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It starts with knowing what your time is worth. For instance:
Understand that there will be tradeoffs, but that it can be managed.
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We all have some idea of how much our time is worth. On extreme ends, it is easy to know if a task is worth your time. For instance, if someone offers you $0.07 per hour and another $7,000 per hour, you would have no problem to decide.
However, in the middle of the time-value spectrum, it is less clear if a particular task is worth your time. While everyone has an hourly value, few people know the exact amount.
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Use the Realized Income Methods to calculate the value of your time. It is based on the income you received and will help you make better decisions on how to spend money day-by-day. You need two numbers for your calculations.
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Measure the total amount of time you invest each year to earn money. It includes the time you spend to commute to and from work, and time spent working on a side hustle or dropping your kids at daycare.
If you're unsure how much time you spend working, use 2,500 hours per year as a starting point as most full-time employees or entrepreneurs will fit around that amount.
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If you're an hourly worker or a salaried employee, look at your latest paycheck and multiply it by the number of paychecks you receive per year. Also, include money from side hustles and freelancing gigs.Â
You are trying to calculate your take-home pay.
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Divide your total money earned by your total time spent.
For example, letâs say you spend 2,500 hours per year earning money:
If you are surprised by the numbers, remember that we rarely calculate how much time goes into earning money outside of the working hours.
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Expected Valued Methods are based on the value you expect a given hour of work to create in the long-run. This method can help you make strategic decisions about where to spend your time.
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This method calculates how your work of today will pay off long term, but does not tell you how to use your time more effectively. It works on the assumption that your actions from this year will continue to drive growth over the next 12 months, so the real value of your time is higher than your realized income today.
Take your net income from the previous year and multiply it by a reasonable growth multiple.
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This method is highly individualized.
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IDEAS CURATED BY
"Many people are in the dark when it comes to money, and I'm going to turn on the lights. " ~ Suze Orman
Learn more about moneyandinvestments with this collection
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