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The Single Biggest Waste of Time

time.jpgBigg Success is life on your own terms. The five elements of bigg success are money, time, growth, work and play. Today we’ll focus on time.

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There are a lot of ways to waste time. We want to focus on the single biggest one of all time. It might surprise you when you hear what it is.

It’s not reading this post! At least we hope you don’t think that.

It’s not watching TV.

It’s not surfing the internet.

It’s not forwarding silly e-mails to your friends.

It’s not texting.

It’s not social networking.

It’s not useless conversations.

It’s not even inane meetings. 

So what is the single biggest time waster of all time?

It’s doing the wrong thing.

The wrong thing is anything that doesn't move you closer to your dream life.

A lot of the productivity literature focuses on efficiency. That’s great if you’re doing the right thing. So here are 5-steps to moving in the right direction:

Decide on your destination. Where are you going? What’s your bigg dream?

Plot your course. How do you plan to get there? Determine how your journey is expected to progress.

Gather the necessary resources and provisions. Fuel up by getting the knowledge you need. Pick the vehicle that will take you to your destination. Get the help you need – be it a coach, a mentor, a partner, or a virtual assistant.

Go! At some point, you have to take off. You can expect to run into some detours along the way. That’s alright. Keep going. Focus on the road right in front of you.

Don’t forget to rest & replenish.
Take care of your physical self by getting needed sleep, food and exercise. Also feed your mind & soul. We hope Bigg Success is one way you do that every day.

Performing the wrong task, no matter how well you do it, is a complete waste of time. The right tasks move you closer to life on your own terms. That’s bigg success!

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Would you like more tips and tools to live your life on your own terms?
Subscribe to the Bigg Success Weekly – it’s FREE!

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Thanks so much for the gift of your time today. Please join us next time when we ask, “Are you the lead wolf or a lone wolf?” Until then, here’s to your bigg success!

Subscribe to The Bigg Success Show in iTunes. 

Subscribe to the Bigg Success feed.

Direct link to The Bigg Success Show audio file:
http://media.libsyn.com/media/biggsuccess/00407-060209.mp3

Related posts

Does Haste Still Make Waste?

4 Secrets to Having All You Really Want

(Image in today's post from woodsy)

Is Your Project Worth Your Time?

time_pieces Last time, we looked at the two most common ways to analyze a potential project. We focused on the money side which works great for business decisions because the cost of time is included implicitly.

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But if you’re a business owner, do you include the value of your time in your calculations? How about when you’re making a personal decision? It’s important to add time into the equation.

To do that, follow this process:

  • Step 1: Estimate project hours. How much time will you spend if you do this project?
  • Step 2: Select your alternative activity. What would you do if you weren’t working on this project?
  • Step 3: Calculate your opportunity cost per hour. Your opportunity cost per hour is the amount of money you could earn (or not spend) per hour on the alternative activity you chose in Step 2.

For example, if you would watch TV instead of working on this project, then that time wouldn’t be valued at much. Maybe, instead of watching TV, you would clean your house. Now that’s worth something!

How much would you pay somebody to clean your house? How many hours would it take you to do it yourself? Divide the amount you would pay someone to do the work by the number of hours it would take you to do it yourself to get your opportunity cost per hour.

  • Step 4: Determine the total cost of your invested time. Multiply the number of project hours (Step 1) by your opportunity cost per hour (Step 3). That’s the value of the time you will invest in this project. This should be added to the money you will invest to find your total investment.

Example – Getting certified (Part II)

Let’s look at the same project we considered yesterday – you decide to go back to school and get certified for some specialty. Here are the details:

Cost: $2,000
Incremental income: $2,000 in Years 1 through 3 (then you retire)
Opportunity cost of your capital: 6%

Now let’s add in the time component. Assume that, if you put the same time into another activity instead of this certification program, you would expect to earn $2,000. That’s the opportunity cost of your time. So instead of an investment of $2,000 (as mentioned above), your investment is really $4,000.

Payback period doubles

We see that your payback period is two years. You’ll be fully compensated for your invested time and money by the end of the second year. But remember, when we didn’t factor the value of your time into the equation, your payback period was only one year. So it doubles in this case.

Net Present Value falls

We said yesterday that calculating the Net Present Value (NPV) was a better way to determine whether or not you should do a project. In this case, with the value of your time factored in, the NPV is about $1,300 as shown in this screenshot from Microsoft Excel:

Microsoft Excel Time Set Up Screen Shot

As you may recall – if our NPV is greater than $0, then we take on the project. That’s the case here so we would want to do this project. In fact, even factoring in our time, this project – under the assumptions we’ve made – would return 23%. That’s a pretty good return on our time and our money!

