I decided to write a calculator that would make it easier to work out how much time they were spending on various activities and then they compare what they've earned for the time invested.
You can find the calculator at http://www.justlocal.com.au/clients/whatsmytimeworth/ and I've actually called it What's My Time Worth.
As an example I joined a networking group some time ago. Most people factor in the joining fee and then the weekly breakfasts, but few factor in the value of their time. I would have spent at least five hours a week going to the weekly meeting, preparing for the meeting, meeting with other members of the group for what were called dance cards at one stage. Plugging in that I spent 5 hours a week and putting in a notional time cost of $30 an hour (I'd easily make that if I were employed), and selecting 48 weeks for a year, that total is $7,200 of time.
The question then is did I make that money. First I should add I quit after 8 months so the figure should be 2/3 which is $4,800. Well the reality is I didn't even have to factor in the time when considering if it was worth it. Direct costs for membership plus breakfast was around $1,500 and I made $1,800 in the eight months. So cleared around $300. Definitely a waste of my time and energy.
How much are you spending on activities such as social networking? Have you worked out the time cost? It really is an eye opener. The best thing is once you are aware you can make better decisions.
Kelvin Eldridge
www.OnlineConnections.com.au
Call 0415 910 703 for IT support.
You can find the calculator at http://www.justlocal.com.au/clients/whatsmytimeworth/ and I've actually called it What's My Time Worth.
As an example I joined a networking group some time ago. Most people factor in the joining fee and then the weekly breakfasts, but few factor in the value of their time. I would have spent at least five hours a week going to the weekly meeting, preparing for the meeting, meeting with other members of the group for what were called dance cards at one stage. Plugging in that I spent 5 hours a week and putting in a notional time cost of $30 an hour (I'd easily make that if I were employed), and selecting 48 weeks for a year, that total is $7,200 of time.
The question then is did I make that money. First I should add I quit after 8 months so the figure should be 2/3 which is $4,800. Well the reality is I didn't even have to factor in the time when considering if it was worth it. Direct costs for membership plus breakfast was around $1,500 and I made $1,800 in the eight months. So cleared around $300. Definitely a waste of my time and energy.
How much are you spending on activities such as social networking? Have you worked out the time cost? It really is an eye opener. The best thing is once you are aware you can make better decisions.
Kelvin Eldridge
www.OnlineConnections.com.au
Call 0415 910 703 for IT support.
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