You can make more money, but not more time. How do you get the most money out of your time?

If you’re in a position where your income depends on the number of hours you work and you’re in charge of the number of hours, you may benefit from delegating some tasks.
If you’d like to make more money, you have to be able to focus your attention towards your most productive tasks. That means you have to spend less time on less productive tasks. But just because an activity is less productive doesn’t mean it’s useless. It may still be important. If that’s the case, you have to delegate. How do you know when to delegate a task? Entrepreneur and author Peter Voogd explained on one of his podcasts how you can calculate the value of your time. Once you have that number, you can delegate any task that costs you less money, if you delegate it.
Here’s an example of how you do it:

1. How much do you want to earn this year? – $ 90.000
2. How many hours do you want to work per day? 10h
3. How many days do you plan to work in a week and how many weeks do you want to work? – 6 days a week, 48 weeks a year = 288 days
4. How many hours is that in a year? 2880 h
5. Your base hourly rate is $90.000/288 h = 31.25 $ / h
6. Since you’re not 100% productive during one workday, you account for that, by assuming that you’re productive for about a third of the time. That leads to an adjusted hourly rate of 3 times the base hourly rate: 3x 31.25 $/h = 93.75 $/h

This means anything that costs less than $93.75 per hour, will be outsourced so that you can focus on whatever it is that makes you the most money.

For the whole show, visit the 12 minute episode here.