So, have you ever wondered how much your free time is worth?
Well, before I tell you what I think your time is worth, I want you to guess!
What do you think? $40 an hour? $60, $80 how about $100.00? No way you think, well read on…
Here is what a good friend once explained to me when we were discussing home renovations and when you should call in a professional (and not just because you don’t do plumbing very well).
The answer is all in the math:
Total hours in a day: 24
Sleep per day: 8
Wake up morning routine, dinner routine, kid time, and personal bedtime routine: 4
This leaves 12 hours per day or 84 hours for the week.
Average work week including commute time 10 hours x 5 days: 50
New balance: 34 available hours.
Deduct House chores; entertainment, kids sports, personal health, family events etc. for say 12 hours per week leaves 22 hours of free time (maybe).
Okay, then 22 hours x 48 weeks (allow 4 weeks vacation) = 1,056 free hours.
Therefore, if with an annual income of $80,000 divided by the free 1,056 hours we have a free hour cost of $76.00 per hour.
What if you make $120,000? Then your free time is worth about $114.00 per hour.
Wait a minute, how much did the painters quote for your bedrooms? And how long will it take you? Hmmm, maybe you should re-think painting the house yourself.
So, think about it, be honest, how much free time do you really have “free”?
P.S… Check out my site to see other ideas to help you maximize your business success. www.jimmelville.ca