The total time allotted to our lives is an unknown quantity. Time cannot be purchased, it cannot be credited, it cannot be hoarded. It is a resource that is continually depleting and will not be replenished. However, time is one resource many of us waste, take for granted, and do not value. We are acutely aware of two certainties in modern life… death and taxes, however their underlying mechanism is the continual passage of time.
New entrepreneurs, managers, and employees tend to not assign a realistic value to time. Process questions, such as, “Should I work X amount of hours of this aspect of my project? Or should I outsource it?” may be addressed using a gut judgement. Or worse, not factoring the time spent (and therefore the value of time) working on a project into the bottom line. Assigning a zero value to time is a sure way to hurt profitability and run your business into the red.
This article from James Clear explains how he found monetary value for his time that he feel can help you live smarter, work more efficiently, and ultimately achieve higher returns.
Assigning a value for time with help with the dilemma of, “Just because you can, doesn’t mean you should.”
