Have you ever thought about how much your time is worth? I’m not asking how much you make per hour at your job. I’m talking about after hours – somewhere between 5pm and 10pm. What do you do with your time after work, and is it of any value?
A few days ago, my good friend called me up and asked if I would be interested in working for his brother. “It’s pretty easy work”, he explained, “there really isn’t any tough physical labor or anything. Just cleaning up a bit and hanging a few signs. He’ll pay us $12 an hour.”
A couple of years ago, I think I would have jumped at the opportunity to make a few extra bucks. $12 an hour for 4-5 hours means a quick $50-$60. Not too bad right? Well, that depends.
If I had planned on watching 5 hours of television when I got home, I can’t say that my time was all that valuable. I would have earned absolutely no money during that time, plus, I probably would have eaten a few dollars of chips while I was on the couch. A little work and some time away from the TV would have been a better option, especially since I was getting paid for it!
As I stared through my Jeep window with the phone pressed through my ear, I began to wonder if my time was really worth as little as $12 an hour. Since I have started this website, I realized that I could be doing these things instead:
- Writing an article for another website: ~$25 per hour
- Writing an article for my own site: ~$40 per hour
- Working on my eBook: ~$30 per hour (estimate)
Suddenly, $12 didn’t seem so great. By taking the job, I would actually be sacrificing income! Needless to say, I did not accept the job. Instead, I wrote an article for another site, and I wrote this one! These two tasks took only a couple of hours, but they will benefit overall income by far more than $50…
What About You?
So, what about you? Are you a couch potato with a $0.00 time value? Or, are you an entrepreneur with so many ideas that you couldn’t possibly take the time to take a part time job for $12.
I really hope that this post has inspired you to think outside the box. Don’t just take any job that comes your way. Think about the opportunity cost – what you are giving up in order to work that job. Which one holds a higher value?
If you feel that your hourly worth is absolutely nothing, make an effort to make a change! Brainstorm some business ideas. If you need help, by all means, send me an email and I can maybe throw some ideas your way! Just click on the “contact” tab on the top of this page.
Have you ever thought about your time in this way before? Would you have jumped on the $12/hour opportunity?
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.