This is an extremely important question not just for negotiating with employers but also for optimizing your life.
You can’t improve if you don’t know how to value your time!
Step 1: Figure out how much you WANT to be worth
To figure this out you should work backwards from what you want to make annually.
Most people start with a million dollars a year so we’ll use that for this example. NOTE: you should be shooting for much, MUCH higher than one million a year. It may seem like a lot of money but that’s just warming up.
But back to our example. Using one million a year our initial numbers are:
$1,000,000 per year
$83,333.33 per month
Now this is normally where people stop. They see these numbers, think there is no way that anyone will pay them that and then go back to their “minimum wage” thinking.
So let me lay down some hard truth.
No one will ever pay you what you truly are worth. BUT again that doesn’t mean that you shouldn’t know WHAT you are worth.
It’s a proven fact that people who understand what their time is truly worth make more money.
This is because of the subconscious processes that happens when you value yourself and your time.
If you don’t believe me you can lookup the studies yourself. However, your time is far better spent actually testing this on yourself (as you will learn more below). What have you got to lose?
To truly 10X this process and reach your desired income, you need to take these numbers even further.
As in weeks, days and hours.
Average weeks in a month is 4.345 which means…
$19,179.13 per week
$2,739.88 per day
Average hours in a month is 730 which means….
$114.16 per hour.
Which sounds extremely low right?
It is….because this means that if you want to make $1,000,000.00 per year you need to average $114.16 per hour…every hour.
Not 8 hours a day, not 10 hours per day….24 hours per day, 365 days per year.
You are worth $114.16 every single hour of every single day.
While you sleep, while you eat, while you walk the dog.
Which leads me to….
MINUTES and SECONDS!
What? I need to know how much I’m worth per second?
60 minutes in a hour which means….
$1.90 per minute
$0.03 per second
You are worth $0.03 every single second. Reading these last couple sentences almost cost you a dollar!
Your time is THAT valuable.
So what do you do now that you know this data? I’m glad you asked!
Step 2: What is DECREASING your worth?
To do this you need to understand what you are spending your time on.
I have more information on this in my 10X Your Productivity in 48 Hours or Less free training but to put it as gently as possible you have no idea what you are wasting time on.
You may THINK you know, but unless you actually track every second using a recording system, you have no idea.
How do I know this?
Because I personally 10X’d my income after discovering how horrible my time management skills were. I then went on to test time tracking with friends and discovered almost everyone I had track their time was shocked at the results.
Again, I review this in depth in my 10X Your Productivity Training which I advise you read at a later date. For now, you’ll just have to take my word for it.
To track your personal time I advise using TimeTrack (http://timetrack.io/). It works on both Androids and iPhones. Best of all, it’s free. FOR LIFE!
The next question always is “what do I track?”. The answer is EVERYTHING!
If you want to be worth one million a year, that means you are worth $1.90 PER SECOND. So if you can save just 60 seconds per day, you will make $114.
Tracking how long you spend browsing Amazong and Social Media sites are the obvious ones, but you need to go deeper. Track how long you spend preparing food, cleaning, driving, showering, learning, etc.
There should literally be no activity during your day that you do not track.
When you start a new activity, you simply click a button on the app and go about your business. When you are done with that activity, simply hit the stop button.
I suggest you track everything for 7 to 10 days.
At the end of 7 days, run the numbers to see how much each activity is costing you.
STEP 3: How to be worth MORE!
Every single person on the planet only has 24 hours in a day. It’s how you USE those 24 hours that define your impact on the world.
I challenge you to identify one “activity” and try to shave 60 seconds off of it every day.
How do you do this?
Some people I know have a physical timer of some sort. Others use their watches. I personally use my phone. “Hey Siri, set a timer for 5 minutes.”
From tracking during the previous week, you should by now on average how long you do an activity for each day. So just set a timer for 60 seconds less and boom, you are one step closer to your dream income!
THE END and RECAP
Then break that number down into months, weeks, days, hours, minutes, and seconds.
Then track everything you do for 7 to 10 days.
Then run the numbers and figure out how much each activity is “costing” you.
Then simply start shaving 60 seconds off of each “expensive” activity each day.
It sounds easy and it is. The hard part is actually implementing these steps and sticking to it.
The difference between a successful person and a average person is sometimes just one activity, choice or habit.
I hope you achieve your dreams and can’t wait to see how you impact the world!
– Gabriel Bryan