This is a profound question. If you are a son or daughter, a father or mother, brother or sister, you are worth a lot to someone. The main purpose of the question is for you to answer how much is your time worth. You can lose money, and get it back. You can lose a relationship, and get it back. Time is the one thing you can’t get back. It is gone. Time missed with your family is a multiplied loss…everyone loses.
Two years ago, my dad asked me, “Son, why don’t you change your own oil?” I grew up on a farm and my dad taught me how to work on everything with tires and engines. Oh how I wish I had listened more. I did know how to change my own oil and filter, but that was not the issue. The issue was that my time is worth more, way more.
Let’s start with simple logic. Divide your annual income by 2000 hours, and that is your hourly worth. If you make $100,000/year, that means you are worth $50/hour. As you go thru each day’s journey, you need to evaluate what you do based on $50/hour. If you go to Advanced Auto Parts to get the oil and filter, do the job and properly dispose of the oil, most likely you have a good 2 hours involved in this process. Therefore, if the oil change at Jiffy Lube is $49.99, you just netted $50 in that one hour transaction. One caveat- if you enjoy changing your oil…do it. I still enjoy cutting my own yard for the exercise and mere satisfaction of physically seeing something I did get accomplished.
If in your daily job you realize that you are not being paid what you are worth, you need to ask yourself two questions:
- Do I think too highly of myself and my worth?
- Will I, not just can I, make more elsewhere?
This is certainly a call you need to make. If not, you will be miserable.
For many in today’s workforce, they fall into #1. Yes, many think very highly of their worth, but fail to move on it because they tested the market and found no one would validate their worth. This is the person who is on Zip Recruiter and Monster 20 plus minutes a day searching. Regretfully, if they don’t come to realization of their true net worth and find complacency, they will turn to other alternatives to make themselves feel better. Maybe this is the reason for proliferation of drugs, alcohol and spousal abuse.
For a few (you know who you are), you are seeing your net worth rise. You feel like the wide receiver who just caught two touchdown passes in the Super Bowl. You are expecting a new contract. For this group, they have more than two options:
- They can go to their employer and seek a path to higher income and a higher position.
- They can test the market with another company and step up in their career.
- They can step out and take their talents, skills and abilities to either start a new company or acquire one that aligns to their goals and passions.
To be content doesn’t mean you don’t desire more, it means you’re thankful for what you have and patient for what’s to come. Tony Gaskins
No matter which category you are in, contentment is key. The quote from Gaskins says it clearly. Be thankful for what you have and patient for what is to come. While being patient, we need to continue to increase our worth through an increase in knowledge and experience. Most importantly, we need to find coaches and mentors to walk with us in our journeys to help shape us and tell us the truth about our worth.
Keep your priorities in line. In the end, you don’t want to find that what you thought was worth doing really didn’t matter at all. On a plane a few years ago, while sitting in first class, an older man looked at me and said, “I wish I had your perspective on life when I was younger. It is now I realize the lost time with my kids has ruined my relationship with them.” Good coaches and mentors never loose site of life’s real priorities and will keep you focused on what really matters. Remember, when we say “yes” to something, we are saying “no” to something else.
Mitch Smith, Founder & CEO of Rootloud