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What is the actual value of your time? I’m not talking about the theoretical value, I’m talking about the actual value.
What is the theoretical value? The theoretical value is how much you bill clients. Typically, people say, “I am worth $50 an hour,” and that $50 an hour figure is how much they’re able to charge clients, but working with clients isn’t the only thing you spend your day doing.
You also have to do accounting, send emails, and do other work that’s not billable.
In actuality, your time is not worth $50 if you’re spending it doing things that are not making you $50.
I’m talking about $50 every single hour. Whatever that figure is—$20, $200, or $1,000 an hour—needs to be actual value that you can create within 60 minutes.
If I start a timer right now for 60 minutes for you to go and create some value and generate some revenue, how much money can you make? That is the actual value of your time.
I want you to think creatively here: if you had 60 minutes, starting right now, what is the thing you would do to generate the maximum amount of revenue?
Hopefully something came to your mind that you know you’d get the greatest return if you invested your time there. That is what you need to go all in on. Do 10X more of that.
Do 10X more of whatever will generate the most revenue for you. That means you need to stop spending all the other hours in your day doing all the other things that don’t generate you the most revenue.
Now, that doesn’t mean we don’t have responsibilities. Sometimes there are very obvious things that we shouldn’t be doing, and those can easily be cut out. Other things are things that are necessary that we have to do, but aren’t the things that generate the biggest return—those are the ones that you delegate.
The people who are successful are going all in on the things they’re the best at and get the most returns from.
You can’t operate a business only doing one thing. There’s a lot of responsibilities around you and you’re going to need support so you can go all in on the things that you’re best at.
I want you to be thinking about the actual value of your time. You probably have a theoretical figure in your mind, a figure that you say, “This is what I charge an hour,” but I want you to determine the actual value.
Imagine the stopwatch again—60 minutes. On your mark, get set, go make some money! The value of your time is the thing you do that makes you the most money.
Tomorrow we’re going to be talking about how you can hire your first employee and how you can look at it in a different way than most people do.