Increasing the Value of Your Time
“Time is something that we all feel slipping through our fingers at one point or another in life.”
The guys start off talking about why you should increase the value of your time and some signs as that indicate you don’t value your own time enough. Then they discuss how to calculate the value of your time in dollars and cents and talk about why that value is lower than expected. Finally they will give some tips for increasing the value of the time you spend earning.
“Other people value your time exactly as you value it.” ~ Carey Nieuwhof
Others value of your time such as bosses, coworkers, friends, and family is determined by the value you place on your time. Find fulfillment in what you do by living purposefully and better contribute to the world around you. By increasing the value of the time you have you will be able to spend more time doing the things you value. Time is a commodity and you can have more value with less time spent.
“Not all uses of time are equal and this simple truth can make a big difference in life. Understanding how to get the most out of your time starts with knowing—in exact terms—what your time is worth.” ~ James Clear
12:14 Signs You Don’t Value Your Time
“One of the biggest mistakes we make in life is having a poor use of our time.” ~ Patrick @ fromdreamstolifestyle.com
The first sign you do not value your own time is a lack of plan or regular patter for your week or work day. Plan your week out before it begins. Most of the work we do is predictable so plan your priorities around the predictible aspects of your schedule. Create a rhythm or flow for your work day.
The next sign is that you do not know how to effectively and politely say no. In meetings know the people that are needed and the ones that are not. Don’t try to accomodate every request and make sure that meetings and projects fit the criteria of what you are attempting to accomplish. Have a clear goal for every meeting or conversation.
If you are habitually late or absent from appointments you are not valueing your time or that of others. Show up on time and prepared. Reevaluate if an appointment or meeting is even necessary.
Finally wasting time on social media shows a lack of value of your time. The exception to this is social media marketing. Time spent on social media marketing the podcast is not wasted. However just scrolling through your feed with no plan gets nothing accomplished.
21:15 Calculating the Value of Your Time
“Once you know, in dollars and cents, how much an hour of your time is truly worth you can make better decisions on a daily basis.” ~ James Clear
Measure the time you put into earning. This is more than just your time at work. It includes time preparing to work, driving to and from the office, time on side projects at home, and time training.
Next measure the amount you earn during your time working. This includes your take home pay or salary after taxes as well as income from side projects minus the expenses.
Finally divide the total money earned by the total time spent to see your per hour income or value. If you spend 2,500 hours per year earning, that is 50 hours per week for 50 weeks and you bring home $50,000 per year you are working for $20 an hour. If you bring home $100,000 per year your time is worth $40 per hour.
26:37 Where Does Your Time Go?
Was your hourly value less than expected? Why don’t freelances charging $40 per hour make $100,000 a year or consulants charging $400 an hour make $1,000,000 a year?
Time goes into earning outside of working hours. This includes travel time, education time, and setup and teardown time. A freelancer charging $40 per hour would have to work 50 billable hours per week to earn $100,000 per year.
To better understand where your time goes start tracking it. Use a time tracker such as toggle or an app to show what you are doing through out the day. Collect this data and put it to use in a behavoir plan. Once you have data on your normal usage of time create a plan to increase the value of your time by doing less of the things that are not adding value. Implement this plan and reward yourself for successful implementation.
32:50 Increasing the Value of Your Time
Create a cost benefit analysis of the time you spend on any task. Start by calculating what your time is worth. Calculate the cost in dollars of the time you spend. Is there a net gain or loss of money from the time spent.
If your time is worth $25 an hour it isn’t worth waiting in line for 30 minutes for a $10 gift card. If your time is worth $40 an hour it is worth paying $15 for shipping rather than spending an hour at the store. If your time is worth $80 an hour get the direct flight that saves a couple of hours even if it costs $150 more.
35:42 Fixing a Schedule
Spend your time the same way ever week. The details may change but the way the time is spent is the same. Stay strict with your schedule. For example Monday evenings are for recording this podcast. Will nor BJ schedule anything else on Mondays.
A Sample Complete Developer Podcast Schedule
|Day of Week||Activity|
|Wednesday||Shownotes and Emails|
|Thursday||Publication (Time to correct errors)|
|Friday and Saturday||Down Time (Other projects)|
39:43 Set Your Social Circles Up to Value Your Time
This starts with the ability to know when and how to say no. Sean McCabe has a great course on Value Based Pricing where he talks about getting the best clients. These are ones that value their time and yours. He also talks about saying no to bad clients.
There is a right way to say no and a wrong way. This involves social graces and some explaining so that the person understands the reason for the no. You will also reduce inappropriate requests of your time by explaining other priorities take precendence and avoid future situations of saying no.
Surround yourself with people that have similar values. Do the people around you value your time? It can be difficult to let go of friendships or reduce interactions with people that drain your time and resources.
Included in the links is an article about a recent trend in IoT and making that involves converting retro technologies to use in modern applications with IoT devices such as the Raspberry Pi or Arduino. It starts with a project that uses a Raspberry Pi to covert a 1970’s trimphone to run Amazon’s Alexa voice service. To use the phone pick up the handset, speak your query, and then hang up. A built-in speaker will deliver the response. It includes a changing LED and authentic sounds to indicate activity.
- Raspberry Pi 2 B
- Ethernet Cable or Wifi Dongle
- USB 2.0 Mini Microphone
- External Speaker
- Raspbian OS
- AlexaPi Code
Tricks of the Trade
Along the lines of valuing time is the value of cadence or setting a regular pattern to life. Build a structure around that pattern. If you can keep that consistent it is easier to plan without the overhead of figuring out a schedule. In software there are lots of recurring processes and developing a cadence can help you better structure your software. THe value of cadence will serve you well both in your personal schedule and the structure of your software.