Which would you say you value MORE..time or money? (and no, this is not a trick question!!)
Something I’ve learned from observing ultra successful people is that they are willing to exchange money in order to “buy back” their time.
Why would they do that?
Because while you can always generate more money, time is the ONE resource you cannot create more of.
So while you might feel a bit reluctant to spend money on hiring out tasks that you could do yourself, paying for convenience, or investing in mentors who can help you shave precious time off of your journey to success…ask yourself this question:
How much money am I blocking from coming into my life by NOT valuing my time more?
Whew…when I started asking myself THAT question, everything changed. I started to look at how much an hour of my time was actually valued at, and how many tasks I was doing myself that I could have hired out for less.
If you’ve never done this simple calculation to figure out how much an hour of your time is actually worth–I highly recommend taking 2 minutes right now to do it!
💸 How much money do I want to earn this year? __________
⏳ How many hours per week do I want to work, in order to earn that amount? __________
📆 How many weeks during the year do I want to work, in order to earn that amount (taking into consideration any planned down time or vacations)? __________
Once you have these numbers, you’ll plug them into this simple formula:
Multiply the number of hours per week by the number of weeks you want to work to calculate your total number of working hours for the year. For example, if I plan to work 40 hours per week and I plan to work 50 weeks of the year (taking 2 full weeks of vacation), my equation would be 40 hours x 50 weeks = 2,000 hours.
Now, take your desired annual income and divide it by the number of hours you calculated – for example: if my goal income is $100,000 a year, I would take that number and divide it by 2,000 hours, to get my hourly rate of $50 per hour.
Start by doing an honest evaluation of what you spend your time doing throughout the week, and research how much that task might cost you to hire out.
Theoretically, you want to move in the direction of delegating any task that you could hire out for less than your “hourly rate.” As you do this, you free up more time to focus on things that will generate that hourly rate (or more!) in your business!
So, where are you committed to “buying back” your precious time this year?
I’m always cheering you on!