More important than money. Value that cannot be bought, held, stopped or stretched. Vladimir S. Lavrov
2. Count the time
Time is measured not only in seconds, minutes, hours, days, weeks, months, years, decades, centuries and millennia. Time is also measured by your inner fulfillment – by the deeds that you manage to do over time, and the results that you get over a given period of time.
Counting the time in the usual hours, days, months and years is very convenient, but not very productive. It is important to learn to count time as deeds, results, achievements. Someone can live 100 years and for all these 100 years not do a single useful thing, while another can bring so much benefit to the world, society, and other people in 1 month that he will write his name in history for many years. It’s a question of what time is filled with.
In order to understand what time is filled with – something useful or useless, value or rubbish – you need to evaluate the results. What are the results? Health, energy, knowledge, connections, relationships, etc. Anything that you spend time on can improve your health or destroy it, increase your energy level or decrease it, make you smarter or dumber, strengthen your connections and relationships with people or destroy them. But how do you calculate it? This is very difficult.
There is only one result that can be easily calculated and that is money. Therefore, the most convenient category for measuring time is its value – how much money you get for your work during a given period of time.
Despite the fact that most people operate on a monthly salary, the most successful and wealthy people operate on another indicator – the cost of an hour of time.
How much is one hour of your life worth?
To determine how much one hour of your life is actually worth, take your monthly income and divide it by the number of hours you spend working. If you are employed by a government agency, this is usually the standard 170—180 hours per month. If you work in a commercial structure and devote more than 8 hours a day to work, then add the required number of hours to the standard number and then calculate the real cost of your time using the formula:
monthly income / hours worked = real cost per hour of your life
For example, if you receive 30,000 rubles a month and spend standard 180 hours on work, then divide 30,000 by 180 to get the real cost of an hour of your time: 30,000 rubles. / 180 hours = 166 p. in hour.
From this example, it turns out that the real cost of one hour of your life is 166 rubles.
Depending on how much the price of one hour of your time approaches the conditional norm of 150—200 rubles, you can understand who you are in terms of income – ’poor’, ’average’ or ’rich’. The poor man is the one whose time is not valued or is valued below average, and the rich man is the one whose time is most valuable from the employer’s point of view, which is always reflected in the value of the time / money ratio.
What can you do to increase the value of your time? If you work in a hired job, then either ask for a raise, or take on additional responsibilities during working hours. If you work for yourself, then you can either focus on those tasks that bring the greatest results, or increase investments in profitable projects, or significantly reduce the work time (by half or at least a third) by delegating a number of tasks to an assistant and focusing on that brings 80% of the results.
Practice 1. Calculate the cost of an hour of your time
Calculate the cost of an hour of your time using the formula above.
If you are a wage earner, take your monthly income and divide it by the number of hours you spend in a month working and commuting from / to work.
If you work as a self-employed or self-employed person, divide the cost of your services by the number of hours you work. If you receive money not for the result, but for the time (for example, you consult or teach with an initial reference to the cost of an hour), then take as a starting point the lowest cost threshold, below which you do not take on work.
If you are an investor (that is, you live on income from capital) or have several sources of income, then calculate the average monthly total income and divide it by the number of hours you spend per month working.
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