Is Your Time Valuable? How Valuable Is It?

25 replies
Hey All,

I just got a message from a new subscriber that got me to thinking...

So in my hypothetical situation, someone asks for several hours of my time doing what I do for myself. Are you with me so far?

I'm inclined to do it because it's stuff I enjoy. My only concern is charging what I feel my time is worth will be more then the job is worth?

I don't want to turn this person out to the freelancer crowd (no offense) because I know the kind of quality and integrity I can provide and want that for them.

So my question is; what is an hour of your time worth to you?

Thanks for reading.

Brent
#time #valuable
  • Profile picture of the author robhuw
    I totally depends how much you think you'r worth.
    Would you be happy with someone paying yu $50 or $100 per hour?
    You have to feel comfortable saying to someone, 'Yes I can do some work for you, I charge $100 per hour' without getting embaressed.
    Hope this helps.
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  • Profile picture of the author ChrisBa
    I don't put an actual value on my time (or at least I won't repeat on here), but to me my time is very valuable. I work a fair bit, I do make a reasonable amount for what I work. But more importantly, when I am not working, I have many people who require my time (2 young kids), my mom, and other family.

    So it's not just the aspect of how much my time is worth financial, it's also how little of it I have that I need to rate it based off this as well.
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  • Profile picture of the author rudi
    Hi,

    Really your time is what it is worth to you. Simply think if you could be doing something else then how much would you be earning in the hour. If it is for consultation then take that figure and add a little too it.

    When I first started out I was doing consultancy for $20 an hour, these days I charge around $295 - $395 per hour dependent on what they need from me.

    I always thought that was expensive until i found others charging $800 to $1500 per hour and people happily paying it.

    Whoever wants to hire you though make sure that you offer them good value for money, always go above and beyond when they ask for something so that way they are impressed and they recommend.

    However, if they are a friend, do them a favour with a lower price but say you want them to recommend you to others.

    Rudi
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  • Profile picture of the author malcsimm
    Hi Brent - From a purely monetary perspective – and that's how I think of it – the price you charge is the income foregone in the future.

    In other words, if you are setting up a system to make yourself more money on autopilot in the future, for example, and that system will make you $1000 a day, then giving somebody three hours of coaching is placing you three hours further away from getting to that point.

    So they clearly have to compensate you for that delay.

    My general recommendation for charging the coaching is to go high. If it's too expensive for people they won't ask you, and you saved spending time helping them. But if people will pay then at least you're being compensated enough that you won't worry too much that you're spending less time getting to your goal.

    That's assuming you have such a goal.

    If, on the other hand, you are happy with your current earnings level and if you enjoy coaching on the topic involved – which clearly you do – then you can lower your coaching prices.

    It all depends on how "monetary" you choose to be.

    Personally I would go for the top end. Apart from anything else, if you charge a high price (where you can provide good instruction) then you will get fewer people messing around than if you charge a lower price.

    Malc
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    • Profile picture of the author elusian
      I completely agree with Malcom. Excellent answer.
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  • Profile picture of the author moneymagneto
    Life is short. Make use of your time.
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  • Profile picture of the author Alexa Smith
    Banned
    Originally Posted by Brent Stangel View Post

    So in my hypothetical situation, someone asks for several hours of my time doing what I do for myself. Are you with me so far?
    Completely.

    Originally Posted by Brent Stangel View Post

    I'm inclined to do it because it's stuff I enjoy. My only concern is charging what I feel my time is worth will be more then the job is worth?
    Undoubtedly, but it's absolutely impossible to work out.

    Originally Posted by Brent Stangel View Post

    So my question is; what is an hour of your time worth to you?
    I have no realistic way of working it out at all, honestly.

    It's all non-linear and too difficult to know.

    It doesn't mean anything to look at the number of hours I worked last month and my last month's income, because my last month's income didn't come from the work I did last month. Some of it came from an article I wrote in 2009, and so on.

    It's probably something I'd do out of "backgammon-playing time" or "reading time" or "watching TV time"; I wouldn't do it instead of my own work, anyway. But it's much easier just to call it "free time" and do it if you want to do it, and don't expect to be paid anything for it at all. (This is effectively what I do, in these situations, anyway ).

    Not criticizing at all, needless to say - and partly "thinking aloud" - but it seems to me to be a basically unanswerable question of anyone successful at what we do, whereas if you weren't successful, probably nobody would be asking for your help in the first place?

    (How was this post for an extremely long-winded way of saying "I don't know"? ).

    .
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  • Profile picture of the author Lance K
    Do you want to get paid for your time or your expertise?

    If you want to get paid for your time, stick to working for yourself. Less client headaches.
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  • Profile picture of the author snewlun
    I like to think that my time is invaluable. We only have a finite amount that none of us is in control of, how much time we have is an unknown.

    If you are talking about what should you charge someone for a job that you do that is a different question. I like to set a fixed cost per hour and tie the reward to my product produced. Like $100/hr and 5%-10% of the profit derived from my contribution.That way if your work is valuable you and your employer both benefit.

    Or if you are confident in the work you do, and it is appropriate, do away with the hourly fee and work for a commission.

    If you are just helping someone out do it for free and you will be rewarded.
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  • Profile picture of the author Frank Donovan
    Originally Posted by Brent Stangel View Post

    I'm inclined to do it because it's stuff I enjoy. My only concern is charging what I feel my time is worth will be more then the job is worth?

    I don't want to turn this person out to the freelancer crowd (no offense) because I know the kind of quality and integrity I can provide and want that for them.

    So my question is; what is an hour of your time worth to you?
    Brent, whisper it in this forum, but you don't have to measure the worth of your time solely in monetary terms. You already enjoy what you do - and for the reasons you outline, it seems like this act will give you some extra satisfaction. That's worth something, isn't it?


