Everybody has a price, so what is yours?
Time is money, so it seems, if that were true then what would a minute of your life be worth; by that, I mean as a tradable currency.
Consider the following, if you were to treat yourself as a business against which people could buy shares, what will your share value be? Or if you were a cryptocurrency then what will one coin be worth? Worth, in this case, is a recognised value exchangeable for goods or services.
So how would you calculate the value of your time into a tradable asset, baselined to the price of a Dollar or a Pound? Meaning basically how can we quantify each minute of a persons life into a price. Which factors will determine the unique price and which factors will make it “tick”, move up or down in value relative to events in an individuals life.
Given the average life expectancy of around 72 years, an individual would have 38million minutes over their lifetime. During this time many events will change and shape the outcome of this individual’s life eventually leaving him or her as rich or poor, famous or unknown. Remember the board game “Game of Life”?
What if you could bet on a person to succeed or fail; success or failure, in this case, is relative to a persons life chances and exposure to opportunities. What metric will you use to forecast such outcomes? Could a mechanism be created to invest in this individual?
Scoring individuals and their behaviours is not a new concept, life insurance, your personal credit file, your net assets worth all use your personal data points to determine value and risk profile. However, having a wide range of factors to price an individual is less than useful given not all factors can be tracked and/or are reliable as barometers of success or failure.
So the best starting point might be to create a current price based on data available today. To fairly price someone we might need to look at a few life factors, but only those whose data points are reliable and not open to manipulation.
Data such as financial credit, social graphs, demographic profile and sentiment analysis on social interactions might help to create a reliable picture, though over time. Optional and less reliable data such as salary, education, relationship status etc, assuming they were being honest about it, might help to forecast life chances and hence a predictive future value.
Now consider this:
What would have late Nelson Mandela, Steve Jobs and Muhammed Ali’s price been forty or fifty years prior to their deaths? Given the adversities that they faced. What price would you give Barack Obama and Donald Trump today?
For all the individuals above, including all of us, I believe there is a price. Just like age is a number, worth should not be purely based on perception and celebrity it should be quantifiable as a price.
One interesting start-up coming out of Ukraine, nimses.com, is leading a charge in making your time tradable, its a novel idea and it seems to be gaining momentum so watch this space.
However, for me, the real value will be when I can be priced not just on being alive but on having made certain life choices which could make me more valuable, somehow benefitting my existence allowing me to become a living business.
Author: Shazad Awan
A tech leader, start-up co-founder and sports enthusiast. Loves observing change and planning to take over the world