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Time worth in $$$

Discussion in 'Investor Psychology' started by MsAli, 6th Sep, 2015.

  1. MsAli

    MsAli Well-Known Member Premium Member

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    Hi All,

    I was listening to a talk the other day done by a well known TV personality in property and is a buyers agent for high net worth individuals. Have met him a couple of times and everytime we've received some candid input. Really street smart also. So in the talk he said his time is worth $500 per hour.

    @monalisa and I were looking at what we get paid in the corporate world. And then analysed what we think our time should really be worth. There was a huge disparity in what we are getting versus what we think we can do with our time...

    Have you analysed your time value in $? If what you are/were getting much lower than what you think it is/was, what are you doing or did to change that?

    Cheers,
    MsAli
     
  2. bob shovel

    bob shovel Well-Known Member

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    You meet Larry emdur!! Wow! no one else on tele is worth that much

    So this $500 an hour, did he say how he got to that number? That's eqiv to a salary of $1 mil/yr
    I'm curious to see how people calculate these numbers and their thoughts
     
  3. MsAli

    MsAli Well-Known Member Premium Member

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    Don't know who Larry Edmur is. No I haven't asked how they got to this number. It was a talk online. Good on him. Don't think $500 is out there...there has to be more $$ worth for people's time out there.

    Just want to know what people here think they get paid vs. what they think it's worth + what they are doing to change it if it's huge disparity
     
  4. lightbulbmoment

    lightbulbmoment Well-Known Member

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    Currently sitting at 4k a week in the bank to be away from home. Def worth my time
     
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  5. SK Investments

    SK Investments Well-Known Member

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    He must be a plumber...right?
     
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  6. lightbulbmoment

    lightbulbmoment Well-Known Member

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    nah work in oil n gas industry
     
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  7. bob shovel

    bob shovel Well-Known Member

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    Yeah fifo, that's his ice habit cost
     
  8. Ace in the Hole

    Ace in the Hole Well-Known Member Premium Member

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    Your time is worth whatever you believe it is worth.
    That doesn't mean the market will pay your ask.
    It's up to you to decide whether you will sell your time for an offered price.

    If someone offered me $500/hour for an 8 hour day, to work every Sunday for a year, I'd knock that back, as I'm already working 5 1/2 days.
    Now if it was $1,000/hour, that would be a difficult decision...and would depend on if I am creating value/doing something meaningful for others in the process.
     
    Last edited: 6th Sep, 2015
  9. lightbulbmoment

    lightbulbmoment Well-Known Member

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    Nah dont do drugs just a young fella having a go.
     
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  10. Joshwaaaa

    Joshwaaaa Well-Known Member

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    You miss out on a lot of life skills when you price yourself that way. Not for me.
     
  11. MsAli

    MsAli Well-Known Member Premium Member

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    Please elaborate. If anything, if you price, you set the bar higher. Unless of course you think you are worth less which I'd be surprised would be the case for many here..
     
  12. Jeah_

    Jeah_ Well-Known Member

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    I think I see what you're getting at, but I'm unsure whether you think your time is worth more outside the corporate world or in it; from the way you've worded it, I think out, in the property world?

    At several points in my career I have had the same thoughts. At one point in my career I was working in Indonesia, getting paid in U.S. Dollars (when the Au$ was about 0.6), tax free into an Aus account, at danger money and remote location rates. Another time was on a Norwegian roster on a rig in international waters. At those two times my time was worth an ego-stroking exorbitantly high rate. The reality is it isn't sustainable if you want any kind of enjoyable normal life, and is also quite sporadic.

    Now I hold a 9-5 job on Aus soil and only give a pound of flesh rather than three, that hourly rate is short of three figures and I wonder at times whether my skill set and experience should be able to command a lot more if I went it alone in a consultancy role. But for me it comes down to security, freedom and lifestyle; I can do this job without taking any of it home, without any real level of stress and a great big smile on my face. It also gives me time for my hobbies in the property world, which hopefully contributes indirectly to that hourly rate.
     
  13. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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    I believe I know who you're referring to. He's very open and has discussed his financials with me in the past. Those numbers stack up.

    Guess there are three ways to look at this:
    • What are you currently making per hour worked? This is your current value to the marketplace.
    • Would you take on more hours of work at the same rate, if the it was available? If not, how much per hour would you need?
     
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  14. Bullion Baron

    Bullion Baron Well-Known Member

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    If you have the potential to earn $250 per hour, but despise the work and have to abandon your morals in pursuit of it vs $50 per hour doing something that you love and find fulfilling, how do you measure the difference beteen the two?

    I don't believe it's so easy to put a dollar value on time.
     
  15. Tillie

    Tillie Well-Known Member

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    There is not one rate. E.g. I might have a high $ value based on my day to day job, but I am not able to increase my hours with the same rate. the 'high' rate does not mean that I would not clean my house and save $30,- per hour
     
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  16. Leo2413

    Leo2413 Well-Known Member Premium Member

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    This is a really, really good clip that answers your question, imho. Watch it.




    If you relate it to property. Buying an ip, anyone can do it. Buying an ip with adding value (now your increasing your value to the marketplace), buying an ip that can be subdivided (your now even more valuable to the marketplace), buying a site to develop duplex (now your even more valuable), site for multi development (again more valuable), Each time you increase your value , you will get paid more per hour, imo.
     
    Last edited: 7th Sep, 2015
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  17. Leo2413

    Leo2413 Well-Known Member Premium Member

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    Spot on! man I like this guy :p:oops:
     
    Last edited: 7th Sep, 2015
  18. MsAli

    MsAli Well-Known Member Premium Member

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    Yes, a big fan of Jim Rohn!!
     
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  19. Leo2413

    Leo2413 Well-Known Member Premium Member

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    I like Jim too, though I was referring to @Steven Ryan :D
     
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  20. MsAli

    MsAli Well-Known Member Premium Member

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    ah what Steven said is from Jim's books...Steven is also a fan/student :D
     
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