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Modern Mentor

394 GID How to Value Your Time

Modern Mentor

Macmillan Holdings, LLC

Careers, Business, Management

4.3720 Ratings

🗓️ 1 February 2016

⏱️ 7 minutes

🧾️ Download transcript

Summary

When you have a lot on your plate, valuing your time gives you a way to decide how to best use it. There are many ways to decide the value of your time, however. Read the full transcript here: http://bit.ly/1Xcyonv

Transcript

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0:00.0

This is Steve Robbins. Welcome to the Get It Done Guys, quick and dirty tips to work less and do more.

0:08.0

In today's world, we mostly have enough on our plates to fill every available second.

0:13.0

But our time is our most precious, limited, non-replaceable resources, and we have a billion things to do with it, and all of them need to get done, or so we believe.

0:21.3

We need a way to decide which things to do next, but it's not always clear how to make that choice.

0:27.1

At work, we can at least be guided by business goals. After all, time is money.

0:31.9

But how about our free hours? There, time may be happiness or joy or friendship. Decide the highest value use of your time by using some easy metrics.

0:42.0

Give every option you're considering a comparable currency because you can't compare apples to oranges.

0:47.7

Well, I can, but that's due to a head injury I sustained as a small child.

0:51.3

Likewise, you can't compare time that's money with time that's happiness.

0:55.8

So put them into the same currency. Measuring professional time is easy. Put it in terms of the

1:00.8

money that you'll make. If someone's willing to pay you, that's the rate that they're willing

1:03.9

to pay. That's the value of your time. For example, your job. You spend eight hours working each

1:08.4

day and you get paid for those hours at some hourly rate.

1:11.7

Now, if what you do will eventually bring income, but it isn't right now, that time's value

1:16.5

is the eventual hourly rate. Now, of course, taking into account the extra hours you needed

1:21.3

to make that dollar is important. So let's say that you're a consultant looking for a contract.

1:25.7

You spend time looking for that contract.

1:28.1

If you spend four days to land a six-week gig that pays $500, you're making $500 for six weeks

1:34.9

and four days.

1:36.4

So that's $14 a day.

1:38.0

You need to raise your rates.

1:38.8

But notice that you took into account the time that it took you to find that contract.

...

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