#14: How Much Is Your Time Worth?

0

Time is your most valuable resource or asset. 

After working so long and hard to become a physician, I believe when your time is devalued it’s a crime. And that’s not even mentioning the amount of financial stress involved in the process.

The pandemic is changing the landscape of professional environments. It now appears that going forward we’re going to get paid less for our time. I look at it this way:

  • You can put in the time to get money back.
  • When you lose money, you can always get that back. 
  • You can put in energy and effort in exchange for money.

However, once you lose time–it's gone. That’s something important to keep in mind. Time is at a premium, none of us know how much we have left. That means we need to make every second count so that at the end of our lives, we’ll feel like all of our time was well spent. 

What is your time worth? 

In other words, what is the value of your time? It’s good to put a dollar amount on it.  Doing so will help you to make decisions about how you do or do not want to spend your time. 

On today’s show, I'm going to talk about the process of understanding different aspects of how to use “time” to your advantage. 

Now, let’s look at five things we touched on during this episode.

  • Examining productivity and what it means for you.
  • A discussion of the importance of assessing your current situation (i.e. look at how much time you’re allocating to various activities).
  • We’ll talk about spending choices based on how much work is used in the exchange of buying an item. 
  • Delve into your time versus opportunity cost.
  • How to create income outside of medicine.

Here’s a breakdown of how this episode unfolds…

[00:12]

I know that a lot of things must be on your mind right now, as is on mine. And one of the things that I've really been thinking about this week is my time, how I spend it, how much is it worth, how I should be using it? 

[00:58]

Now, I don't know how many of you out there are like me, I've been told recently that you're going to get paid less for the time you put in. And what that means is that, you know, the amount you may be putting in the same amount of time. But essentially what comes out in terms of income is less. 

[01:48]

Because, as you know, and I've said it before, and it's a very cliche thing, time is your most valuable resource or asset. And when your time is devalued, that's a crime. 

[08:07]

Start looking at your family, leisure, your sleep, and figure out whether you know how much value it gives you.

[09:35]

Some people might be really discouraged by it. What I found is that most physicians actually undervalue their time significantly. And the reason I know that is that what they decide to do with their time is they decide to spend their time doing relatively, you know, meaningless stuff, that they could be outsourcing to other people, but they decided to do themselves and if they valued the time a little better, they might be not be doing some of those things. 

[13:25]

So you have to decide at the end of the day, what brings you joy, what's worth it, what's not, and then ultimately make decisions that leverage your time and create the most value possible from it. 

Subscribe & Review in iTunes

Hey there – are you subscribed to my podcast? If you aren’t, please show your support of the show by doing so now. I don’t want you to miss a beat, so if you’re not subscribed, there’s a good chance you’ll miss out on those. Click here to subscribe to iTunes!

If you’re one of our super special followers, I would be really appreciative if you also left me a review over on iTunes. Those reviews help other people find my podcast. Why not spread the insight to help other physicians and professionals on their passive income journey? Just click here to review, select “Ratings and Reviews” and “Write a Review” and let me know why you enjoy the show so much. Thank you!

OTHER WAYS TO ENJOY THIS POST:

Download a Transcript (coming soon!)  

Download on iTunes 

Join the Passive Income Docs Facebook Group

Join the Passive Income Professionals Facebook Group

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.