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How much is your time worth?

Successful people use many time management strategies to manage and value their time.  This article offers a few simple time management strategies to help you use your time more effectively.

Realise that time is running out
Time is a unique resource, which is finite and expires at the same rate for every single person. When it’s gone, it’s gone…forever! Other key resources like money and people can be found – although I accept that it may not always feel that way!

We all start with 1,440 minutes every day. It doesn’t matter how much demand there is for more time, the supply will never increase…ever.

Time is money
Benjamin Franklin said that “time is money”. Every minute wasted will have a cost. How do you value your time and how much is your time worth? It may be time to decide right now to calculate your worth!

What’s the minimum that you want to earn this year? How many hours will you work this year, after deducting weekends, public holidays & annual leave?

Let’s say that you want to earn $180,000 and you will work 1,856 working hours. By dividing $180,000 by 1,856 you’ll be able to calculate you required hourly rate. In this case, you’ll need $96.98 per hour.

But are you 100% productive?
If you’re in business, you’ll need to adjust this figure to allow for down time, etc. Let’s assume that you’re productive for only 60% of the time. Your time is now worth $161.64 per hour (180,000 divided by 1,856 x 60%).

How tolerant are you now going to be of anyone “stealing” time from you?

Find out where you’re wasting your time
So now you know the real value of your time, what (or whom) are the common time wasters?

“Have you got a minute?”; “Of course, I have time for a quick chat”; “My door is always open”. Sound too familiar?

The 1st major challenge you must overcome to manage your time more effectively is YOU!

Successful, productive people know how to handle the never ending barrage of interruptions by using proven time management strategies. Make it hard for people to abuse your time by respecting your own time.

Learn to say “no” and set yourself goals and deadlines to avoid veering off track. Audit your time to identify non productive areas. Eliminate tasks that need not be done at all. Ask yourself: “What would happen if this task wasn’t done at all?” “Which activities that I currently carry out could be done more efficiently and effective by some-one else”?

Learn to delegate. Learn to outsource. Be tough.

The Pareto Law time management strategy
One of my favourite time management strategies is the Pareto Law (or the 80:20 principles). Pareto’s Law can be summarised as follows:
* 80% of the outputs result from 20% of the inputs.
* 80% of your results come from 20% of your efforts;
* 80% of your income will come from 20% of your clients;
* 80% of your sales will be generated by 20% of your products;
* 80% of your problems will come from 20% of sources;
* And many more

Carry out your own 80:20 analysis and you’ll probably be surprised at the results.

Time is the scarcest resource on this planet. Remember, YOU have a choice on how you choose to use yours. Life isn’t always perfect and you may struggle to follow these principles all of the time. Don’t give up and develop better time management habits to create the freedom and lifestyle you choose. And most of all have fun!

Let me show you a few of my secrets that have helped me save time and money which will work for you too!  You’re invited here!

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