    Frank
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    • Profile picture of the author JohnMcCabe
      Originally Posted by Frank Donovan View Post

      Brent, whisper it in this forum, but you don't have to measure the worth of your time solely in monetary terms. You already enjoy what you do - and for the reasons you outline, it seems like this act will give you some extra satisfaction. That's worth something, isn't it?


      Frank
      I agree. Start with what the job is worth in pure monetary terms. Then figure out how much the pleasure/satisfaction from the job is worth. Subtract the latter from the former.
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  • Profile picture of the author Brent Stangel
    it's not just the aspect of how much my time is worth financial, it's also how little of it I have
    That's why mine is so valuable to me. I could be sitting on the river bank, watching the ducks.

    I always thought that was expensive until i found others charging $800 to $1500 per hour and people happily paying it.
    I've always had a problem valuing my services. I have no problem charging what a product is worth.

    That's assuming you have such a goal.
    Full tilt. Most of the time!

    It's probably something I'd do out of "backgammon-playing time" or "reading time" or "watching TV time"; I wouldn't do it instead of my own work, anyway.
    That's what it will be for me too. As long as my beloved Vikings aren't playing...

    (How was this post for an extremely long-winded way of saying "I don't know"?
    IDK!

    If you want to get paid for your time, stick to working for yourself. Less client headaches
    I've been there. I have no intention of doing it regularly.

    We only have a finite amount that none of us is in control of, how much time we have is an unknown.
    I'm becoming more and more aware of that every day.

    You already enjoy what you do - and for the reasons you outline, it seems like this act will give you some extra satisfaction. That's worth something, isn't it?
    I think it's worth a lot. I have a feeling even if I charge what I need to, this person will be an asset in the future. I try to see around the corners ahead as much as possible. A lot of what will happen there depends on what we do today.

    Thank you all for your replies so far!

    Brent
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  • Profile picture of the author WillR
    How much money do you earn per week?

    How many hours do you spend to earn that money?

    Divide one by the other and you will have the answer as to how much your time is worth.

    Then figure out how many hours this project will take and work out the price accordingly.
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  • Profile picture of the author Tsnyder
    Originally Posted by Brent Stangel View Post

    Hey All,

    I just got a message from a new subscriber that got me to thinking...

    So in my hypothetical situation, someone asks for several hours of my time doing what I do for myself. Are you with me so far?

    I'm inclined to do it because it's stuff I enjoy. My only concern is charging what I feel my time is worth will be more then the job is worth?

    I don't want to turn this person out to the freelancer crowd (no offense) because I know the kind of quality and integrity I can provide and want that for them.

    So my question is; what is an hour of your time worth to you?

    Thanks for reading.

    Brent

    When I want to help someone out on a project that won't take up
    a lot of time I usually don't charge them anything because, frankly,
    most people can't afford an hour of my time if I'm pricing it according
    to how much I earn vs how many hours I actually work.
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    If you knew what I know you'd be doing what I do...
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    • Profile picture of the author gjabiz
      When the moon is blue, and I like the person...I may suggest we become partners, of sorts.

      I have several Specialty Report partners, where I benefit when they benefit what I've done for or with them.

      Then, how do we leverage the time we put into it for maximum results for both of us?

      If it is strictly a HOW do I do this? type of thing, I may refer them to Google.

      If it has some THOUGHT behind it, and a PLAN with a GOAL, they'll get more of my Attention and effort.

      Also, I make them spend an equal or greater amount of their time working together.

      gjabiz
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  • Profile picture of the author Randall Magwood
    Originally Posted by Brent Stangel View Post

    what is an hour of your time worth to you?
    $5,000. I'm on that Jay Abraham stuff. I'm tired of people looking for free help. You give them the help, then they question you on your advice. If you take on this subscriber's request... make sure you charge BIG. Doing the alternative will definitely make you lose alot of time.
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  • Profile picture of the author LuckyIMer
    Your price should cover the time and the quality involved, only you can know what quality you will provide and what your time is worth it.
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    • Profile picture of the author JohnMcCabe
      Originally Posted by Brent Stangel View Post

      That's what it will be for me too. As long as my beloved Vikings aren't playing...

      Brent
      I knew there was a reason I liked you. SKOL!
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      • Profile picture of the author Alexa Smith
        Banned
        "Vikings"? Funny, I never knew you guys were Norwegian ...
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        • Profile picture of the author Brent Stangel
          Originally Posted by Alexa Smith View Post

          "Vikings"? Funny, I never knew you guys were Norwegian ...
          Minnesota is fairly crawling with Nordic types.

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  • Well it really depends if you enjoy this work and got extra time then you can do that for free but if you dont have time dont hesitate to charge the estimated amount of your per hour.
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  • Profile picture of the author Phil Steptoe
    I charge anywhere from $197-397 per hour for coaching and consultation. This is steadily increasing. A higher price tag tends to attract higher quality buyers and clients.
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  • Profile picture of the author NeedBucksNow
    Good thread. I would say charge as much as the value of what they will probably make in a day.
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  • Profile picture of the author Robert Puddy
    do you have a support desk

    If you do swap your time for a number of hours a week working support for you, its another job you don't have to do or pay someone else for

    just a thought
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  • Profile picture of the author Raydal
    Hard to say because all times are not of equal quality. But for
    a service my time is worth whatever VALUE I'm offering the
    the client. So it wouldn't be the same in every case--so not
    a flat rate.

    "Time" in service type industry is really "expertise" when a value
    is added to it. So you pay more for the expert than the amateur.

    -Ray Edwards
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