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How much is your time worth?

How Much Is Your Time Worth?

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As life passes by and our responsibilities increase, there are two things that become more valuable: time and convenience.

Our limited time on earth becomes a precious asset that needs to be managed effectively to allocate time for the people or things that matter most and improve our overall wellbeing.

Convenience on the other hand, is something that we learn to appreciate and value more because with convenience comes time savings, ease, and less stress.

There’s a clear relationship between the two that we would like to discuss in further detail…

Consider online shopping and making purchases with the likes of Amazon. In fact, in his final letter to shareholders as CEO, Jeff Bezos calculated all the time Amazon Prime has saved for its customers:

“Customers complete 28% of purchases on Amazon in three minutes or less, and half of all purchases are finished in less than 15 minutes. Compare that to the typical shopping trip to a physical store – driving, parking, searching store aisles, waiting in the checkout line, finding your car, and driving home. Research suggests the typical physical store trip takes about an hour. If you assume that a typical Amazon purchase takes 15 minutes and that it saves you a couple of trips to a physical store a week, that’s more than 75 hours a year saved. That’s important. We’re all busy in the early 21st century. 

So that we can get a dollar figure, let’s value the time savings at $10 per hour, which is conservative. Seventy-five hours multiplied by $10 an hour and subtracting the cost of Prime gives you value creation for each Prime member of about $630. We have 200 million Prime members, for a total in 2020 of $126 billion of value creation.”

As Jeff Bezos shared, the reality is that people are willing to pay for convenience because it gives them back time and provides real, tangible value to their lives.

 

How Can You Buy Yourself More Time?

Pay People to Do the Jobs You Dislike

Whether that’s grocery shopping, gardening or managing your taxes and finances, if you don’t enjoy certain jobs and feel as though they eat into your time, pay people to do them for you. Even something as simple as paying to have your weekly food shop delivered can save you a lot of time. All of this leaves you with more time to do the things you enjoy.

Organise Your Time

Many people avoid managing their time because it forces them to realise that they don’t have time to do the things they want to do. However, it will allow you to identify the things that you want to do. Therefore, factoring convenience into organising your time will help you to claw back more time.

Focus On Doing The Things You Enjoy

Whether you enjoy spending money exploring new places, having new adventures or you prefer to relax when you have time on your hands, you should focus on doing the things you enjoy. Whatever you love doing, cut back on the things you don’t like doing, and make more time for the things you do love.

So, making more time is about identifying what you want from life. If you’re someone who enjoys keeping busy, then that’s fine but if you’re someone who values time then it could be worth thinking about how much your time is worth. Once you begin making time a priority, you’ll find that paying for it becomes a lot easier.

How Can We Help You Save Time (And Buy Time Back)?

Do you want to save time on managing your finances? Through our life-centred wealth management approach, we can save you -and buy you- time by setting the right goals, investment strategies and establishing a roadmap entirely focused on you. Our team will also help you grow and preserve your wealth, provide added convenience and so much more; so you can focus on the things that matter most to you and simply get more from life.

 

Contact us to learn more: info@pyrmontwm.com

+852 2598 6777

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