Time is Money
Time is precious. Each one of us only gets 24 hours a day, and we waste way too much of it, on various things that do not seem important later.
How much is your time worth? If you want to get a very vague idea, take take the amount of money you make and divide it by the amount of time you spend making it (the time you work, your commute, and any time you pend discussing and contemplating your work).
For a salaried employee, this is a very simple calculation, since you know the amount of time you spend working, and the amount of time you spend on your work. For an entrepreneur, it is a bit more difficult, since it takes a while until you see the fruits of your labour, since ideally a large chunk of your time is spent building up assets which will generate income for a long time to come.
Ok, now you have an amount in $/h or �/min or whichever combination of currency and time units works for you; I find the pre hour rate most helpful to think with; What do you do with this number?
It helps you in several ways, you can use it to set goals, as in “I want to make 2000 kwacha per week”, and then track them… If your work involves several activities, you can also see which one gives the best value for your time, and spend more on it.
You can use it to delegate or outsource some of your tasks… If you get paid $100/hr, it would make sense to hire somebody to clean your house for 5$/hr, rather than doing it yourself.
Anyway, these are just some points to get you thinking, I will probably write a much longer article on this topic later… When I have a bit more time.
Time is money. It can be. Seeing that most of us put in 8 hours a day 5 days a week for the meager amount of money we get at the end of the pay period. What I see though is, and what matters more to me more then how many hours a day I spend earning my wage is, how much of that wage I will have to spend at the end of it all and how far what I have to spend will go. It seems to me that I am working longer and longer and getting less and less and at the end of it all what I do get is always never enough.
I agree, time is money and personally I do not like it when people waste my time on miniscule things. I like to make money and each minute is money for me. If we’re not getting money together I don’t have nothing else to talk about lol