How Much Is Your Time Worth?
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“Time is money” as the old saying goes. I’d have to say I think my time is worth quite a bit, but how much exactly? I never really thought about quantifying it before until I came across this calculator by Clearer Thinking.
Wait, why does it even matter? Well, putting a number value to your time may help you decide whether it’s better to do something yourself or to hire someone else to do it. It may help you to decide whether it’s worth it to pick up that extra case or shift or give some time up and work less.
Well, I took the slightly long survey and I have to say, I enjoyed seeing the results.
Here are some of the fun things they reported:
- My time was worth > $175/hr (Wow!).
- They recommended based on this value that I delegate a good amount of tasks to paid help from time to time to free up some more time.
- If I’m considering waiting in line for 20 minutes to get something free, ask myself whether I’d be willing to pay $58.37 for that thing. If not, I probably shouldn’t wait.
- If I have the chance to save 30 minutes by taking a cab instead of the bus, I might want to do so, as long as the cab costs no more than $87.56 more than the bus.
What I learned:
- My time is worth more than I would’ve guessed.
- I’m probably wasting more time on certain things than I should and should definitely consider delegating or hiring out more.
- I’ll probably never wait in line for anything free ever again. Goodbye free scoop day at Ben & Jerry’s!
Obviously this is just a tool and not something I should live my life strictly by. However, I found it extremely interesting and it will make me think twice about how to best to use the limited time in my life.
How much is your time worth? Is the value of my time ridiculous to you? I’d love to hear…
Disclaimer: The topic presented in this article is provided as general information and for educational purposes. It is not a substitute for professional advice. Accordingly, before taking action, consult with your team of professionals.