In the last post I talked about the importance of valuing your own time and the concept of limits to your time. I also promised to help you figure out exactly what your time is worth. A tall order for sure….until you know how simple it really is.
First you need to identify your base earnings target. That’s how much you want to keep not the gross revenue of your practice. Let’s say that figure is $300,000.00. Pretty ambitious eh? But you went to law school to make money right? Sure, we help people, defend their interests and rights, but it’s much better to have money than not, let’s be honest. Once you have your base earnings target you take the average 220 days per year that you are available to work. The Two Hundred and Twenty available days takes into account five days a week and holidays. Then you multiply that by 8 hours per day (or however many you want to work). This will give you the total number of working hours available to you per year. Your base earnings target of $300,000 divided by your number of available working hours equals your base hourly rate. In this case that is $170.45 per hour.
Next you must determine how many actual productive hours you have in a day. In a survey of Fortune 500 CEOs on average they stated that they only had 28 productive minutes per day! Lets say that you are much more productive than that and you have 1/3 of your time is productive time per day. Now multiply your base hourly of $170.45 by 3 (your actual productive hours) and that means that your time must be worth $511.36! Eye opening isn’t?
Here’s what it looks like:
Base earnings target: $300,000.00
Divided by (220 days by 8 = 1760)
Work hours in a year
÷ 1760
= base hourly figure $170.45
Times productivity vs. nonproductivity
Multiple
x 3
= What your time must be worth
per hour:
$511.36
So you see, it really is simple. Obviously this is a very rough equation but it is much better than what you had before, which was no idea. Now only focus on those tasks that help you toward achieving your goal. Is what I’m doing worth my hourly rate? If it’s not worth $511.00 per hour, have someone else do it. Someone you can pay significantly less to do it for you in order to allow you to focus on your most profitable activities. If you begin to think of your time as actually being worth what you just calculated, don’t be surprised if before long you are actually making this kind of money.
Now it may be that you need to systematize a process that, for now, only you know how to do. That’s fine. As you are finally committing that process to writing, that is getting it out of your head so that someone else can pick up that piece of paper and learn how to do it in the future, think of the leverage that you are creating. This is likely the very last time you will ever have to do this mundane task. Awesome isn’t?
I have to admit that even I fall prey and fail to do this. Just recently I committed a process to writing and systemization that I did only once a month but really hated. This task is absolutely critical, really vital to my business so I was very hesitant to let anyone else do it. Since I did it so infrequently once a month I would scratch my head and reinvent the wheel. And I really hated it. Not only because it’s boring but also because I knew in my heart that it wasn’t a great use of my time. So, I finally systematized the process, delegated it to staff and now that task is gone from my existence forever! Sure it took me an extra hour or two to write down the process but every month I get at least that hour back in saved time.
Associated Websites
Criminal Law Lawyer North Bay Ontario
Sangster Law will assist you if you have been accused of committing a crime. If you have been accused of committing a crime please call our office at 705-476-6600 and we will assist you in anyway we can.
Canoga Park Audi Repair
Our shop offers the highest quality service and repair of Audi vehicles in the area. From the moment you walk through our door until you leave satisfied with the results, our team strives to supply only the best service to both you and your vehicle.
Visit the website
Welcome to your place on the Web for all MLS listings on Fort Myers Beach Real Estate. Offering Ft. Myers Beach Homes For Sale, Condos For Sale. See all the photos, details, and pricing of homes, condos, cottages, and premier waterfront homes on the beach, bay, or on our numerous canals of Ft. Myers Beach/Estero Island. Free to call us on any properties that interest you.
armacan.com
American Canadian freight shipping company.
SVCSR.ORG
American shipping company based in Florida.
Top Products on Amazon
Click on our product categories for Amazon top-sellers and win on giveaways and $500 Amazon gift ecards.
meanderin.ca
Bread and breakfast in Nova Scotia.
Care Mountain
Care Mountain Home Health Care for Seniors and Elderly offers general supervision, companionship, transportation and/or help with household chores; up to assistance with activities of daily living and/or care for a health condition. At your home, senior housing, hospital or nursing home. Help for alzhiemer’s and dementia patients.
International Health and Wellness Company
If you are looking for an International Health and Wellness Company to align yourself with then ASEA is it. We have the right product, the right people and the ASEA Compensation Plan is second to none in creating long term residual income.
greenlandassociates.com
Greenland Associates Fence Company was incorporated in 1999, and started doing mainly residential fencing work, mostly wooden fences. Since then, we have expanded to include everything from public and industrial projects, including treatment plants, pump and electrical stations, baseball and softball complexes, airports and prisons, and much more.
3siscleaning.com
ired of coming home to a dirty house? Don’t like showing up at your office to find dust-covered desks? Hire us to clean your Houston Tx property regularly, so you won’t have to. We clean just about everything inside – except windows. Count on us to respect your belongings and clean everywhere that needs cleaning.
www.youtube.com/c/AdventureFunToys
Adventure fun toys reviews.
pinnacle-investigations.com
Private investigators Dallas Fort Worth working with criminal law attorneys such as Stephen Handy Law.
What he has to say…
Hi, thanks for visiting our website, my name is Bill Bisson and I am the Founder of I Buy Houses Fast Inc. Life purpose – “To leave a legacy as one who makes others happy and for people to know how much I really care”
CBC News
The latest news from across Canada and around the world.
iconwebsitesearchengineoptimization.com
Website design company.
North Texas Roofing Contractors
We are a locally owned Frisco roofing company, and our professionals have many years of experience. We specialize in a variety of roofing systems for commercial and residential properties.
Wood Style Fencing – Fort Worth
Professionally install all styles of fencing products for Residential, Commercial, and Multi-Family clients. With over 50 years of experience, our design consultants are the best in the industry. From the initial call to schedule your free estimate, to the final walk through at completion, your design consultant will be with you every step of the way.