Turning Back Time
Well, first let’s be clear we are unable to turn back time. Once time passes it is gone forever. That being said, it does not mean it is lost forever. The question becomes, what did we learn from the time that passed? For many, the answer is nothing as they never reflect upon time passing or what was accomplished during the time.
Reflection is an important part of our growth. Actually slowing down just enough to review what happened and what we can learn from it is so very important. There is a saying, you either learned or earned, and just knowing that is reason enough to slow down.
The Numbers Tell The Story
One of the things we do with our clients is to make sure they understand the value of time. I mean, truly understand the value of each minute. For example, I will often ask if people believe they waste 15 minutes a day being inefficient. 100% of the time the answer is of course, YES! I then ask do you have any idea what that means over a 12 month period? They don’t, so we do the math. It adds up to 5,475 minutes per year or 91 hours. 91 hours of lost opportunity due to inefficiencies or wasting time. The light bulb goes off, and now the conversation takes on a whole new meaning.
We then do a calculation of their dollar per hour rate. We simply take their income goal for the next 12 months and divide it by 2,080 hours, which is a typical work year. As an example, someone who has a desire to earn $200,000 per year, will be making about $96.00 per hour, and the person who intends to make $2,000,000 per year will be making $961 per hour. You see, it is important to understand the value of time and the value of YOUR TIME.
When we understand the value of our time, we will begin to make different decisions with our time. As an example, maybe you enjoy mowing the lawn or maybe you don’t. There is not a perfect answer. The thing to know is if my dollar per hour rate is $96.00 per hour and it takes me 2 hours, it is costing me $192 to cut my own lawn. By contrast, I can hire a lawn service who will be done in 15 minutes and charge me $60.00 to mow, weed, clean up, etc. In theory, I am losing money by mowing my lawn, even if I really enjoy it. I enjoy golfing more, so I could be taking that time and investing it in my golf game. What if I invested that 2 hours in a high dollar productive activity like meeting with clients, my return may even be higher.
Another way to look at this is the leverage of time as part of systems. I use this example all the time. As someone who has spent a lot of time flying, I looked at the process of flying and broke it down to numbers. I knew if I got on the plane first, I would immediately become more productive. Sitting in the front row, I would be one of the first people off the plane. My luggage would always fit in the overhead bin above me, which meant I would never have to wait after the flight at the baggage claim area. This also meant I would be the first one on the shuttle or at the car rental area. Now, you may have figured out this meant I had to fly first class, which of course many would look at the cost difference. I did as well and discovered by leveraging a first-class seat, I was actually buying back about 2 weeks of my life every year. Oh, by the way, did I mention it was much more comfortable!
Here is the bottom line. When you understand the value of time and your dollar per hour rate, you will look at time very different and certainly make different decisions.