What Is Your Time Worth?

After weeks of plummeting prices, the cost of gas is on the rise in the Greater Toronto Area (GTA). It reminds me of when I started working on The Business of Personal Training around 10 years ago. Gas prices in the GTA were quite volatile back then as well. Whenever the cost of gas was going to cross the dollar-per-liter mark, the radio stations would announce it and there would be huge lineups at the pumps. Now keep in mind that the cost was only going up by a few cents or so, but it was enough to stir a huge reaction.

Think about it though, if you have to wait an extra 10 or 15 minutes every week to save 5¢ a liter, on a 60-liter tank that would work out to a total of $3 in savings. In a month you would save $12 for about an hour’s worth of waiting! Let’s say your time is worth $50 an hour. You’ve just wasted almost $40 worth of your time. It could be a 10¢ swing in price and you’ll still be losing money by the end of the month. I would purposely go to the gas stations that had already raised their prices so I wouldn’t have to wait at all. To me, saving a few cents didn’t make sense!

The same logic applies to shoveling your driveway, mowing your lawn, cleaning your house, and so on. Often, it costs more doing it yourself than paying someone to do it for you. You could spend the extra hours that you save to market your business, make phone calls, build your website, work on a book or webinar, write an article, or even to spend quality time with your family and friends.

Figure out what your time is worth and spend it wisely!

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