I’ve been in real estate since 2010 and in that short amount of time I’ve quickly come to dread trips to the Big Box stores. These places are time suckers and if you’re not careful – you may actually be losing money every time you step foot into one.
If I had an app that recorded the amount of time I spent at Home Depot during my first year flipping houses I’d honestly be scared to look at it. If that app translated those hours into money, I’d be borderline furious.
In his recent blog, Glenn Schworm talked about time and how an investor’s inability to properly manage it could literally kill their business. Glenn’s 100% right and unfortunately for us, time is an elusive beast. It’s too easy to fool yourself into thinking you’re making the best use of time when in reality the things we do in our business everyday may actually be costing us money.
How Much is Your Time Worth?
I did some questionable “back of the napkin math” last year and came up with a figure – $110 an hour is what my business is paying me. Since figuring out this number I’ve been playing a little game with myself. For every mundane task I do in my business I imagine a ninja coming up behind me and progressively robbing me of my money.
- Spending 30 minutes walking the aisles of Home Depot picking out mosaic tile ~$55 gone
- One hour fighting traffic to and from Home Depot and 30 minutes loading and unloading materials ~ $165 gone
- 15 minutes waiting in line to check out because Big Box store only has 2 cashiers working during the busiest time of the day ~ $28 gone
Like I said, the …read more