This One Mindset Shift Changed How I See Time And Money
If you make $100/hour and it costs $25/hour to hire out a task you don't want to do, would you?
My econ 101 professor posed this question when I was a freshman. The concept stuck with me ever since: when there are tasks you aren't best suited for or don't enjoy, particularly when the value of your time is worth more than it costs to outsource, consider handing them off.
When I crossed the threshold of no longer living paycheck to paycheck, I resurfaced this idea and began to experiment with it. Groupon was big at the time (think early 2000s), and I found one for a one-time house cleaning service. I booked it and immediately felt guilty: I can clean my own house. That money could have been used for more practical things, or saved for an emergency.
This was a period of my life when I had major scarcity feelings about money. Whenever I could scrape together anything to save, I did. I’d never known a time when I had excess outside of covering basic bills. This choice felt like a total luxury, and I was having buyer's remorse.
Fast forward to coming home to a house that smelled fresh and looked spotless after a long day of work. My mood lifted as I sat on the couch and soaked it in. I started to imagine what I could do with the extra time I'd been given back. While work felt like the obvious answer, I soon realized I could also use that bonus time to do things that brought me energy, or simply to rest.
I'd caught the bug. Soon I began budgeting for monthly cleanings. That was the gateway drug, if you will, to outsourcing and delegating. Next came a bookkeeper (the task I dreaded most in my business). Over time, that expanded to many others: an assistant, a house manager, a nanny, contractors for various business needs, meal prep, an accountant, and more.
I went from if I can do it, I’ll do it to what else can I take off my plate, offer to someone whose business will grow from me hiring them, and reallocate my time to things I enjoy/am better suited to do.
My relationship with time and money was forever changed. The more I spent to support others' businesses, the more I earned. The more time I freed up, the more I could spend it on what mattered most: time with my partner and daughter, fitness, learning to cook, reading, taking classes, connecting with friends, serving my clients, growing my skills, and traveling.
I'll admit… I was hesitant to write this because I know there will be voices saying, in this economy?! Or what a privileged thing to say. But I realized this mindset shift has been a major unlock that's allowed me to design my life in alignment with my values. It felt worth the risk to share it.
For your reflection
What might you outsource first (or next) if given the chance?
How could you start small, with low risk, just to experiment without long-term commitment?
Tune in: what voices are popping up, and what messages are they sharing? Which are supportive versus critical?
What choices move you closer to who you want to become versus who you are today?
If you calculate your 'hourly rate', which tasks would be economically sensible to hand off? For example: you make $100,000, work 40 hours/week for 50 weeks/year = $50/hour.