Why It’s Worth It | In looking to the future, conventional wisdom pushes us to meet with a financial planner or plan the next move up the career ladder. But what if constantly pushing for the future only brings us unhappiness? What if the key to a happier life isn’t how much money or success we have but how we spend our time?

In this episode of Choiceology, Katy Milkman delves into why being deliberate and thoughtful about our time today can give us greater satisfaction and meaning in our lives tomorrow.

Katy leads with a conversation with Joshua Fields Millburn, half of the Minimalists duo – Emmy-nominated Netflix stars, podcasters, and New York Times bestselling authors who highlight how we can radically change our future path and embrace a different way of living. The Minimalists focus on how to live a meaningful life with less.

After working extremely hard to achieve wealth, Joshua lost his mother and marriage in the same month. He embarked on a life-changing self-reckoning, which led him to shed emotional, career, and physical clutter, changing his life completely. Joshua believes everything that matters comes from identifying what we want from life and what relationships matter the most.

Katy talks about scientific studies that explore people’s choices involving time and money and explains how Joshua’s realization can be a powerful way to significantly change our lives. The upshot: people prioritizing time over money are more likely to lead happier, healthier, and more connected lives. The key is learning how to make the most of the time we have.

Background | In addition to talking with Joshua about his story, Katy chats with Cassie Mogliner Holmes, an award-winning professor and researcher of time at UCLA and a WSJ bestselling author who studies people’s decisions and how they relate to time. Key points covered include:

• Pursuit of Happiness – How we frame how we spend time, not money, may lead to a much happier life. 
• Is it quantifiable? – There is no refund for misspent time or attention. Unlike money, where more is better, it can’t work that way with time; what matters is how you spend the time you have. 
• Count how many times you have left – Everyone benefits from thinking about time. One helpful tip is to count how many times we may have left to do something we love or spend time with people who matter to us. Studies show that becoming aware of this can lead us to make the most of our time, leading to greater meaning and fulfillment.
• Minimalism – An approach that looks at shedding clutter (including intangible clutter like unhealthy careers, lifestyles, and relationships) to prioritize what truly matters. Minimalism turns financial wealth on its head, focusing on being time-rich instead of time-poor.
• Holds across demographics and age – According to Cassie’s research, the benefits of prioritizing time over money are consistent across all demographics. After our basic needs are met, the value of time becomes more significant.
• Why time focus affects happiness – When we take the time to actaully think about time, we become more deliberate. And if we choose activities that align with our values, we can form stronger social connections and find more purpose in our lives. As the days, weeks, months, and years go by, the choices we make about how to spend our time shape the story of our lives.
• Beware of time poverty – Do you ever feel like there’s just not enough time in the day to get everything done? It’s a familiar feeling, and it can leave us feeling stressed out, unkind to ourselves and others, and less happy and healthy overall. But the good news is that we don’t need more time – we need to change how we think about and use our time. Even if we only have a few spare moments, we can change our future by being present, focused, and intentional.
• How we spend money can also help – Research shows that spending money on experiences or others can increase our happiness and satisfaction. Conversely, if we focus solely on materialism, we become more unhappy. Prioritizing making memories and spreading joy to those around us is a surefire way to boost our happiness and satisfaction levels.

Source | Choiceology podcast:  How You Spend It- Season 10, Episode 3 (

About | Katy Milkman is a behavioral scientist, Wharton professor, national bestselling author, and host of Choiceology, a Charles Schwab original podcast that melds conversations about science, research, and human quirks to help us make better decisions and avoid costly mistakes. She also produces an insightful free newsletter, Milkman Delivers (sign up on her website!).Katy believes the key to changing ourselves for good lies in better understanding the internal obstacles that hold us back.