Business Tip - Calculate the Cost
What is your 9-5 job actually costing you?
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Take a moment today to calculate the complete annual costs of your 9-5 job (money, time, your well-being).
Before I left the corporate world 12 years ago to run my own businesses (and work from home), I was spending:
🕰 750 hours/year commuting to an office.
🚗 13,000 miles/year on California freeways for that commute.
⛽️ $3,000/year on fuel.
💰 About $10,000/year for other expenses like meals, coffee, new clothing, dry cleaning, vehicle maintenance and repair, various services, etc.
Working for myself (and at home) for the past 12+ years has saved me:
⛽️ Over $30,000 in fuel costs.
🕰 9,000 hours of my life that I could repurpose for time with my family, exercise, and a better quality of life.
💰 About $120,000 in other expenses like meals, coffee, new clothing, dry cleaning, vehicle repairs, various services, etc.
And, I can't even measure the value of regaining my physical, mental, and emotional health and improving relationships with my family.
I was on the fast track to an early death 12 years ago.
We all should do the math on this when considering new job opportunities, remote work vs. a commute, entrepreneurship, solopreneurship, etc.
What is your life worth to you?
Larry Cornett is a leadership coach and business advisor. If you’re interested in starting your own business or side hustle someday (or accelerating an existing one), check out his “Employee to Solopreneur” course (launching later this year).
Larry lives in Northern California near Lake Tahoe with his wife and children, and a gigantic Great Dane. He does his best to share advice to help others take complete control of their work and life. He’s also on Twitter @cornett.
Spot on, Larry. Too many "employees" (i.e., inmates in the corporate asylum) not only ignore actual costs of commuting, etc., but choose to set the dollar value of their time to zero. Conversely, those of use who moved into solopreneurship (consulting), realized "capital" gains we'd never considered before. In my case, that was 23 years ago.