What Value Do You Place On Your Time

Consider your time, and how you use it, both as an employee, and for you outside of your work, where you can give away your time without much thought at all, and dismiss the value of it completely.

As an employee, more often than not, your motivation will be financial, and an extrinsic motivation, where you will be comparing the time you commit to your job, against the amount of money you make per hour. I remember a former job driving chauffeur cars, and one night I calculated my hourly rate at $1.40 an hour. Clearly I didn’t think much of my time at that stage of my life, plus it would have been 3am in the morning when I worked that figure out, so I definitely didn’t value my time, but I needed to keep living, and paying bills, so I needed the money.

My lawyer recently sent me a bill including fees of $62.50 for her to compose an email to me, and another $62.50 to read my email reply. I think it’s great, as how often do you find yourself in an email conversation, or messaging conversation, without much thought about the time, (and sometimes the content), it takes to go back and forth, when there is little value placed on the conversation. Put a price on it, like my lawyer, and all of a sudden I am wondering if I should send a thank you email back, as it might cost me another $62.50 for her to read my thank you reply, then will she say thank you to my thank you, and charge another $62.50?!?

Or it might be results based, where you are paid for the result you deliver, rather than the time it takes to achieve the result. IF you don’t deliver on that result, then the time versus money equation becomes far less important, and now your reputation is potentially at stake.

What about in your job, as an employee, where you get paid a regular income in order to deliver ongoing results for your employer, as compared to someone on a contract, who usually gets paid for a result, then they move onto their next contract. You get paid more for your time as a contractor, yet you are giving up on the safety and security of a full time job, along with the benefits. Now let’s take it up a level, and what if you are given a performance bonus at the end of the year, and you had $100,000, or let’s get a little crazy, and add a $0, let’s make it $1,000,000 as a bonus. Does that change your level of output in your job, especially if you are motivated extrinsically, and who wouldn’t enjoy an extra $1,000,000 in their bank account.

There is more to it than that, I have simplified it, as the extrinsic motivation may not always be financially motivated. Another motivation might be the loss of your job, where your boss kindly suggests that you will need to look for other employment if you haven’t done the work. So your output level may change, as getting the result is important to you in order to keep your job.

You may also be motivated extrinsically by praise from your boss, or colleagues, opportunity for promotion, or an award. All will potentially earn you more money in the long run, but the motivation is for recognition rather than dollars.

An intrinsic motivation may be fun, and how much fun did you get out of doing a certain activity. I love mountain biking as an activity I enjoy.  Some days I will be looking to get the heart pumping on the bike, while others it will be simply taking in the fresh air, and the simple enjoyment and pleasure of being outside.

Or your motivation when it’s intrinsic, may again be based on a result, but the result is for those outside of you, achieving a result. You get to feel good about the result you have helped others achieve, but there is no financial gain, or motivation driving you.

Often we dismiss what our time is worth, more so when you are motivated intrinsically, and at times we can place little importance on ourselves, and our time, and give it away without much thought.

Time is always valuable, either intrinsically, or extrinsically, and in life, you will find yourself being motived by both at various stages, where the results you get will also depend on which one you are motivated by.

For me, I know I will be pulled intrinsically towards an end result, whatever it may be, and even sometimes to my own detriment. There are times where I would be smarter being motivated extrinsically, and by money, and at times when I try and be motivated financially, it very rarely flows for me, and something always drives me towards wanting the person on the other end to be getting an awesome result, be it in my own business, or when I am an employee. Put me in a job where the result is neither here or there for the customer, then watch that light on the inside of me go out.

Consider your own motivations, when do you do your best work. Look at all areas of your life and start getting an understanding of when you have either done your best work, or even found the most enjoyment in what you are doing. Is there a dollar sign at the end, is it for fun, or achieving a great result for someone else?

Consider your time, and how much value you place on it, either financially or for self-fulfillment. Do you need to be more protective of your time outside of your work, and do you need to start saying no more often, even when every other parent has said no, it is still ok for you to say no.

When you understand the value you place on your time, and actually be the CEO of you, you realise that not everything you do is beneficial in getting the best results for you and your family. You won’t always get the mix right, but at least by being more aware of how you spend your time, you will start spending more of it in the right way for you.

Do you need to be a better boss when it comes to your time?

Life is happening now, make sure you are taking part.


Published by Simon | The School of Purpose

An optimistic introvert, helping introverts overcome self doubt, build confidence, and start living life on purpose.

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