Value Your Time

by Ken Matesz

“If you don’t value your time, neither will others.  Stop giving away your time and talents.  Value what you know and start charging for it.”                       Kim Garst

Most people today have never had any education in economics.

The result is that too many think that economics is the study of money and investments.

Nothing could be further from the truth.

Economics is the study of why people do or do not take action. It is the study of how people manage their lives. In fact, the word “economic” comes from a Greek word meaning “household management.”

That’s it! That is all that economics is about: Human action.

Money just happens to be something we use to represent either labor (actions we take) or property (things we might want).

In other words, we use money to trade things we do for things we want or to easily facilitate trading things we have for other things we want.

Without money, we would trade things for things or we would trade things we do for things we want, right?

You can see that money is completely unnecessary to have and run an economy. It’s silly to think economics is about money when money is not necessary for an economy!

Money is nothing more than a convenient way to trade with each other.

Why Do We Trade?

We trade with others to survive, mostly. But we also trade with others because they have things we want that may not be necessary for survival.

For most people, it’s quite simple: They go to work. Their employer pays them for their time. The employee uses the pay (money) to buy food, shelter, clothing and luxuries.

Simple.

If we really want to understand economics, though, we have to understand why people trade the way they do.

Why do you give your money for food?

Why do you hand over cash for clothes?

Why are you willing to fork over money for a house or for rent?

Do you really understand why?

People Will Only Trade That Which They Value Least

People only trade that which they care about least in a transaction.

I am willing to spend money for food because, to me, the food is more valuable than the money.

If my refrigerator was full of food and so was my pantry and my extra freezer, it is unlikely I would trade money for more food, unless I saw some particular opportunity in doing so.

You trade money for a place to live because you value having a roof over your head more than you value the money.

When you go car shopping, you buy a car that you like because you value the freedom the car will give you and the things it can do more than you value the money in your hand.

Have you been paying attention?

If you have, you noticed that in all these examples, I mentioned valuing the thing bought more than valuing the money.

In other words, I abbreviated the truth.

Where did you get the money to do these trades?

For most people got their money from trading with their employer, right?

In other words, you traded x hours of work for m amount of money.

What does this mean?

It means you valued the money more than you valued your time.

When you agree to work for someone as an employee, you are saying, “I value my time less than I value the money this employer will give me.”

You say, “I am willing to give up 40 hours of my life to have that money, which I will then use to buy the stuff I need and want.”

Your Life To The Highest Bidder!

How much do you value your time? How many dollars is an hour of your life worth?

For most people, working 40 hours or more per week is normal.

If you work 40 hours per week and sleep 56 hours per week (8 hours per night) and commute 5-10 hours per week, did you know you have just 62 hours per week left for yourself?

I will save you the time doing the math:

If you are the typical full-time worker, you spend 63% of the most productive, healthy years of your life either sleeping or working for your boss. And, out of seven days in a week, you get just two days (29%) completely to yourself.

This is why it is immensely smart to always be on the lookout for an employer who will pay more for your time, right?

If you are going to sell your hours, you want to sell to the highest bidder, don’t you?

Remember, we trade that which we value least. If you value your time more than any employer ever will, you will find a way to not be an employee, anymore.

There is nothing wrong with being an employee, but it is a little scary if you settle.

Whatever your skill, trade, or talent, always have an eye open for opportunities to find those who value your time more.

Do you realize that there are people out there working 40 hours just like you but earning much more?

Is their life, their time really more valuable than yours?

You will never get any time back.

Time is scarce.

Time is valuable.

Value your time.