Have you ever really thought "how much is my time worth?" Being a Professional Organizer here in Los Angeles, I ask myself that all the while.
It’s a simple question. This evening I was driving back from Santa Monica where our company was working a relocation. I was on the cel phone talking to my friend Clay and Clay was telling me he was shopping for a wedding in Atlanta next week. Clay needed a new tie, and he’s been pricing a Hugo Boss around town. For about $110, he can get exactly what he wants at Barney’s or even Bloomingdales at the Beverly Center– and be done with it. But Clay has a trip planned this weekend to specifically buy a tie in the Fashion District in Downtown Los Angeles because he doesn’t want to spend that much on a tie. He plans on grabbing the tie for around $30-35. But do you think Bob really understands how much his time is worth? Here’s a breakdown:
- GAS – .50/mile x 12 miles = $6.00
- TIME – $25/hour x 3 hours = $75.00
- PARKING – $5.00/flat fee
- TIE – $30-$35
So instead of just purchasing the tie for $110 locally, Clay will "spend" $121.00 for his tie, including time, gas and parking. And to top it off, I wouldn’t be surprised if he bought more than one item, "justifying his trip."
Being so busy these days working and planning a trip to New York and Italy, I’d go for the $110 tie myself. I know there are exceptions to these guidelines. Anyone have any thoughts?
