Get the right person for the job

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Photo: Ivelin Radkov

I have said this for years. Unless you enjoy doing something (like you get excited at building IKEA Flat-pack items) hire a specialist.

Do what you get paid to do and pay someone else to to the things you don’t. If you are a high achiever you shouldn’t be doing things like washing cars and laundry! Hire someone and turn that time into revenue.

This may sound like advice for the rich and famous (or the snobbish) but it actually isn’t.

My Economics lecturer would be so proud of me for what is about to follow:

The Assumption Model.

Assumption 1: You earn $100 per hour

Assumption 2: You are busy every available hour in the working day (8 hours)

This would mean that you are busy for 8x5x52 (hours/days in the working week/weeks in the year) at $100 you would earn, $208k per annum (Nice).

Now if a car wash costs $40 and takes 1.5 hours you could pay $40 or lose $110 (1.5 hours of your time is $150 remember).

Don’t know about you but besides not actually having to wash my car, I would still also not pay $150 bucks for something that should cost $40; Right?

This is based on an assumption, but like all models, there is a large degree of truth here – so the lesson today is to value; really value, your time.

I know we all earn differently and that the perception of value is different for us too – but if you do believe that time is money then you have to make your decisions based on the above model.

It is also important to point out the opposite is true. If it will save you money to do something yourself then, duh!

A final thought is that if you are not earning as much as you would like to, look for opportunities where you could earn more than your current rate by offering services to those who would rather pay than do.

This is how the Gig Economy (Uber, Deliveroo)came to be!


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