What Is Your Time Worth To You?
What is time worth to you? As we all know, time is super limited. What is an hour of your time worth to you. When you have figured out what it is worth it in a sense of a monetary value, now is the time to figure out a value of worthy your time and energy.
Energy Value
When you eat so many calories you also can output so much energy to burn it away. As a sort of E=MC2, the rule applies to everything on energy in vs energy out.
How much energy do you have to divide a day and what do you want to spend it upon?
Time Value
What is your time really worth to you. Not just the monetary value of last weeks blog, but also how much energy you want to put into something and which tasks you want to do yourself.
In the business world it is a matter of finding out what you can do yourself and what you want to outsource. Even if you can perfectly do it yourself, is it then really worth your time? A redundant task might be done perfectly well by yourself, but is it going to earn you 100 USD extra per hour? Or do you rather spend that time on making a sale?
In a plain sales business world it is a choice of whether you want to spend time writing invoices yourself or rather make some new high ticket sales and spend some money on someone that does the invoices for you.
Monetary Value
Remember the earlier question about what your time is worth? I asked that not to find out how much you would like to earn, but from a point of view where you can decide whether you feel a task is worth your precious time or whether its better to outsource it to someone else.
To give you an excellent example, I outsourced the cleaning in my house to someone who is much better at the job than I am. This is perhaps not for everyone an option as cleaning services can be expensive to outsource.
I also outsourced the Twitter management to my wife (well in a way, but she offered the help).
Just consider how much of your time goes into a certain task. Consider then whether you want to do the task yourself (own full control) or whether you are willing to outsource it. Last but not least, you need to figure out whether the asking price for the outsourced service is worth your money.
House tasks that could be outsourced:
- house cleaning
- Lawn mowing and garden work
- Window cleaning
- Dog walking
- Nanny
- Homework help
- Kid daycare
Website tasks that can be outsourced:
- comments creation (Sitecomments or directly)
- Forum comments
- Social media
- Post writing
- Mundane tasks such as link changing within posts or adding code
And that are just some examples. We all have 24 hours a day and 7 days a week. 7 to 8 hours of sleep every day, so the hours for activity are limited to 16-17 hours per day.
Spend your time well and spend your money well!
Recent Comments
17
It is called trading time for money. This is a 9to5 job.
The money you can recover, Time you can not recover.
not necessarily 9 to 5 job, but you can surely outsource stuff that you do not have time for yourself or where you can earn more. Especially Bill and Sue's story is a clear example of it.
Absolutely correct Steven. We can make more money, or take on more obligations, but we cannot make more time. And what we do with our time, talents, and treasures matters. :-)
Hi Steve,
Thanks for some great advice. It is true that many mundane tasks could/should be outsourced, one has to be discreet as to which one to hire someone to do that is until your income can afford it.
I heard about a millionaire or maybe billionaire who was asked by an ambitious young man on how to make a million million USD in a year. The senior mentor asked him if he mowed his own yard? The young man replied replied that he did. Jim asked him how much do you think that costs to hire someone. Eric said maybe $15/hr. Jim then said, if you want to earn $500/hr or so an hour to make a million, you don't have the time to waste on the $15/hr task. So hire it out. Eric took his advise and is a multi-millionaire today. True story.
I totally agree to outsource when you can, we don't have the time to be distracted from our goals that we set. I am writing to myself as to what I should be doing, as well as anyone else.
Thanks Steve,
Bill
Hi Bill (And Sue!)
Yes that is exactly the type of thing I was describing here. I didn't really refer to that true story, but I saw someone posting about whether he should still mow the lawn before winter or not. That is what made me think about calling this as an example here.
You are most welcome of course.
Steven
You have brought up some excellent points. Time is money. I know way too many people that don't place a high enough value on their time.
That said, I have a lot of opportunties for improvement in this area.
Yep. and of course when we don't have the money for it yet, then we just have to be selective on other area's such as in that excellent post of Kyle on time.
If you are spending too much time on social media, email, or watching TV then there are potential areas to improve on yourself and divide your time more productively elsewhere.
Steven
See more comments
Do not outsource your time you spend with your lovely cats. :)
haha true.. that I will never do for that is my source of income (well getting ideas to write about at least).
Seek no more, I found the best you can find from cats, you are gonna love it... :))