It never ceases to amaze me how people value their money, much more than they value their time and I know that this fact is due to a mindset ingrained in most households. There is a pattern behind this thinking, a failing formula that leads people to a path of constant struggle in life. In the next few paragraphs, you`ll have the opportunity to know how this mindset works and I`m gonna give you an exercise that will forever change the way you value your time.
It`s almost hilarious seeing that the focus of the majority of society is going to the supermarket, spend endless hours, just to find that one big promotion that could make them save a few dollars or someone who drives countless miles, just to refill his gas tank and that way saving a couple of pennies. What they don`t realize is that by doing that they are spending way too much time that could be used to do other activities, which could be income producing.
Let`s see an example: John spends 3 hours mowing his big lawn on Saturday, he wastes precious time that he could use to take his kid to the basketball game, to learn a new skill, write a book or make more money. If John, actually ever did the math on how much his time is worth, I can guarantee you that he would pay someone to mow the lawn for him.
How much is Jonh`s time worth?
John`s income goal for this year: $250 000
The number of hours per year that John spends working as a small business owner: 2200 h
John does the math by diving $250 000 per 2200 h which gives a total of $113.63 per hour
To adjust the total, considering productive and unproductive hours, $113.63 will be multiplied by 3, which would give the value in dollars of John`s hours, $340.90.
Now, let me ask you... why would John waste $1 022.72, worth of value in hours of his precious time, knowing that he could pay someone to mawn his big lawn for $100?
"Our biggest problem as human beings is not knowing that we don't know."
Society has the priorities all screwed up, how do you make sense of spending 5 years and $80 000 in college loans to eventually find a job that only pays you $55 000 and working long years, almost just to pay the debt off?
One of the biggest lessons I learnt, painfully by myself, in the military, is that time is the single most precious asset you have, you can always make more money, but you can`t buy, steal or save time... the endless and lonely freezing cold nights of winter, the long waiting times to see my family and the fear of the unknown helped me develop a friendship with time, my buddy for life, the one who I most value and protect.
Thank you for reading! :)