By Echo Huang, CFA, CFP®, CPA
“Twenty years from now you will be more disappointed by the things that you didn’t do than by the ones you did do.” --Mark Twain
We all know the classic saying, “Time is Money”, right? We also know that time and money are the two things we often wish we had more of. The key to time management and overall life quality will always be finding that balance between what you have to do, what you want to do, and how to afford it all. Outsourcing some of your daily tasks may be a more efficient use of resources than taking the valuable time to do it all yourself. Sure, we could all learn to change our oil or fix a leaky toilet, but by paying a professional to handle these tasks, we free ourselves up to focus on more important tasks, like our work, which in the long run may make us more money rather than lose it. This is called "Opportunity Cost"-- the next highest valued alternative use of a resource.[i] An example: If you make $100 an hour at your job and it takes you 3 hours to do a deep clean of your house, that’s essentially costing you $300 to clean your house. If you can have a service clean it for $150 in 3 hours, you’re actually saving money outsourcing the labor.
The Organization for Economic Cooperation and Development (OECD) ranked the United States 29th out of 34 countries in work-life balance.[ii]