What is one hour of your time worth?
Have you taken the time to calculate whether or not you are achieving this goal?
If you haven't ever used a time management calculator, I highly suggest that you do.
Watch the video to learn more.
Transcription:
The tip for today is all about valuing your time. Now, those of you who have worked with me know that you value your time based on a work-life balance and time management calculator. And it's really simple. But most of us don't value our time very well. So the tip for today is how to actually value your time well.
Most of us have limiting blocks, which are beliefs and other things that hinder us from valuing our time well. But one of the easiest ways to look at where our time value actually is, is to look at two basic calculations.
The first one is your stated value per hour. If I were to simply ask you right now, "You give me an hour, and I give you a blank check with the amount that you think it's worth." It doesn't matter the activity, the process, whatever it is, just you, your value. And then I was to write in $500 and--boom, send you a check for 500 bucks. (You know, people don't write checks anymore, it's like more like Venmo or PayPal, right?) So I send you that money.
Then you have what I call your stated value per hour. This is what you think your value per hour is worth. Now, most of us don't think in per hour basis; that's for accounting and legal processes and for bookkeeping. However, I believe that this is a great way to think of it and then to plan.
The second is your actual value per hour. And this is what you're being paid. What you pay yourself monthly, divided by weekly, divided by the hours that you worked. So let's say that you work 50 hours a week, and you're getting paid $5,000 a month. Well, let's just do easy math, $10,000 a month divide that by four, divide that by 50, that's your number. And then you can compare that number to 500. And then you can see your gap and your distance.
I suggest everybody do this. It's a quick and easy, but sometimes painful, reality check that says, "Oh my goodness, my value is not where I'd like it to be." So I highly suggest that you do this.
But also then how do you bump that number up? Well you stay in your work sweet spot. Again, those who've worked with me on this know what their sweet spot is. They pick their top five activities that they want to do every day and every week. and that will help them to be super productive.
I find that most advisors and business owners are spending 20-25% of their actual work time in their sweet spot. When the reality is, it should be flipped; they should be spending 80-90% of their time in their work sweet spot.
Delegate, automate, or delete everything else that is in a lower priority bracket from your workday and from your work week to your team or to a virtual assistant.
I've got a team of six, and I delegate things every single day to other people so that I can stay focused and stay with you, and I suggest the same for you.
Let me know what your thoughts are on this concept of stated value per hour versus your actual value per hour and how you're doing with your work sweet spot.
Live Life on Purpose,
Travis Parry
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