Depending on your values, different kinds of numbers may be important to you: some are cholesterol counts and blood pressure counts; others are the number of years they’ve been married to. For many, the total amount in the retirement account is the number one, and some people are zero in on the amount left on their mortgage.
But I argue that your per-hour value should be among the top-of-the-mind numbers that are important to you no matter what your values or priorities are—even if you don’t earn a per-hour living.
Knowing the importance of your time helps you to make smart choices on when and how you spend it so that you can make the most of this limited resource according to your circumstances, priorities, and interests.
The more you increase your per-hour value, the more you will drive your efforts towards achieving your goals.
Having a Grip on Time-Equals-Money Principle
is key to improving your quality of life. Your salary affect how you spend your non-working hours, but it also defines how much free time you have to spend.
Low-income earners have more health issues, including heart disease and diabetes. Stress can cause depression and other mental health issues.
Having enough money to prepare for retirement and other big life expenses results in a sense of comfort and security about your future.
Your personal time has meaning as well
And by getting a grip on the importance of your hours of work, you get a better understanding of what your downtime is worth. After all, most people work to make the most of their personal time, whether they devote it to family, hobbies, volunteer work, travel, or education. You obtain the insight that you need to make choices:
- Is the extra money you’re going to make by working overtime worth giving up your family vacation?
- Can you work part-time and stay at home with your little children?
- Can you afford to take a leave of absence to do a volunteer work?
- Are you going to take on a freelance project that means giving up all your free time for three months to fund your dream trip?
- But whаt іѕ аn hоur оf уоur реrѕоnаl tіmе wоrth?