The,Money,Value,Time,The,Money DIY The Money Value of Time


When floating floors are made they are placed as planks which are clicked on top of each other. The costs of installing floating floors might be higher but the actual time taken for installing the floor is fairly short and can be done by alm If you're a parent looking for a one of a kind way to store toys, there are a plenty of options. From large storage systems to a toy box that can double as a blanket trunk once the children are grown, parents can likely find the right system


The Money Value of Time © 2002 Elena Fawkner You have, no doubt, heard the phrase "the time value of money". It means that a dollar in your hand today is worth more than a dollar in your hand a year from now. Why? Because of what you can do with that dollar over the next year. You can invest that dollar in an interest bearing account and have $1.05 at the end of the year. If you decide to take your buck in a year, your opportunity cost (foregone investment) will be five cents. Not to mention what inflation will have done to your purchasing power in the meantime.As interesting as the time value of money is to economists and financial planners, if you're anything like me, you probably find the whole subject just a little short of riveting. So here's something more interesting to think about. The money value of time. Your time, that is.Why do you need to think about the money value of time? Because, quite simply, once you truly understand what your time is worth, in dollar terms, you will work your business more productively and efficiently than ever before.In my other life, I'm an attorney. I work for a downtown Los Angeles law firm and, like any other law firm, what counts is how many billable hours I clock each month. We have software to track it all for us of course. My time is charged out at $250 an hour. In a minimum of six minute increments. This means that if I so much as pick up and read a one paragraph letter from another attorney, my client is billed $25. Spend enough time tracking your time like this, getting to the end of the day and needing to see at least seven billable hours totaled on your computer screen and you soon develop a very healthy respect for the dollar value of time. And because I don't want to have to be at the office for ten hours before I've generated seven that are billable, let me assure you I work very efficiently indeed. In the process, I've become an expert at avoiding time wasters and unproductive activities. As a result I can usually generate seven billable hours from being in the office for only eight. (The other hour is unavoidable non-billable general admin type stuff.)My point? Start thinking like an attorney when it comes to how you value and spend your time. Here's how.First, decide what level of income you need from your business. For the purposes of our example, let's say it's $52,000 per year or $1,000 per week.Next, decide how many hours you want to work each week. To keep the math simple, let's say you're going to work 50 hours a week. Therefore, on average, you need to generate $20 for every hour of time you spend working in your business. But not all of your time will be revenue-generating (i.e., "billable") time. Any business has its share of non-billable time - those routine administrative tasks that must be done even though they make no contribution to your bottom line.So, now you have a choice. You can either work more hours each week to cover your non-billable time, or you can increase the amount you need to earn from every billable hour. The first option means working longer. The second option means working smarter. Your choice.Whatever you decide, keep that hourly rate firmly in mind. Every hour of your time is worth $20 (or whatever rate you have calculated for yourself).Think about that when the phone rings on a work day and it's your sister wanting you to go with her to the shoppingmall this afternoon. There's three hours or $60 you've justthrown away (not to mention what you spend at the mall!).Tell her you'll go with her on Saturday instead. You have to work today. Think twice about the hour and a half it will take you to do your errands this afternoon. Another $30 gone. Do them on your own time, not your business's. Think $30 here or there won't make any difference? Think about this. Do it twice a week and you've just lost over $3,000 for the year in potential business. And when you consider that some of that $3,000 in business would have become repeat business, you're cheating your business out of some serious income.Apply the same thought process to when you actually ARE working also. What's the better use of your time -- writing an article for this week's issue of your ezine which will hopefully be picked up by other sites and publishers, thereby providing you with valuable free publicity -- or stopping what you're doing every ten minutes each time you get new email? And reading it.Remember: the hour or two you spend writing your article needs to return the equivalent of $40 in income. Writing articles is the equivalent of free advertising. You can *easily* generate at *least* $40 in income with that sort of no-cost publicity. My articles published on other websites and in other ezines bring me hundreds of new visitors each week. All for about two hours worth of work on my part. No amount of time spent reading email will ever do that.Contrast how much income you generate by reading non- business-related email during working hours. Zero. It makes absolutely no contribution to your bottom line. So, don't do it when you're working. Do it on your own time.By having your "hourly rate" uppermost in mind at all times, you can always decide what's the best use of your time. Quite simply, it's whatever alternative will make a direct contribution to your bottom line. Now, obviously, no-one's going to step forward and hand you $20 every time you complete an hour's work. You're not someone else's employee - you're running your own show.Some weeks you'll put in 50 hours but will only receive $100 that week. Or less. But other weeks, you'll put in the same number of hours and bank $1,500. It's swings and roundabouts. It's a good idea to review your expenditure of time against revenue generated on a monthly or bi-monthly basis to get an accurate picture of how you're tracking.The point is to know what your time is worth so you can ensure you're getting the maximum return on your investment that you possibly can. It will also help you to determine when the all-important big step of hiring employees is the most cost-effective thing to do. If you can generate more income from each hour if you are free to devote your time to business development activities than it will cost you to pay an employee to take over the routine, administrative tasks that are currently sucking up all your time, you should hire the employee. If you don't know what your time is worth though, how will you ever know when that time has come?So, next time you're not feeling particularly motivated to write that article and think you'll maybe just go read the newspaper for an hour or so instead, consider this. Would you rather spend $20 to read the newspaper at 11:15 on a Tuesday morning or would you rather read it for free at 7:30?Time is money and money is time. Spend them wisely.------** Reprinting of this article is welcome! ** This article may be freely reproduced provided that: (1) you include the following resource box; and (2) you only mail to a 100% opt-in list.Here's the resource box to use if reprinting this article:------Elena Fawkner is editor of A Home-Based Business Online ... practical business ideas, opportunities and solutions for the work-from-home entrepreneur. http://www.ahbbo.com

