Long time lurker, first time poster, here.
I feel like I searched through the forums pretty well for someone with a similar thread, but none seemed really appropriate to resurrect given the unique situation presented here:
I am at a crossroads with my soon to be wife (the D
FutureW!). DFW and I are in a position where we have laid out the theoretical and real costs of different places to rent around the area which we intend to live. I tried to be reasonable by insisting a time value of $10/hr for time spent commuting 45 minutes less a day(not my real cost since I will be on a bike :D - however interesting to consider because of what we are paid and how little time we have to spend together as it is) plus the ability to cook
together (highly valued) plus various other amenities including a gym and free internet and a garage at one place.... and this allowed me to value two of the places we have looked at renting very similarly. Most of that is valued in intangible payment to myself of the commute time I regain by having this other more expensive place. Mind you, this other place has virtual golf, as well (!!).
I am having a difficult time explaining that there is a value to my time. Kinda made me think of these articles:
http://www.mrmoneymustache.com/2012/10/18/why-your-time-is-worth-way-more-than-25-per-hour/http://www.mrmoneymustache.com/2012/12/18/your-money-or-your-life/http://www.mrmoneymustache.com/2012/02/09/brave-new-life/http://www.mrmoneymustache.com/2012/10/08/how-to-go-from-middle-class-to-kickass/Now, mind you I haven't read YMOYL, but I understand pretty well the concept of how we should value
free time. I also very much value what BNL has to say about FI and money. For us, it is currently about the difference in Middle Class to Kick-ass when we consider the rent money (interest payments). I had a hard time even justifying my own position, but my time is indeed the kicker for me. Here's to hoping that it pays CEO level wages.
I had a very difficult time trying to convince her that we should live in a minimalist type apartment for as long as we can handle doing so, and therefore conceded to having something with a little bit more space. Just an FYI, We were comparing 2BR/1BA apts in the Lakewood area of Colorado.
The reason I come to you is because I want to discuss why we should value time more than things that actually cost us dollars and cents? Especially during our working career? When we are talking about saving for retirement, at what point does the time value become more important than the money value? Is the frugality actually related to "the money that we spend" or "the time that pays dividends in other ways" (for our working career, anyways)? People can, and should, chime in if they have an opinion about what should be considered after our working career, too.
In case anyone was wondering, we ended up going with the more expensive (actual cost) place. And, not I, but the DFW seems to have a sort of renter's remorse... kinda odd since I was the one suggesting we live with fewer frills at first, but since this place has a better location for me and her combined, it made a lot of sense to me to pay extra on the rent.
P.S. I actually tried convincing her that we should buy a luxury RV and live Jacob-style, but DFW wasn't having any of it... the lack of space would've killed her. I decided it was time to pick my battles (i.e. getting her to bike to work vs. minimalist living).
I don't really feel there is any advice that is gonna sway the two of us in one direction or the other, but I thought that this would make for an interesting conversation.