Outsourcing in the New Year So You Can Do What Matters
Delegating Certain Responsibilities and Tasks Can Allow You the Freedom to Do What You Love
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 figuring out how to afford it all.
I know that I usually share about financial planning topics here. However, today, I wanted to share about something that’s equally important and still related: The idea of outsourcing specific tasks and responsibilities in your life to free up time to do the more valuable – and profitable – things.
The Organization for Economic Cooperation and Development (OECD) ranked the United States 29th out of 34 countries in work-life balance. 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 faucet, but by paying a professional to handle these tasks, we free ourselves up to focus on other things, like our work, which, in the long run, will make us more money rather than losing it.
For example, if you make $100 an hour at your job, and it takes you 3 hours to do a deep clean of your house, it essentially costs you $300 to clean your house. If you can have a service clean it for $150 in 3 hours, you’re saving money and outsourcing the labor. This is called “Opportunity Cost” – the next highest valued alternative use of a resource.