Find a Penny

You've heard it said, "Find a penny, pick it up; and all day, you'll have good luck." But, I'm sure, you've also come across folks who have said that it is beneath them to bother picking up a penny off the ground. If you, like me, find yourself somewhat on middle ground, philosophically, you might ask yourself, if it is really worth your while to pick-up a penny. The issue is not so much about "found money," (because the value is so negligible) as it is about the effort involved in picking up the "found money," that is at the heart of the problem.

Well, time is money, and as a economist, I've asked myself this very question. So, I conducted a time-management study to help me determine, if it is really worth one's time, or not, to actually pick-up a penny from off the ground. First, I placed a penny on the ground, and looked at my watch. I then picked up the penny, and looked at my watch again. It took me about five seconds to pick up the penny. Knowing that there are twelve, five second blocks in a minute, and sixty minutes in an hour, I then extrapolated the following. One can gather about twelve cents in a minute of picking up pennies, and this comes to $7.20 worth of gain, per hour.

So, my conclusion is this. If your time is worth more than seven dollars an hour, don't bother with picking up pennies. Either stay on your momentary vacation, or report to work, and either way, you have spent your time more wisely. However, if you make less than seven dollars an hour, by all means pick it up. You need the money!