What is an Hour Worth?

by Robert DeVries

When I am out in the community meeting new people, I love to ask them this question: If you had one free hour to do anything, what would you spend that hour doing? It is a really great question, which I can’t take credit for – I learned it from marketing expert Bill Bachrach. The responses provide an insight into what is important to people.

Freedom Of Time

Go ahead and think about it right now… if all your work was done and family obligations were taken care of, how would you spend 60 ‘free’ minutes? Let’s call this activity your “freedom activity,” since you have the freedom to choose what you spend that hour doing. Remember your answer.

Time is the great equalizer. We all have different talents, skills, experiences, and no matter how rich or poor, healthy or sick, or where we live in the world, the time we are given is equal. We all get 24 hours in a day!

There are 10,080 minutes in a week. Sleeping usually takes up 3,360 minutes and meals 1,260, so more than a third of each week is gone before taking time for work, family or hobbies. That leaves you 5,460 minutes left. So, each minute is very precious.

Are you spending your valuable time doing what you love? Recall your answer to the question above. How many of those 10,080 minutes are you spending in your freedom activity? If you are like many people, you are spending very little time each week in this chosen activity, and most might not get to do it all! Each and every day, 1,440 minutes go by, and you may possibly spend 0 minutes doing what you love the most.

What Can You Get Rid Of?

There are many activities that we can’t have someone else do for us, like attend church or exercise, but there are still many that we can hire someone to do for us. Housecleaning, taxes, oil changes, and car washing are just a few examples of things that we can do for ourselves, but at the very expensive cost of our time. Given that time is so limited, having someone else do these things is incredibly valuable. Often the cost to have someone do them is minimal, and in many cases the hired expert can do them better than the do-it-yourselfer.

Our wealth services firm in Satellite Beach, FL knows that managing your finances is a great example of something that you can pay someone else to do, which requires expertise to do, and takes considerable time to manage yourself. It is a great benefit and relief to many of our clients to have someone else take the time to manage their finances, which allows them to spend time doing whatever it is that gives them the greatest joy!

So think about what an hour of your time is worth – not what you can earn in that hour, but how much an hour to do whatever you want is worth to you. And next time you see me out in the community, be prepared to tell me what your freedom activity will be!

You should not assume that any discussion or information contained in this publication serves as the receipt of, or as a substitute for, personalized investment advice from FirstWave Financial. A copy of the FirstWave’s current written disclosure statement discussing our advisory services and fees is available upon request.