You don’t know? How do you make decisions on what to do or not do without this information?
A simple formula you try to get you started is to go back to your goals, figure out how much you need to make and how many hours a day, days a week and weeks a year you want to work and do the math.
If you want to make $100,000 a year, working 6 hours a day 5 days a week for 48 weeks minus a couple holidays your formula would look like this – $100,000 divided by 1392 (6 hours a day X 232 days a year) = $72
If you know you are worth $72 per hour and you want to use your time the most efficiently you will start looking at things differently.
Considering a house cleaner? If it would take you four hours each week to do it yourself or you could pay someone $80 a week what would you do? You could work one more hour to pay for it, have three more hours to spend with the kids.
You are thinking about hiring someone to keep up with your social media for your business. How much would that be worth to you? How many hours a week would it take you to do it yourself? If it takes you two hours a week it’s worth no more than $144 a week to have someone else doing it for you.
There are a lot of other factors but starting here can help you a lot. Most everyone I know keeps track of their money on a daily basis. Those same people will agree with me that time is more important than money yet, they don’t keep track of or know the value of their time at all.
Just some more food for thought. Now it’s time for me to go spend some more time with my Mom and family. Ya’ll have a great week.