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It starts with knowing what your time is worth. For instance:
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 h...
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 nu...
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 day...
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 freelancin...
Divide your total money earned by your total time spent.
For example, let’s say you spend 2,500 hours per year earning money:
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.
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 thi...
SIMILAR ARTICLES & IDEAS:
Your net worth gives an overview of your financial situation at this point. It is the difference between what you own and what you owe.
Your net worth is positive if your assets exceed...
Assets are anything of value that you own that can be converted into cash. Examples include:
Your liabilities represent your debts, such as loans, mortgages, credit card debt, medical bills and student loans.
Determine your target net worth - where you want to be in the near-term and long-term future.
The following formula is helpful:
Target Net Worth=[Your Age−25]∗[1/5∗Gross Annual Income]
A 50-year-old with a gross annual income of $75,000 might aim for a net worth of $375,000 ([50 - 25 = 25] x [$75,000 ÷ 5 = $15,000])
Your net worth can be much more or much less than the amount indicated by the guideline.
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Facts decay over time. And the time it takes to disprove or replace half of it can be predicted.
Data in medicine become half as relevant in 2-3 years. For exact sciences, 2-4 years.
If we want our knowledge to compound, we’ll need to focus on the invariant general principles.
Half-lives show us that if we spend time learning something that changes quickly, we might be wasting our time.
Investing is about laying out cash or assets now, in the hope of more cash or assets returning to you tomorrow, or next year, or next decade.
Most of the time, this is best achieved th...
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