Your Time is Worth More Than Money.
I’m the type of person who values his time more than most things.
Maybe it’s my entrepreneurial personality and/or lifestyle.
Maybe it’s my appreciation for life itself and my understanding of how limited it actually is for us.
Either way, there’s nothing that can buy back time – not even money.
I’m currently reading a book on time management and the author broke down some simple math that blew my mind and I want to share it with you..
The author suggests that you have an “investor-entrepreneur” attitude when it comes to time.
This means you need to literally determine how much your time is worth ($ per hour) and when a situation arises that will require hours of your time, do the math and ask yourself if you would invest that amount of money into it.
You’ll notice that all of a sudden… that situation isn’t worth your time and energy OR it’s worth it and you’ve just increased your perceived value and accountability towards it.
So this author broke down what his time is worth by hour, as he suggested we do, and determined that his hourly worth is set at $340.92 per hour.
He then used stopping at starbucks in the morning for a coffee on his way to work as an example situation to use here.
He would surrender half an hour each morning to go there, sit in line, get the coffee, blah blah blah…
Then he stretched it across the year, calculating his work days/hours for the year and multiplying that by the 30 minutes he’d spend each morning…
It came to $37,501.20.
Insane, I know.
But here’s the thing…
Studies show that productivity and time spent in a DEEP STATE of productivity is limited.
Some research suggests that the average CEO has less than an hour of truly productive time per day.
Now that’s definitely going to be affected a bit by email, text, social media, etc… because we live in an era of distractions.
But the point is, more time wasted – even less time to get and stay productive.
So he got a Keurig for his office and some Starbucks K-cups….
Immediately saved $4-8/day across the year (do the math, it’s a decent chunk) and saved 30 minutes per day – which he valued at $37,501.20.
For the entrepreneurs reading this, things might be clicking in your brain…
You may finally understand that time is your most precious resource and you cannot invest it into ANYTHING that isn’t worth a lot of money to you.
For everyone else, but also still the entrepreneurs….
My goal with this daily dose isn’t to help improve your math skills.
It’s to understand how valuable your time is.
What if you did this across your day and discovered how much time was wasted?
Then put just HALF of that time into something worth thousands of dollars to you?
Imagine if you saved ONE HOUR per day by doing this…
You could go for a 30 minutes walk, meditate for 5 minutes, read for 10 minutes, and still have 15 minutes to prep a healthy lunch.
Now you’re working towards a lower level of stress and healthier body, which in turn would save you even MORE TIME and money by not visiting the doctor, staying home from work due to being sick or injured, etc….
Add to that, by prepping your lunch you don’t need to go out to eat – this saves you the time to get to the restaurant and the money you’d spend there.
With that extra time and money, you could….
You get the point.
It’s a compounding effect.
Take a REAL CLOSE look at your time and estimate its value.
Then, invest that value somewhere else that’s going to pay you more in the long run – whether that pay is in time, actual money, health, or happiness.
This is the real equation for success and happiness.