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Discover the importance of knowing your hourly rate for making informed decisions. Learn how to quantify activities and purchases in terms of hourly rates. Analyze time usage and progress in the entrepreneurial journey.
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Quick takeaways
- Determining your true hourly rate based on profit is crucial for making informed decisions about the value of your time and prioritizing high-return activities.
- Using the concept of hourly rate to quantify purchases in terms of time helps entrepreneurs make mindful spending decisions and align their spending with their true hourly rate.
Deep dives
Quantifying Your True Hourly Rate
As an entrepreneur, it's important to determine your true hourly rate, which is calculated based on your profit rather than revenue. By dividing your earnings in the last 12 months by the number of hours worked, you can get an estimate of your true hourly rate. This exercise can be sobering, as working long hours decreases your earnings per hour. Understanding your true hourly rate allows you to make informed decisions about the value of your time and helps prioritize activities that generate the most return.
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AI-powered
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode