Put A Number On Your Time

Imagine the following scenario : “Say you went to the hardware store and it is located 30 minutes away. You bought a tool that you needed for a project that you are working on, but it turns out that the tool was 4 dollars and it was a piece of junk and after using it and finishing the project with it , its now destroyed. You don’t need  it any longer but youa re upset that you threw away 4 dollars. Do you go return it?

I personally have had this happen multiple times and the answer is NO. Why because the hour drive there and back it is not worth 4 dollars. The stress is not worth 4 dollars. I have calculated how much an hour of my time is worth and I go about making decisions based on that calculation. I just cut my loses.

Time is so much more valuable than money and so few people understand this. One great example is people that download illegal music instead of buying the album. At first it may seem like you saved 15 dollars but in reality you spend way more than that because it took you at best 30 minutes to get it set up, can’t have access right away to start enjoying it and move on until better things, and if you catch a virus..well good luck with that. Maybe you are a computer expert and know very well what you are doing, but I will argue then that your mind should be used for more valuable endeavors .

A great book to read on this subject, and one that definitely made me more efficient with time management is: “NO BS Time Management For Entrepreneurs By Dan Kennedy”

In there Dan taught me how to calculate how much my time is worth and it has been a while but I recall it came up to 150 dollars an hours a long time ago.

Pretty much you imagine how much money you want to make a year, say 1 million.

$1,000,000 /12 months= $83,333/per month=$20833/per week= $260/per hour ( if you work 80 hours a week which should be a minimum for starting entrepreneurs.

Your job is not to spend in those 80 hours doing nothing not worth $260 dollars. You do that and sooner or later you will be making $1 million.

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