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Editor: Ben W. Glass
Profession: Attorney at Law

Category: Time Management

Your time is one of the most valuable things you possess and you have to guard it closely. It is something that you can give away, but will never get back. If you want to earn a good income, but still enjoy your life, then you need to focus on how your time is spent. Be strategic when allocating your time - determine how, when and to whom you give your time.

Have you every calculated how much your time is worth? I'm not necessarily talking about how much you bill your clients per hour.

Dan Kennedy created a formula that will help you calculate the amount of money your time is worth per hour. The first step is coming up with an amount you want to take away from your business this year, also known as your base earnings target. Once you have that number, the formula is simple - you divide your base earnings target by the work hours in a year, which gives you what your time is worth per hour. However, there is a catch. Use the figure, 1,760 (220 days x 3), for your work hours in a year. That figure may seem strange, as it equates to only 3 hours in one work day, but that is the most common number of productive hours that people have in one day.

Here is an example - if your base earnings target is $150,000, your time is worth $85.23 per hour ($150,000/1,760).

Once you have calculated the value of your time in dollars, chances are you are going to be more reluctant in giving it away. To learn tips on how to better manage your time, order the information-packed program, Militant Time Management for Lawyers.