How Much Is YOUR Time Worth?
Do you have free time? Well let’s see if we can fix that.
Free time? Man, a few days ago a friend of mine called me and said, “Hey Judge, uh, do you have some free time? “I want to talk to you about a business venture.” Well, we all know how it goes when someone says business venture but doesn’t tell you what the business venture is. But aside from that, he made me think about the question of free time. When do I have free time? Well, the obvious answer I’m going to tell you is I don’t have free time. The key word in that is “free.”
I learned that a few years back when I had my first true experience of entrepreneurship; when I was on my own, no 9–5, I was working for myself, my first company that I was running that didn’t require me to work anywhere else but for myself. And doing that allowed me to find out exactly how much I realize I was worth per hour. It wasn’t a lot at the time from a business standpoint or even from a self-employed standpoint. But by calculations gave me an average number of about $100 an hour that I felt like I was worth.
Now, having that number in my head made it much easier for me to figure out what my time value was. And when that number’s in your head all the time you realize “I don’t have any free time, because my time has a number on it.” That’s a key point. Find out what your value is, what you think your time is and put a number on it. Put that number in your head so that anybody who tries to interfere or steal that time or waste that time, you know exactly how much time they are wasting. And of course, in turn how much money they are wasting.
Now in practice this became very clear to me when I realized I was doing some things that I probably shouldn’t have been doing. Now at that time I thought, well I’m not a wealthy man I can’t afford to pay somebody to do things that I can do myself like, for example, cutting my grass. But then I realized, okay, I’m working for myself, any given day or Saturday afternoon I may be cutting my own grass. Now cutting my grass, the time required an hour of getting the lawnmower ready, about a hour or two of cutting, another hour perhaps of hedging, and then another hour of showering and cleaning up to do the next thing, even just to go back to work for myself. Four or five hours gone. Four or five hundred dollars worth of my time that I technically just spent. Then I realized the guy that cuts my grass only charges me $50. So why am I cutting my grass again?
You see once that number’s in your head you start to realize, wow, my value is X number of dollars per hour, or X number of dollars per day, or whatever your timeframe is, and you start to whittle away at those things that you don’t have to do. You’ll find (it may be a struggle) but you’ll find over time that the time that you’re using to create those money-generating things, those high value things will grow and grow and grow, and you’ll more easily be able to pay someone else to do that you thought you should’ve done yourself.
Now I admit this may seem a little difficult to do starting out with a new business but I promise you if you can find that number to put in your head you will gradually find ways to offset the things that you should not do, so you can focus on the things that only you can do and that bring you value. And, in the end, generate you more money and more success.
So yeah, no such thing as free time. I don’t have free time, you don’t have free time. It’s your time it’s valuable and I would suggest not letting anybody steal it from you or waste it. This is Judge Mental, just looking out sharing some thoughts, that’s why they’re So Judge Mental. Hey I hope you follow me on Instagram @sojudgemental and also @DjJudgeMental. If you’re on YouTube hit the subscribe button, if you’re not please go there, http://youtube.com/judgemedia. Love you, I’m out.