What Is Your Time Worth?
Have you ever stopped to think what an hour of your time is worth? Now, I'm not talking about an hourly rate for your packages - what I'm talking about is all the time you spend staying on track with your goals and working behind-the-scenes to grow your business. This could be time spent creating content, delegating tasks to your VA, using social media, etc.
Why should you care?
Because you can't track what you don't measure
When we come to realize what our time is worth (in a measurable sense), we're more likely to spend it doing things that truly matter and will help get us to where we desire to be.
Here's a quick equation to help you get started:
1. Take how much money you desire to make this year and divide it by 12 to get your monthly income. (Ex. $100,000 ÷ 12 = $8,333.33)
2. Divide that number by 4 to get your weekly income. (Ex. $8,333.33 ÷ 4 = $2,083.33)
3. Divide that number by 5 to get your daily income. (Ex. $2,083.33 ÷ 5 = $416.67)
4. Divide that number by 8 to get your hourly income. (Ex. $416.67 ÷ 8 = $52.08)
5. Divide that number by 60 to get what each minute of your time is worth. (Ex. $52.08 ÷ 60 = $0.87)
Kind of helps put things into perspective, doesn't it? Time is money, so spend it wisely. What I've come to notice many entrepreneurs do is zig zag through each day guessing what to work on and then getting distracted by social media. They're stuck on what to accomplish first, allow overwhelm to take over, and end up with not much accomplished at the end of the day.
What's an hour of your time worth, and are you spending it in the best way possible to reach your financial goals?
For instance, if your goal is to make $100,000 this year, that means an hour of your time is worth approximately $52.08. That means you could potentially be wasting hundreds of dollars each day consuming yourself with tedious tasks that don't really require your attention (because they're either not money-making tasks or they would be better suited for a virtual assistant to handle) rather than spending it connecting with your audience, building relationships, booking discovery calls, and of course, coaching clients!
Take an in-depth look at what your lifestyle and financial goals are and how you can best use your time to bring them to life and make them your reality.