Do you know how much your time is worth? I have no idea (and honestly, don't even know how much I really make an hour; do you?). If you don't, then you might find it difficult to make a decision about when to outsource tasks or hire an employee — which can ultimately mean the difference between success and failure, especially if you are an independent worker or run your own business. Knowing how much your time is worth is a valuable tool.
The Clearer Thinking site points out why you might want to know such information using easy-to-understand language and even illustrations. It's brought to you by Decision Academy, which offers a number of quizzes to get the user to think about how they approach information and decision-making. Considering how important some of these decisions are, and how little outside help most of us get sorting them out, I'm looking forward to trying each of the tests.
So how does the Time and Money calculator figure out what you may have puzzled over and drawn a blank on? As explained on the first page of the site:
"This tool will ask a series of questions to help you estimate how much money each hour is worth to you, so that you can make wiser decisions about how to spend that time. It'll also provide you with a customized report based on your results that highlights any inconsistencies in your answers and makes concrete suggestions for applying your newfound knowledge in your daily life."
Sounds useful, right? It is. That series of questions leads you down a path that puts economic reason over our (less reliable) gut responses to costs, benefits and value associated with our time. Once you have the information about what your time is really worth, you can make decisions like the following (suggested by Clear Thinking):
Whether to take on additional part-time work, and at what rate.
Whether you should try to scale down your hours at your current job.
How long you should wait in line for a free item.
Whether taking a cab is worth the extra cost.
Whether it's worth it to hire a personal assistant, a laundry service, or other help.
Related on MNN:
- Healthy eating on a budget
- 20 unique ideas for making money
- What saving money looks like over time (Infographic)