How Much Do You Value Your Time?
Here's a fun exercise to help you answer this question. The premise? Time = money.
See, I built an amazing software which dramtically speeds up the process to analyze the "upside" in residential properties nationwide. It increases analysis speeds by 95% while improving accuracy and consistency. My clients will certainly attest to its value! Yet when I pitch it, some people have such a hard time with the concept of spending money to save time. See one of my Recent Posts on the topic!
So it got me thinking about this interesting question. How much do people actually value their own time?
Let's take the quiz!
RESULT 1: YOUR SELF-WAGE
Take your answer to Q2 and divide it by 11. That's the wage you pay yourself! We get this by looking at saving 30 min / day x 22 working days / average month = 11 hrs for the average month.
If you said $50/month, your self-wage is only $4.54 ... YIKES! On the other end, if you actually said $5k, congrats! You value your time at $455/hr!
RESULT 2: UNDERVALUED / OVERVALUED
Take your Self-Wage and divide it by your answer from Q1.
This percentage tells you how much you value your own time, compared to how you want the market to value your time. Below 100% means that your own Self-Wage is LOWER than what you want the market to pay. Above 100% means that your own Self-Wage is higher than you plan to charge the market.
A quick example: If your Self-Wage was $27/hr (because you picked $300/mth for Q2), and you chose letter (a) as your answer to Q1 ($100), then you value your time at only 27% of what you want the market to pay you! So either you're OVERCHARGING the market at $100/hr, or you're UNDERVALUING your own time!! Which is it? That's for you to decide!
So now tell me, how much do you value your time?
About Us: Apex Resource Partners, LLC assists clients with various services to improve their real estate lending and/or investing business. In 2018, Apex launched an AI analytics software which determines As-Is Value, ARV and renovation costs on residential property nationwide with industry-leading accuracy. With this software, Apex is helping lenders and investment companies across the country improve their profitability and avoid risk each and every day. For questions or inquiries, please email Rodney directly at [email protected].