But not nearly as good as the 84% we thought it was when we weren’t placing any value on our time. That’s why it’s so important to include our time. As we said, businesses do this implicitly because they have to pay people to do projects. But when we’re taking them on ourselves, we have to be sure to place the appropriate value on our time. We forget this too often … to our own detriment. 

Now you have the ammunition you need to determine whether or not you should take on that project you’re considering! 

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Get the tips and tools you need to be a BIGG success.
Subscribe to the Bigg Success Weekly – it’s FREE!

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We thank you so much for reading our post today. Join us next time when we share a magic elixir we just discovered … it’s success in a can! Until then, here’s to your bigg success!

Subscribe to The Bigg Success Show in iTunes. 

Subscribe to the Bigg Success feed.

Direct link to The Bigg Success Show audio file:
http://media.libsyn.com/media/biggsuccess/00322-020309.mp3

Related posts

Is Your Project Worth Your Money?

How Long Do You Have To Work to Pay for What You Buy?

(Image in today's post by egiprime)

What We're Sacrificing to Achieve Work-Life Balance

loveA recent Consumer Reports study showed that almost 70 million of us don’t get enough of it. We spend about $16 billion a year trying to get more of it. Fifty percent of us didn’t get enough of it yesterday.

What are we talking about?  Sleep.

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You go to work. You’re there all day. You drive home. You have dinner. You do some household chores. You finish up some work that you brought home. Now it’s late. Looks like another night with too little sleep. Oh well, you’ll catch up this weekend. But that rarely happens.

marylynn I’m a total insomniac. Every stinkin’ night, I toss and turn. I’ve tried using Melatonin. Even a CD of waves crashing on the beach. Nothing works consistently.

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georgeI spend all day trying to get my brain to turn on and then, when I go to bed, I can’t get it to shut down! What seems to work for me is something everyone says you shouldn’t do. I can fall asleep watching TV. It gets my mind off of my work.

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6 things you definitely shouldn’t do if you want a good night’s sleep

#6 – Turn your bed into your home office.

#5 – Be the guitar hero and immediately turn in.

#4 – Chug a Red Bull right before you turn out the lights.

#3 – Variety is the spice of life. Mix it up and never go to bed at the same time.

#2 – Have a big bowl of super spicy chili with beans just before bedtime.

#1 – Wear pajamas that fit as tight as an aging rock-n-roll star’s leather pants.

If you want some real tips on how to get more sleep, check out the article at Consumer Reports. They also have a great quiz that lets you see how your sleep pattern compares to others.   

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Get the tips and tools you need to be a BIGG success.
Subscribe to the Bigg Success Weekly – it’s FREE!

___

Next time, we’ll talk about when a saver and a spender become husband and wife. Until then, here’s to your bigg success!

Subscribe to The Bigg Success Show in iTunes. 

Subscribe to the Bigg Success feed.

Related posts

Too Much To Do? Take A Nap!

Routinely Get a Good Night’s Sleep

(Image by contracox)

What We’re Sacrificing to Achieve Work-Life Balance

loveA recent Consumer Reports study showed that almost 70 million of us don’t get enough of it. We spend about $16 billion a year trying to get more of it. Fifty percent of us didn’t get enough of it yesterday.

What are we talking about?  Sleep.

___

___

You go to work. You’re there all day. You drive home. You have dinner. You do some household chores. You finish up some work that you brought home. Now it’s late. Looks like another night with too little sleep. Oh well, you’ll catch up this weekend. But that rarely happens.

marylynn I’m a total insomniac. Every stinkin’ night, I toss and turn. I’ve tried using Melatonin. Even a CD of waves crashing on the beach. Nothing works consistently.

___

georgeI spend all day trying to get my brain to turn on and then, when I go to bed, I can’t get it to shut down! What seems to work for me is something everyone says you shouldn’t do. I can fall asleep watching TV. It gets my mind off of my work.

___

6 things you definitely shouldn’t do if you want a good night’s sleep

#6 – Turn your bed into your home office.

#5 – Be the guitar hero and immediately turn in.

#4 – Chug a Red Bull right before you turn out the lights.

#3 – Variety is the spice of life. Mix it up and never go to bed at the same time.

#2 – Have a big bowl of super spicy chili with beans just before bedtime.

#1 – Wear pajamas that fit as tight as an aging rock-n-roll star’s leather pants.

If you want some real tips on how to get more sleep, check out the article at Consumer Reports. They also have a great quiz that lets you see how your sleep pattern compares to others.   

___

Get the tips and tools you need to be a BIGG success.
Subscribe to the Bigg Success Weekly – it’s FREE!

___

Next time, we’ll talk about when a saver and a spender become husband and wife. Until then, here’s to your bigg success!

Subscribe to The Bigg Success Show in iTunes. 

Subscribe to the Bigg Success feed.

Related posts

Too Much To Do? Take A Nap!

Routinely Get a Good Night’s Sleep

(Image by contracox)