Did you know there are only 168 hours in a week? It may seem like plenty of time when viewed as a total but we are all challenged to make the most of the same amount of time. Unfortunately, you cannot borrow time or loan it. Time is often viewed as the most valuable asset we have because you can get more money, but not more time. So, when you find a few extra minutes, it’s sweet!

To get a better handle on your time, let’s start with a review of where we spend our time. Think of the common, mundane tasks that we do that we don’t think much about. Here are a few:

• Yard Work
• Laundry
• House cleaning
• Household chores
• Minor repairs
• Home maintenance
• Going to the store
• Pick up at the cleaners
• Waiting for service providers

Take a moment and calculate how much time you spend each week on these basic, everyday tasks.

Your Total Weekly Hours on Common Tasks____________________

The Value of your Time

Now, let’s determine the value of your time. For our example, if we assume that your gross income is $150,000 per year and you spend 50 hours per week engaged in work, your hourly rate is $60.00

Example: Calculating the Value of Time

• Gross income = 150,000
• Total Hours Worked = 50 hours per week X 50 weeks = 2500
• $150,000 / 2500 = $60.00

Take a moment to calculate your actual hourly rate

• Your Gross Income = $___________
• Your Total Hours worked = _______
• Your Hourly Rate = Gross income / hours worked = Your hourly rate =$ ________

If you are working 50 hours per week, you have 118 hours left to:

• Sleep
• Eat
• Personal Care
• Family
• Errands
• Shopping
• Time for You

Wow, did you know you were paying yourself as much as $60 per hour to do basic daily tasks like laundry? Now that you know the value of your time, how will you change the way you use it?

Outsourcing, the Key to your Success!

Outsourcing in the workplace has become very common. Businesses strive to become more efficient by focusing on the tasks and activities they do best and hire others to do the rest. We can do this in our personal lives as well. In fact, busy executives have been doing this for years with help of their personal assistants. Today, most of us do not have a personal assistant at work or at home. But, we can still outsource specific tasks to others at an hourly rate less than our own rate.

Most people have a hard time delegating substantial work after years of being in control of every aspect of their business and personal life. The assistants you hire, or outsourced help, can typically be faster and better at doing things than you are. Outsourcing will help you remain focused on the important things in your life and relieve your stress at the same time. You may also find that you have TIME for a life outside of your business. Let’s take a look at some easy ways to outsource.

Outsourcing Resources

• Family – Spouse, Children, Siblings, Parents
• Friends – Your best friend, your worst friend?
• Neighbors – “You watch my house, I’ll watch yours”
• Staff – Your Assistant, Team Members, Volunteers
• Semi Professionals – Maid Service, Nanny, Concierges
• Professionals – Doctors, Lawyers, Accountants

Tips for Better Outsourcing

• You get what you pay for. Free is not always free and cheap is not always cheap. There are hidden costs and risks associated with free and cheap. I have had much more success by seeking out those who charge a bit more

• Be clear. No matter what the skill level is for the person you’re managing, it’s always good to be as clear as possible. Write down the task, discuss the time line, determine what to do if something changes, and describe the expected outcome

• Test the waters. Always start with a small project to see how they do. If they do good work, then incorporate more complicated projects.

• Be respectful.These are people trying to make a living, trying to make your life easier.  Be nice.  Be generous.  Be patient.  Say thank you!

Finding Extra Time is Sweet!

Imagine that you have been focused on a task list and you find you are done with your “to do’s” and still have some time left over. I call these sweet little moments of extra time. Think of how good you feel when you are done and have time!

Resources

For more tips and ideas on managing time, check out these resources

• The 168 Hour Week by Kevin Hogan
• The 4 Hour Work Week by Timothy Ferriss
• The Slight Edge by Jeff Olson