The Value of an Hour – A Foundation Concept in Time Management
An hour is not always equal to another in terms of results. For example, an hour watching television yields no results. On the other hand, an hour can sometimes be worth more than an hour invested. In particular, an hour of non-interrupted time is worth 4 hours of interrupted time.
What is an hour worth? If you make $50,000 in a year, the value of each hour is $25. Obviously this amount will double if you make $100,000 in a year. You should do what you do best and pay others to do the rest.
Do what you do best and pay others to do the rest.
Here is a simple idea shared by Eric Lofholm, who learned it when he purchased a $795 home study course about getting rich in real estate. The idea he learned, although he didn’t get rich in real estate, is a formula from , How to Be Rich, by J. Paul Getty. The formula is G-S-A, which stands for goals, strategy, action.
- Goals – Decide what it is you want?
- Strategy – Establish a plan of attack to get your goal.
- Action – Take massive action towards that end.
What can you do to be more effective every time you plan your day, set your goals and to increase your results? By applying the 80/20 rule, discovered by Pareto in 1890 (80% of the wealth is owned by 20% of the population) you can be more effective. In time management, the rule means that the top two items on your “to do” list of 10 items have 80% of the value. If you only have time to accomplish six items on your list, you should do the top 2 plus any 4 others.
The top two items on a “to do” list of ten items have 80% of the value.
It is also true that you cannot prioritize anything not put in writing. Alex Makenzie, author of the Time Trap believes that the single most effective time management strategy is a written daily plan, even though less than 1 in 10 do this. The planning/efficiency ratio is actually known to be 4:1, e.g., every minute that is planned has increased efficiency of 4 minutes.
The price for not planning is poor to mediocre results.
The price for not planning is poor to mediocre results. You can plan a project, a week, a year, an hour, an evening, etc. You can create leverage in your life by planning your “life events.” Leverage is anything you do in which you get more of a result back in time invested. There are many examples, including to listening to CD’s while driving, hiring someone to mow your lawn, using technology in your business, and most importantly, planning your life activities.
Understanding the “numbers” involved in the discipline of time management can be helpful in “convincing” yourself to stay “disciplined” in your own daily planning. Realizing the value of an hour and how to leverage each hour will allow you to improve your life in many ways, including your wealth, relationships, health and much more. Start using these simple concepts today in all aspects of your daily living.