What's Your Time Worth? [$47.35 an hour]
The best piece of advice I ever heard was to calculate how much your own time is worth.
Here's what you do ...
Work out the income level you are looking to achieve over a certain time period, eg. one month.
Work out how many hours work you would do in that same time period.
For example, there are about 22 working days on average per month, let's say 8 hours actual work in the average day, presuming you're the productive
That's 176 productive working hours in the average month.
Let's say you're wanting to achieve a yearly income of $100,000.
Divide that by 12 to get a monthly income, and you get $8,333 per month.
Now we find out what your time is worth, per hour, for you to achieve your income goal:
$8,333 / 176 hours = $47.35 per hour
If you want a different yearly income, just change the numbers above.
To reach your income goal, you need to work towards delegating everything for cheaper than it costs you to do it yourself.
So if someone can do something for $20 per hour that you usually do yourself, continuing to do it yourself is preventing you from reaching your income
It keeps you in a certain income bracket and won't let you leave.
But as soon as you delegate that work to someone else, you break out your bracket and get one step closer to your income goal -- you're now
recognizing what your time is worth, your time can be spent more effectively, and your goal becomes closer within reach.
Do you see how simple it is?
One thing I don't understand is why some business owners continue writing all their own content, when there are professional writers out there who
will do a much better job and will do it for much less than what the business owner's own time is worth.
(No offence if you really are a natural born writer! But you're the exception - few business owners are ... but even if you are, is it really what you
should be doing?)
So isn't it time you take a step closer to your own income goals, and 'break out your bracket'?
Delegating content is one of the easiest things to delegate ... it's far harder for example delegating programming work (I should know, I've done it
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