What's worse than opening your 401K statement?

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It's impossible for me to guess what most people do with the 401K statements, but I just shred mine... unopened. As ugly as those bank statements are, here's an exercise you can do that might make them look a bit better. Crunch you own waste of time costs!

Most of us never really take the time to look at our internal numbers for performing day-to-day tasks. We either don't think about it or just don't want to know. This exercise can be very valuable in helping you to decide which tasks make the best use of your time.

We took an anonymous group poll last year and asked for a three-year running income average. The lowest number submitted was $100,000. (The submitters were all internet marketer.) Let's use this number for our example.

There are 2080 hours in a conventional workweek so it doesn't take rocket science to figure out that it's necessary to generate $48/hour to make $100,000 per year. So what, you might be thinking. So plenty, you should know. If you spend 15 to 30 minutes each day checking or responding to email, this activity is costing you $12 - $24... every day. Spending a couple of hours on forums... $96. What does it cost you getting sidetracked to watch 10 minutes worth of youtube videos? $8.00.

Now, I've heard from plenty of people that they spend less than 20 hours per week to make their $100,000 per year. Kudos to them! But as they should know, this only makes things worse. Under that condition, the hourly rate is $96/hour. Or to put another way, annual costs of $11,520 out of pocket reading email, $46,080 worth of forum activity and $3,840 watching videos. Maybe our time could be better spent...

Now, granted we can all justify reading our email since many of our customers communicate with us by this method and this can be time well invested. We can also justify the time we spend on forums for the information we gather and the lessons we learn. The point, however, is this. Most of these activities do not generate any revenue for us. The only option is to spend more time to make up for the loss.

Plug in your own numbers to see what they look like. Knowing your cost can help you make valuable decisions in your business. That guy who is charging $12/hour to write articles for me is starting to look pretty darn cheap.

Here's a tip that helps me stay focused. Keep a large-faced clock on your desk. Mine is not only large, it's the old fashioned wind-up type. The ticking keeps me more than aware of the passage of time.
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