Episode 7 - When should we buy time?

Inc Thoughts -

Here's some highlights from this episode of the podcast:

It's important to know your hourly rate before buying time. You can know your own hourly rate by dividing how much you earn per month with how many hours you work per month. After knowing your hourly rate, you can easily pay for services which you don't enjoy doing yourself if it's lower than your hourly rate. Of course, the purpose of paying for all these services is to increase your quality of life and allow you to spend these time to create more value in your life.

There's a limit to buying leisure time. Other than buying time to generate more personal value, you can buy time to enjoy life as well. However, Andrew thinks that there's a limit to buying leisure time as we should focus most of our time on generating value and leisure time is designed to prevent us from having burn outs. Therefore, you shouldn't spend most of your income on buying leisure time as it may in turn cripple your growth when you're too comfortable.

Everyone can get a personal assistant to save time. Yes, you read that right. You don't need to be a Fortune 500 CEO or a founder of a multibillion dollar startup to have a personal assistant, you can hire a virtual assistant right now if you want. Andrew discovered this concept when he was reading the book 4 hour work week by Tim Ferris as the author actually hired a few virtual assistant and even a virtual assistant manager to manage simple tasks in his daily life. While this concept is novel even in today's standard, you can actually get one to free out time from your mundane tasks or even non essential office work. However, the one obstacle which many people may face is handling the social perception towards you having a personal assistance. At least this is the obstacle faced by Andrew.

There are two kinds of buying time. The first kind is similar to pay per use where it frees out some time for you right now or not long in the future. Example of these are using food delivery, home cleaning services or courier delivery service. The second kind saves you time multiple times over its usable period but it can be a one time payment or subscription based. Example of these are a newer and faster computer, a conveniently located house or an online learning package.

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