Time is more valuable than money.
You can always get more money. You can never get more time. It’s important to invest the limited amount of time we have in the things that will have the highest impact on our success, wealth and happiness. Putting a precise monetary value on our time helps a lot. It helps us make better decisions, and helps us understand when it’s profitable to outsource or automate a task that is not relevant to our mission.
To put a monetary value on our time we can begin by using our hourly pay. For example, if our hourly rate is $100, technically we should never do a task that costs us less than $100/hour. If a cleaning service/housekeeper charges us $50 to clean our apt, that’s it, we’ve won, because if we were to clean it ourselves, it would take us 4 hours, which would end up costing us $400 (4 hours x $100/hour) instead of $50. That said, we also need to be mindful of anything else that could be considered intangible opportunity cost; the trade-offs from not doing what we want. This is also a factor in assigning a value to our time.
I’ve said it once and I’ll say it again: convenience trumps everything. We should always be looking to maximize our time to spend it with our partner and family, to focus on ourselves, and to focus on the things we’re passionate about. Understanding our priorities and the value of our time enables us to make better decisions on how to spend our time and helps us remove the friction from our lives, empowering us to make more progress towards our goals.