There are a lot of convenience services we can take advantage of today: Food delivery services, grocery shopping services, laundry services, driving services. And knowing my hourly rate for my personal time makes lots of decisions easier. The calculator told me that I value my personal time at $67.86/hour. It then calculates the median of the values you provided for the different questions to determine a specific hourly rate that represents how you value your personal time. What percentage raise would compel you to take a job working 10% more hours each week? How long would you wait in line to get a $100 gift certificate to a store you shop at regularly? How much would you be willing to pay for something that would complete a personal task for you, saving you nearly four hours of time? How much would you charge for a part-time job doing one additional hour of work per week? If you were offered a new job doing similar work, what's the minimum after-tax hourly rate you would accept? In addition to asking you questions about your current work situation (hours worked, hourly rate, etc.), it asks thought-experiment questions like: That's what the professionals at Clearer Thinking had in mind when they created this calculator that helps you determine what your personal time is really worth. Time away from work is far more valuable. Maybe you're willing to work for $35/hour, but would you charge the same rate for giving up time with friends and family, time for relaxation, time for fun, or time for chores or running errands? For many people, the answer is no. Why? Personal time is often more valuable than the time you allocate to work. If you're eligible for overtime and live in the U.S., you get paid a higher rate (1.5 times your normal hourly rate) when you work over 40 hours a week. Determining What Your Personal Time is Worth It can make a lot of decisions easier: Should you take the train or drive? Hire someone to paint your house or do it yourself? Order through Uber Eats or pick up take-out? Hire a virtual assistant or do the work yourself? Invest in a new tool or do the work manually?Īsking yourself, "Is this worth my time?"-and answering that question with hard data-can help you make better decisions about how you spend your time, both at home and at work. What I've learned through this process is the benefit of thinking of all of your time in terms of hourly rates. So I spend a lot of time calculating what I earn per hour to make sure I'm generating a reasonable income. If you estimate poorly, you can end up earning a much lower hourly rate than you anticipated. We recommend verifying with the source to confirm the most up to date information.It's rare for companies to pay freelance writers by the hour instead, you're typically paid a per-piece or per-word rate. The rates, terms and fees presented are accurate at the time of publication, but these change often. The information regarding any product was independently collected and was not provided nor reviewed by the company or issuer. Opinions expressed in our articles are solely those of the writer. The revenue these partnerships generate gives us the opportunity to pay our great team of writers for their work, as well as continue to improve the website and its content. We will always share our sincere opinions, and we are selective when choosing which companies to partner with. We do not sell specific rankings on any of our “best of” posts or take money in exchange for a positive review.Īt the end of the day, our readers come first and your trust is very important to us. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear), but does not influence our editorial integrity. This means that, at no additional cost to you, we may get paid when you click on a link. We make money from affiliate relationships with companies that we personally believe in. We are not financial advisors and we recommend you consult with a financial professional before making any serious financial decisions. As such, our advice may not apply directly to your individual situation. Of course, personal finance is personal so one person’s experience may differ from someone else’s, and estimates based on past performance do not guarantee future results. We work hard to share thorough research and our honest experience with products and brands. We want to help you make personal finance decisions with confidence by providing you with free interactive tools, helpful data points, and by publishing original and objective content. This website is an independent, advertising-supported comparison service.
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