Correct!
And some people's time is inherently more valuable than others - this makes sense in a deeply twisted way. A emergency brain surgeon for example, would be exceedingly difficult to find, and even more valuable to have, let alone utilize. I think a lot of us can agree that the surgeon being able to save a life in ways almost all of us cannot is valuable.
But some people's time isn't valuable at all. Any middleman - salesman of every type, healthcare insurance, stock brokers. They have been made artificially valuable because they are significantly better at producing income for the already wealthy.
No broker, salesman, or healthcare insurance provider (or hell manager even) is going to help 95% of the country make more money.
Now, if we got compensated based on the finished product we deliver - that would make the hardest workers a lot more fucking money. But corporate America would never allow that - the employee didn't purchase the parts before assembling it, or the ingredients, or the network infrastructure, etc.
The problem, at its core, is that it all ends up tying a price to a human life. Until we can separate cash value from life, we will be stuck with this system.
It's possible to do on a small scale, but inevitably it ends up recreating itself as the community doing it grows.
The other two have corrected you on the lifespan of red dwars.
However, it's actually pretty neat to understand why small stars have exceptionally long lifespans, and big ones are very short: it's because of the limitations of quantum tunneling and nuclear fusion, vs mass.
In order for a star to generate any light, it needs a shit ton of energy. The only way to get this epic shit ton of energy is nuclear fusion. Because of physics, massive particles are attracted to eachother because of gravity. Heavier masses attract more particles. As the particles start piling up on top of eachother, they generate heat because they are also being repelled by other forces (namely electromagnetism). Heat is really a particles kinetic energy - the amount of energy of its movement.
At a certain point, hydrogen fuses to Helium, helium fuses, then heavier elements like carbon, oxygen and nitrogen, all the way up to Iron.
Each time a specific fuel runs out, there is a small to large explosion as the force compressing the particles is less than the force repelling the particles. Depending on how massive the star is, this could happen very quickly, or not at all. Red dwarfs don't usually have the mass required to fuse more helium, so the fusion reaction continues forever until the gravitational forces are in equilibrium with the e&m forces. In bigger stars, the rate of fuel being consumed increases with mass, so you burn through each fuel quicker. In a star hypothetically large enough, it's possible that the mass is enormous enough for it to consume all of its fuel in short succession, and instead of even getting a black hole, the star completely blows itself apart.
Which leads to other really crazy things - like the question on supermassive black holes in the center of galaxies. How did they form if stars of a certain size would blow themselves to smitherings?