How Much Is Your Time Really Worth?
It's easy to look at your hourly wage/salary and feel pretty good about how much you're making (especially when you first start). But slipping into complacency about your earnings is a great way to lose a ton of your money without even realizing it. Although you might make $15/hour on paper, when you discount that wage for the time it takes you to commute to work, to primp yourself before commuting, and spending time and money shopping for work clothes, your true wage is a lot less than you think. And you absolutely should count this time in your wage calculation because it has a serious impact on your life overall. If you get can get a $5,000 raise by switching jobs but that means you'll end up commuting an extra 45 minutes, is it worth it? Could you give yourself a similar raise by switching to public transportation or bicycling/walking to work? Finally, how much time and money do you spend after work compensating for all the time you've spend doing hard work, i.e., decompressing, treating yourself, escaping from the grind, etc.? This calculator will help you figure out how various choices you make can change your true income, and maybe your life.