Calculate how much your time is worth
- Decide your base income target.
Ask yourself how much you will take out of your business this year in salary, perks, and contributions to retirement plans.
- Divide it by the number of workday hours to get the hourly base number.
220 workdays a year x 8 hours a day = 1,760 work hours in a year.
Example: $200,000/1,760 = $113.64 an hour.
- Estimate your unproductive vs. productive hours ratio.
If you don’t know it, you can use one-third as the rate.
- Multiply hourly base number with productive hours ratio.
That’s what your time is worth per hour.
Example: 113.64 * 3 = $340.92 an hour.
- Divide your worth per hour by 60.
That’s what your time is worth per minute.
Example: 340.92/60 = $5.68 a minute
- Write the number on cards where you can see it all the time until you internalize it.
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