The Real Worth Of Your Time
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.
- How much time you spend to earn money.
- How much you earn during that time.
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Calculating the Value of Time: How Much is Your Time Really Worth?
lifehacker.com
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·7.73K reads
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"Many people are in the dark when it comes to money, and I'm going to turn on the lights. " ~ Suze Orman
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The Value of Your Time
Divide your total money earned by your total time spent.
For example, let’s say you spend 2,500 hours per year earning money:
- If you make $46,226/year, your time is worth $18.49/hour. This is the 2014 median income for women in the United States.
- If you m...
The Expected Value Method
- Break your time out by task.
- Find a unit of measurement that connects the tasks you work on with the income you earn.
- Estimate the expected value of each task.
- Add all the expected values together to calculate the total expected value of your time.
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Track Your Time
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...
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