What is time? It is the continuum of experience in which events pass from the future through the present to the past. It consists of 86,400 seconds per day. It consists of 31,557,600 seconds per year. A period of time is a valuable resource under your control. And, it is sufficient to accomplish something or not: “Take time to smell the roses.” “I don’t have time to finish.” “It took more than half my time.” Try the following exercise using your own hourly wage and additional costs to calculate how much your time is worth.
If you work the average amount, you work about 200 days a year, at 7 ½ hours per day. That would equal 1,500 hours per year. At $10/hour for example, that would be (10 times 1500) about $15,000 per year. Total all of your salary ($15,000); add an amount for benefits, taxes, and the cost of your office, workspace or equipment you personally use. Add in the cost of your transportation to and from work, your work clothes, and the cost of any training or education. Take this total and divide by 1,500. This is an approximate cost of your time. This is an estimate of what your time is really worth in dollars and cents.
Once you have an estimate of what your time is worth, you can use it as a simple tool to decide if something is a wise use of your personal as well as work time. For example, if a company is willing to spend a total of $40/hour to purchase your time, are you generating $40 worth of value to yourself with the action you are contemplating? If not, maybe it’s not a wise use of your time.
In reality your time is worth way more than that. Your time is irreplaceable. You cannot get more time. You can only spend it as wisely as possible.