How valuable is your time? Do you know? You need an objective measure of value to be able to make several determinations. Finding out approximately how much your time costs, helps you determine if you are spending your time profitably. There are a number of ways to calculate the value of your time. Let's take a look at just one of the ways to figure this amount.

First, determine the approximate number of hours that you work in a year. The website, www.mindtools.com estimates that if you work normal hours, you will have approximately 200 productive days each year. Working 7.5 hours each day equates to 1500 hours in a year. Of course, many of us are independent contractors, and as such, we may work more than 1500 hours per year. So, for our purposes, perhaps the best way to calculate is to realistically estimate the number of hours you'd like to work in a year. Then make your plan and work your plan to make that happen as much as possible.

Next, take a look at what your gross income was last year. Divide your gross income by the number of hours you worked. You now have your hourly rate.

However, last year's gross income may not be the income you are planning to make in the next year. Many of us will make concerted efforts to increase the amount of our gross income. If that is the case for you, you may want to determine a realistic amount that you would like to make next year. Take that amount and divide it by the number of hours you work, or plan to work. You now have the amount of your projected hourly rate or value. Of course, it goes without saying that it will be necessary to write goals and make action plans to help you reach your financial goals. But, that is a topic for another day.

Calculating how much your time is worth helps you decide which tasks you should be spending your time on. Where are you most productive? Which activities bring you the most return on investment? Most real estate professionals are strong communicators with good people skills. They are most productive in activities that put them in front of people. So, is this where you are spending your time? Or, are you spending too much time on menial activities and necessary tasks that do not pay you? If so, it would be a savings to outsource some of your work or to hire an assistant to do the work for you.

Figure out where you are spending your time. How much time is spent doing unproductive things? Make a list of these activities and tasks. Then determine which ones you will eliminate, which ones you will delegate to someone else, and activities to which you will make positive changes.

Next, within your scope of work, make a list of all the things you love to do and all the things you dislike. We are usually much more successful in the areas that we enjoy. Again, take the list of things you dislike and determine which things will be eliminated, delegated, or changed for the positive.

By eliminating time-wasters and by delegating or outsourcing low-yield tasks and jobs, we are saving our premium time for most productive activities that bring the most return on investment. We are spending our time wisely.

Remember, time is money! Count the cost!

To read other articles by this author, visit www.RhondaHamilton.com.