I would assume "time is a gift" would refer to the idea of making every minute count. Time is money refers to the idea that every minute is a minute you could be making money. It's what most Americans live by, and in consequence, we've turned ourselves into a stressed society where your line of work defines who you are. Even if you hate what you do, it has to be done because it is the "responsible" thing to do.
In a society that defines time as a gift, the people spend their lives doing what they can to enjoy it. They spend time doing things to, forgive me for being cliche, better the soul. Some Americans view this as an irresponsible way of life because you can't buy the so-called necessities of life. I disagree with this view, though. Personally, I would rather do something I enjoy and look forward to.
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