The hourly wage you earn at your job is not how much your time is worth outside of your job. Saying you earn X/hr at work and so you should not do anything that saves or earns less than that is flawing thinking.
How’s it going everybody this is beat the bush today i’m gonna talk about how to value your time outside of work because a lot of times people would value their time outside of work based on the hourly wage they make let’s say we take the $50,000 of average household income in the united states $50,000 just let’s just say one person earns that 52 weeks in the
Year – two weeks which is roughly all the vacation days you know like memorial day whatever they you subtract that which is about ten days you get 50 weeks 50 weeks 40 hours a week means it’s about 2,000 hours a year that you need to work now 40 hours is probably optimistic because some people they might have to work 50 hours 60 hours 70 80 100 even so this is
Just a rough estimate if you work 40 hours a week then you can do a really quick calculation whenever someone earns let’s say 50k a year take out three zeros divided by two and that’s how much money they earn per hour if you work 40 hours a week let’s say whatever you do you make $25 an hour okay you get off work you have an opportunity to make $10 in an hour
Let’s say mowing the lawn or whatever a lot of times people will say well i make $25 an hour it’s not worth my time to mold a lot there’s a weird logic to that because if outside of work you’re not making any money then making even one dollar is more than what you would make can’t really call yourself earn a $25 an hour outside of your salary job or an hourly
Job because let’s say you don’t do this ten dollar mowing the lawn thing you’re not really gonna get $25 in exchange because really you’re gonna get zero so is it zero do you want or ten dollars so let’s say outside of work you have some side gigs and you’re able to fill up your waking hours with that and you earn also $25 an hour then you would say of course no i
Don’t want to mow that long because if i mow that long i would take one hour away from my psychic to positions and you would make $10 instead of the $25 an hour which means it’s a it’s a lost case you would make more money doing that a lot of people would say hey i’d be so and so dollars an hour let’s say it is 25 then we go home and then go my time is we’re $25
An hour i rather not clean and stuff i rather pay someone for $25 or less to clean my house for me or something then you know it’s a better use of my time that’s a flawed logic there because outside of work if you’re not making $25 an hour with the free time then your time is not worth $25 an hour so there’s also the flip side of how much value the time is worth
To you i mean some things like you know hanging out with family hanging out with like a niece or something or a nephew those time is really invaluable you know you don’t want to trade it even you know if you can earn a lot most of time you’re not gonna earn you know $1,000 every single hour every single waking hour you’re gonna have some down time so you can set
Those aside for family but you can’t really sit around and like oh oh this hour that i’m spending with you know parents or siblings or something is costing me $1,000 no you can’t you can’t equate it like that so outside the family and friends and recreational things that you really like to do let’s say you’re doing something that earns you money if you earn even
Like a dollar then it’s a dollar that you would not earn at your normal job unless you consider you have a job maybe you take another part-time job then you can consider okay if i work that part-time job you make certain amount of money then you can value your time at that rate a lot of people have just one job and no jobs outside so you can’t really value the
Time outside of your job so recently i did some transactions on ebay and i sold something really really small and i figure it out by the end of all the transaction shipping costs caught fees and stuff like that i earned $1.00 on on this transaction well it’s $1 is a doll i didn’t have before it takes me on the order of maybe 15 minutes to do i do all do all the
Housekeeping mailing and stuff like that but in the end i figured it wasn’t actually worth my time because if i let’s say you do four transaction 94 dollars an hour it was actually a little bit too low on the threshold for me so then i decided to not do the transaction for that particular product so outside of the time that you would spend with family and friends
We have these idle time the idle time you can spend that time on hobbies and stuff that you really enjoy well how much do you enjoy that kind of hobby is really up to you if you enjoy it immensely and you won’t even trade it for you know $10 an hour of you know doing other things where it makes you money then that’s that you won’t be spending your extra time making
Money so the way i think you should value your time is if you make $50,000 and you only work 40 hours a week you need a certain amount of time to sleep certain time for family and friends you have a little bit of time of downtime that allows you to make side income if you make something like a few dollars between a few dollars all the way up to 25 dollars an hour
Then i consider it worth your time if you make 25 20 dollars an hour outside of your position if you make 50k then it’s worth it it’s not just making money on the side it’s about saving money too if you buy a big-screen tv how many hours will you spend looking for alternatives until you find the cheapest price when you do comparison shopping it’s like you can
Make a lot of money just doing comparison shopping you do like five comparisons and then right there you get like $100 off $200 off and that translates to 100 or $200 an hour so you know that’s a no-brainer so what about things like doing my own car repair at my in my channel i do a lot my own car repairs a lot of times it would take me a day or two just to do
One repair that i’ve never done before maybe i might have saved $500 $800 on it and it would translate to i don’t know $50 an hour so it’s easily worth it but at the same time i do it because i really enjoy i like learning about the car and being able to do something i cannot do before there’s that piece of doing what you like to do what if it’s something that you
It’s just kind of like yeah you know like you don’t really enjoy but it makes some cash so i think that’s how much i would value my time maybe like about $10 an hour so that also lends itself to how much you save a lot of people would spend an enormous amount of time trying to save money in one way or another you do a lot of comparison shopping too much comparison
Shopping you spend like a few hours doing you know looking here looking there only to save $10 let’s say you spend two hours $10 save in two hours it’s only $5 an hour in that case it may not be worth it to do all of that of course you don’t know how much you would save in the beginning you just gotta like take a educated guess at how much you would save doing a
Certain amount of effort what if you’re like an immensely rich year billionaire let’s say you don’t never want to clean because that’s not worth it to you every single hour you make $1,000 not just in your job but like oh let’s say you after you get off work you still make $1,000 if you just put your your efforts into this i don’t know side business or something
Then it would not make sense for you to let’s say cleaning the house i’m sure most people don’t like cleaning the house and so it would make sense for that person to make that $1,000 instead and hire someone else to clean the house for them and do any kind of other things that they do not like for example any kind of external tour so i guess that’s what people
That has assistant do they have assistants to help them do all kinds of stuff then they can use their time to apply to something more valuable of course most of us do not make $1,000 an hour probably not even anywhere close to that outside of work i assume that most people that have a day job outside of work they probably would not make very much unless they get
Another job a part-time job or something so you can value your time outside of work probably really close to zero so no matter how little extra you make it’s kind of worth it because that amount of time i spent it’s gonna add another dollar per hour that’s good unless you have something better to do that you would like so you have some free time it’s good to make
You know a dollar or more per hour it just kind of adds to your total income i so i hope this really helps the people that think that their time is worth as much as their per hourly wage at their regular job this is not the case unless you have other things that you do that can earn you that amount of money per hour i’m sure everybody has a different perspective
On how much they value their time don’t forget to give me a like over here let me know down in the comments section how much you value your time is this somewhere between your salary wage are you at the salary range or is it something much higher and also don’t forget to subscribe over here thanks for watching
Transcribed from video
How Much is Your Time Worth | BeatTheBush By BeatTheBush