Today you and I are blessed to have a fresh 24 hours – these hours are never guaranteed. How you and I utilize our waking hours is mostly dependent upon the decisions we have made in life and the responsibilities we must fulfill as a result of those decisions.
Once the day is up, the day is up. There is no “saving time” or going back in time. We use time and hope that the time used was well-spent.
Speaking of how well your time is being spent, do you know how much your time is worth?
Often I ask this question, and the immediate response I get back is a simple calculation of how much a person makes per year divided by the number of hours they have put in.
While this is an important number to know, the more important metric is how much your time is worth outside of work? Or, what do you value most in life outside of work, and how much are you willing to pay to free up more of this precious time for you to enjoy?
Fortunately, there is a tool/time calculator available at ClearerThinking.org that can help you answer this question. And the results you put in can help you make better-informed decisions about the way you choose to spend your time.
Some of the subjects covered during the process of using this calculation tool include:
Whether to take on additional part-time work and the pay-rate you would be willing to accept
Whether you should cut back on the number of hours you spend at work
How long you should wait in line for a free item
Whether taking a different form of transportation at a higher rate is worth the additional cost
Whether it’s worth it or not to hire a personal concierge service, or assistant, to help you with your errands outside of work
The tool asks you a series of questions that can help you determine how much money each hour of your time is worth. It will also provide you a customized report based on your answers. This report will highlight any inconsistencies in your answers and will provide suggestions you can use to help you in your quest to live a better quality life.
Take booking air travel for instance. Would you choose a cheaper flight that will take you longer or a pricier flight that will get you to your destination quicker?
Uri Bram, a Tel Aviv based author of nonfiction books, chose the faster flight option to Europe after using the online calculator to analyze the value of this time, which cost about $70 more.
“I value those two to three hours. I can use those to do another article.”
Another example is deciding whether or not to hire a personal concierge service to assist you with your responsibilities outside of work.
David Yaden, a research scientist at the University of Pennsylvania, used the calculator to determine whether he should outsource his responsibilities or not. After doing the calculations, he made the decision to hire someone to do his invoices for his business as a management consultant outside of his research work at the university.
“It made complete sense after I saw the numbers. I wasn’t valuing enough of my free time…It has made my life better.”
With the additional hour and a half, each week, Yaden and his girlfriend take more time for their daily walks through city parks near their home.
Vera Trofimenko, a Salt Lake City surgical resident also made the decision to outsource some of her responsibilities outside of work after doing the calculation. Trofimenko works 90 hours a week, and hiring a cleaning and gardening company has freed up 10 of her free waking hours she has available.
Whether you are single, married, or married with kids, utilizing the aid of a personal concierge can help you free up a substantial amount of time each week so you can focus on living a better quality life. However, the question you must answer is how much are you willing to spend to free up valuable time that is most important to you?
I’d love to hear your feedback from using the calculation tool. How much is your time worth? What insights did you walk away with? Are there areas in your personal life you can outsource so you can enjoy more quality leisure time?