How Much Is Your Time Worth?

Econ 101

Non-renewable, natural resources are also the most valuable in this world because, well, they are non-renewable.  Oil, gold, platinum, precious stones, and numerous others are in limited supply.  Thus, it follows the basic economic principle of supply and demand.  The resources that are most in short supply are the most valuable.

So tell me this. What non-renewable resource do most of us severely waste and undervalue?

Time.

Wakeup Call

Luckily, I’m blessed to have friends who are much smarter than me.

While speaking with my closest friend tonight, he aptly pointed out that I am violating this important principle.  I was bitching about how many fires I put out today, and he cleverly said, “Why don’t you hire someone to do that?”

Good question.

Why am I wasting time doing operational, mundane tasks when I should be focusing more of my time on revenue-building activities?

Time Is Not On Our Side

I know what you’re thinking - “Yeah Jason, it’s easy for you to say, you don’t work for anyone else.”

Fortunately, that doesn’t matter, and it completely misses the point.

Think about how much time you waste doing laundry, getting groceries, or other low-return, low-value activities?  Wouldn’t you like to have those extra hours hanging out with your family?  Or simply just doing the things that you love?  How much is that worth to you?

How Much Is YOUR Time Worth?

Seriously, think about spending 8 hours a week doing laundry.  You could probably drop that laundry off and get it done for $32 (probably less).  Basically, if you’re doing your own laundry, you value your time at $4.00 an hour.  Damn, that’s little worse than minimum wage.

Sounds pretty pathetic, eh? Fortunately, not all hope is lost.

Outsource The Mundane

You work hard for your money. As a tradeoff you are giving up your free time.

“Buy” back some of that free time by outsourcing the activities that you hate doing, and spend more time doing the thing that you love. Seems like common sense to me and something I’m going to implement starting tomorrow (Peapod, anyone?).

Oh, and if any of you sharp readers figure out how to outsource your workouts, please let me know ASAP!

Stay Focused,

J

(Thanks to P for the idea)