Value For Money

In my previous article, I did
mention about delegating
job to members, we can have
more time for other task.
From another aspect, we are
cultivate the ability to make
sound decision and judgement
on the needs for involvement
at the personal level.

It's important for an
individual to set a value for
their time. I am referring to
giving a price to yourself
(in terms of hour, day), benchmark
the task that you are going to
involve in with the value set. This
will help you to make decision
whether to leave it or to
involve in a task.

Besides salary, one should
consider their skills in certain
area. Let me explain by using
an example, say JC having a
problem with the water tank.
The tank is rusted and leaked.
He asked a plumber and the
plumber quoted him for 200
for a bypass and remove the
water tank in a day.

JC thought that it's not difficult
at all, he can do that. Although
JC is just an armature, JC might
not be able to finish the job in one day
but the most 2 days. Let's
assume JC is earning at
3200/month for his engineer job.
He is working for 8 hours/day
for 20 days/month.

By calculation, JC's charge is
20/hour or 160/day. Looking
at the charge rate , it is cheaper
for JC to do by himself.

What do you think?

Should JC leave it to the
plumber rather than taking his
own time dealing with the
problem? The plumber's charge
rate is 20% higher, but JC
might take even more time to
complete the task which
eventually bring the repair
cost higher.

In fact, JC should concentrate
on how to increase his value
based on the expertise and
skills rather than putting effort
to save small money. I learnt this
lesson from my father-in-law.
Focus on the activities that will
radically increase our salary by
making our self radically more
valuable at work.