What is your time worth?

How to calculate the value of an hour of your time

With 2009 just around the corner many people inevitably begin to think about their New Year’s Resolutions and goal setting for the year.  If you’re anything like me, setting financial goals is probably at or near the top of your list.  In particular, I always like to set a yearly earnings goal for myself.

Setting your yearly earnings goal is the first step to making it a reality.  Be sure to right it down and keep it in a place where you will see it every single day, that way it will serve as a reminder and work on a sub-conscious level.  To help keep you even more focused on your yearly earnings goal try this simple exercise.

Take the yearly figure and divide it by 1000.  Then take that number and divide it by 2.  The number you are left with is the approximate value of one hour of your time.  Now write that figure down alongside your yearly earnings goal and remember to take that into consideration whenever you are faced with a business task.  That way, you can make an intelligent decision as to whether that particular task should be outsourced or done by you.

Remember your time is extremely valuable and should only be spent doing the most important things in your business (i.e. things that generate revenues for your business).  Know what your time is worth and value it because if you don’t, you can’t expect anyone else to either.

Have a safe and happy New Year!