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Donald Trumps Laundry
By Riot Sports Marketing
Ever wonder how successful people seem to get so much done? Take Donald Trump, for example. We know he is a busy man. He has meetings to attend, interviews to do, and phone calls to make. He's probably so busy that he doesn't do his own laundry. No surprise there right? We understand that The Don would not do things that would take up his valuable time when it could be spent doing more meaningful things.
Now, place a value on one hour of your time. (If you're paid salary, cut off the zeros then cut the number in half to get a good approximation of your hourly pay.) If you are doing work that can be outsourced, through people or technology, for less than that amount of money then you should do just that.
Time is the only currency.
Ever wonder how successful people seem to get so much done? Take Donald Trump, for example. We know he is a busy man. He has meetings to attend, interviews to do, and phone calls to make. He's probably so busy that he doesn't do his own laundry. No surprise there right? We understand that The Don would not do things that would take up his valuable time when it could be spent doing more meaningful things.
Now, place a value on one hour of your time. (If you're paid salary, cut off the zeros then cut the number in half to get a good approximation of your hourly pay.) If you are doing work that can be outsourced, through people or technology, for less than that amount of money then you should do just that.
Time is the only currency.
Comment
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Comment by Jim Harshaw- Riot on November 9, 2010 at 7:37am -
That's awesome! And yes, those additional variables are excellent to figure into the equation. The value of your time off (time with family, etc) and the value of an hour of doing something you'd rather not do.... I didn't really think of those.
Good feedback Jeff!
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Comment by Jeff Pape on November 9, 2010 at 6:03am -
Jim - I'd even take it a step further...when I was doing work as a CPA I had a similar conversation with a Supervisor. He performed this calculation and even said if it's even close to what he makes in an hour - he'd look to have someone else do it. He figured his time off was worth even more then his average hour.
Also, you have to factor in if you really like the activity or not. If I can't do a particular thing well or don't enjoy it, I'll pay even more than my hourly rate to have someone else do it.
When running your business or team, you have two limitations - time or money. In the beginning, you'll likely have more time than money...
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