The,Money,Value,Time,The,Money

DIY

Soil testing as important as oil changes are for engines

When you have a vehicle that you are driving a lot, you know that oil changes are something that you need to do on a regular basis to keep your vehicle in good condition. This is the same as soil testing. Soil testing ensures that your soil ...

DIY

Foam bitumen - Sustainable Eco-friendly Roads

Dont you think it will be great if we have eco-friendly roads that will be sustainable and durable as well? If there are roads that are not harming the environment anymore? This isnt just something that is for the future. There are countrie ...

DIY

Soil Testing: It’s all about that soil

Soil testing. The success of your harvest is all about the quality of the soil. And, the only way to ensure that you have the best soil, is to know what your soil needs.Many dont think that soil testing is needed. They are only adding nutrie ...

DIY

Mobile Work and Aluminum Platforms That Fit Your Needs

There are many domestic, trade and industrial applications where an extension ladder is the best and safest choice. Although many people try to make do with tall stepladders, most don't know it's hazardous to stand on the top work platform o ...

DIY

Truck Access Platforms That suitable for you

Looking to plan and specialist a few kinds of platforms that give your workers safe access to single or multiple hatches on an assortment of Tank Trucks. In the event that your administrators are as of now getting to the highest points of tr ...

DIY

How to Choose a Custom T-shirt Printing Company?

Be it a family event, a noble cause, company event, or personal interest, wearing custom t-shirts gives importance to it. The fame of personalized shirts is soaring high with this. More and more men and women are wearing custom shirts while ...

DIY

Moving Jurney By Interm Packers and Movers

They perceive the ins and outs of transferring so it's a protected option to allow them to deal with your whole belongings as a result of they'll do it proper and do it with care. When you might be in a predicament corresponding to not havin ...

DIY

Use a Vacuum Excavation for an Unearthing Project

You may very well get yourself that you have to utilise a vacuum excavation for an uncovering venture. This can be anything from disposing of a channel that is blocked or to penetrate a gap in the ground without harming the encompassing zone ...

DIY

Detailed Information about Non-Destructive Digging

At the point when you consider digging a gap in the ground, the principal thing that rings a bell is this ordinarily winds up a total wreckage around the gap.Be that as it may, there is one technique called non-destructive digging. This is t ...

DIY

A Complete Guide to buying a Vacuum Truck

Buying a vacuum truck are something that you should consider on the off chance that you are searching for another business opportunity. There are a few advantages to having this sort of business in the event that you have a completely prepar ...

DIY

Best Methods of Underground Cable Detection!

While we are continually fabricating and remolding properties, unearthing is unavoidable and can be attempted for an assortment of reason. What we are going to discover right now while playing out an exhuming, you should discover any undergr ...

DIY

Vacuum Trucks Can Deal with Exact Unearthing Needs!

Some intriguing data about vacuum trucks. That it will have the option to give in your precise excavation and drilling needs. You may imagine that those enormous trucks won't have the option to penetrate precisely, without harming anything a ...

DIY

Utility Locators - Locating Underground Cable

There are numerous reasons why it is imperative to locate underground cables. Also, if the Cables can't be found effectively, the fiasco will be immense and can be destroying.This is the reason you have to ensure that you know however much a ...

DIY

Important Information about Hydro Excavation

Hydro excavation is the way toward expelling or moving soil with pressurized water. An air movement or vacuum is then used to move the dirt or trash to a garbage tank. This takes into account a non-damaging and progressively exact approach t ...

DIY

Foam Bitumen - Lab Tests for Pavement Construction

Foam Bitumen. Something that you probably won't have found out about. All in all, for what reason would it be advisable for you to consider what the different lab tests on bitumen for asphalt development are? But on the off chance that you a ...

DIY

Soil Testing & analysing Is Worth the Effort

There's nothing of the sort as a free lunch, even in the nursery. Contingent upon your soil's local ripeness and what you develop, your plants may perform for quite a long time without requiring extra manure. Be that as it may, at some point ...

DIY

Soil Testing For Construction

Soil testing is a significant piece of building and street development. Truth be told, no development task can continue without first ensuring the soil can bolster the heap. Subsequently, the reason for soil testing for construction is to de ...

DIY

Soil Testing Services for Construction Projects

Regardless of whether you are building your fantasy home, making an expansion to your current home or building up a business property, there is one thing that is of most extreme significance, soil testing. There are various building consulta ...

DIY

Property Insurance

Property is Peoples HopeIt is not wrong to say that property is a hope and main aim of every person. People put all their efforts and then purchase some property for time ahead reliability and safety. This property is result of a long term s ...