to spend. It's about fundamentally rewiring how your brain processes financial decisions. And the good news? This mental shift is completely learnable.
Why We're Naturally Terrible at Time-Money Math
Our brains are wired for immediate survival, not long-term optimization. Psychologists call this "present bias"—we overvalue immediate rewards and dramatically undervalue future ones. It's why that $20 monthly subscription feels like nothing but $240 per year makes us pause.
People selling subscriptions are well aware of this.
This bias served our ancestors well. When resources were scarce and the future uncertain, consuming immediately made sense. But in modern life, this mental shortcut becomes a wealth-destroying bug.
Consider how retailers exploit this. They've studied the psychology. That's why you see:
"Only $3 per day!" (for a $1,095 annual cost)
"Low monthly payments of $49" (for items you'll still be paying for long after they break)
"First month free!" (banking on your forgetting to cancel)
The pain of paying $200 once activates our loss aversion. But twenty payments of $20? Our brain barely registers each small hit. It's like being pecked to death by ducks—individually harmless, cumulatively devastating.
The Wealthy Person's Time Lens
I once heard a story about a CEO who spent $2,000 on a laptop bag. Excessive? Let's do the math the way she did:
Uses it 300 days per year
Expects it to last 10 years
Cost per use: $0.67
Compare that to a $50 bag replaced annually:
Same 300 days of use
Cost per use: $0.17
Seems like the cheap bag wins? Not when you add the time dimension:
Time spent shopping for replacements: 2 hours per year × 10 years = 20 hours
Her hourly value: $200
Hidden time cost: $4,000
Suddenly that "expensive" bag looks like a bargain.
This isn't about justifying luxury purchases. It's about recognizing that time has value, and quality often buys time.
Real-World Time Taxes You're Probably Paying
The Subscription Creep
Sarah thought she was being frugal with her entertainment:
Netflix: $15/month
Hulu: $8/month
HBO Max: $16/month
Disney+: $11/month
Spotify: $11/month
Various app subscriptions: $30/month
"It's just $91 per month," she reasoned. But that's $1,092 per year. Over a decade? $10,920—enough for a solid investment portfolio. The time tax? Hours spent browsing multiple platforms, managing passwords, and deciding what to watch.
The Fix: Calculate the annual cost of every subscription. Would you write a check for that amount on January 1st? If not, cancel it.
The Cheap Tool Trap
My neighbour bought a $79 lawn mower. In two years, he's:
Replaced it once ($79)
Bought replacement parts ($45)
Spent 6 weekends repairing it (24 hours)
Hired someone twice when it broke mid-mow ($120)
Total cost: $323 plus 24 hours of frustration. A quality $300 mower would have saved money AND time.
The False Economy Commute
"I save $400/month living farther out," a reader told me. Let's examine:
Extra commute: 1 hour daily
Work days per year: 250
Annual time spent: 250 hours
If their time is worth $25/hour: $6,250 in time value
They're paying $6,250 in time to save $4,800 in rent. That's a net loss of $1,450 annually, plus wear on their car and stress on their life.
The T.I.M.E. Method for Smarter Decisions
Here's a framework I've developed to help make time-conscious money decisions:
T - Total Cost Calculation
Never look at purchase price alone. Calculate: (Purchase Price + Maintenance Costs + Replacement Costs) ÷ Expected Lifespan in Years = True Annual Cost
Example: A $60 pair of shoes lasting 6 months costs $120/year. A $150 pair lasting 2 years costs $75/year. The "expensive" shoes are actually cheaper.
I - Impact on Daily Life
Quantify convenience and reliability. Ask:
How many minutes per day will this save or cost me?
What's the stress/hassle factor?
Does this enable or prevent other positive actions?
A reliable car isn't just transportation—it's peace of mind, predictable scheduling, and opportunity enablement.
M - Multiplier Effects
Good decisions compound. A quality mattress leads to:
Better sleep → More energy → Better work performance → Higher income
Less back pain → More exercise → Lower healthcare costs
Longer mattress life → Less shopping time → More productive hours
E - Exit Strategy
Consider:
Resale value (quality items often retain value)
Flexibility to change course
Environmental impact of disposal
Training Your Time-Money Brain
The 10-10-10 Rule
Before any purchase, ask: "How will I feel about this in 10 days, 10 months, and 10 years?"
10 days: Past the dopamine hit of buying
10 months: Living with the reality of the purchase
10 years: Seeing the compound effect of the decision
Calculate Your Real Hourly Rate
Take your annual income after taxes. Divide by 2,000 (approximate yearly work hours). That's your baseline hourly value. Now, for any purchase, ask: "How many hours of my life does this cost?"
That $5 daily coffee? If you make $25/hour after tax, you're working 1 hour every 5 days just for coffee. Annual cost: 52 work hours. Is it worth trading 52 hours of your life each year (not to mention the time spent queueing up for the coffee and drinking it) for coffee shop coffee?
The Quality Investment Starter List
Start building your time-conscious money muscle with these almost-always-worth-it quality investments:
Mattress (you spend 1/3 of life here)
Work shoes (comfort affects productivity)
Kitchen knife (meal prep efficiency)
Computer (if you use it daily)
Desk chair (health and focus)
The Compound Effect of Getting This Right
Every time-smart money decision you make doesn't just save you money—it buys you time to make more money, enjoy life, or make more smart decisions. It's a virtuous cycle that compounds over years.
The boots example I started with? It's not really about boots. It's about recognizing that wealth isn't built by finding the cheapest option—it's built by understanding the true cost of our choices across time.
Starting today, add time to your money calculations. Ask not just "What does it cost?" but "What does it cost per year, per use, per hour of my life?"
Your future self—and your bank account—will thank you.