How to Value Your Time

In this episode of Financial Clarity for Doctors Finity Group financial advisors, Corey Janoff and Rachelle Vanderzanden, discuss a few ways you can work through how to value your own time.

Valuing your time:

• Why does it matter? This can help you decide all sorts of things!  Such as….
  • How much to work (assuming you have the flexibility to decide)
  • Whether it makes sense to do something yourself or pay someone else to do it
  • How to discuss finances with family and loved ones
• Your time spent in training is an investment in future earnings, which are not simple to predict.
• As an attending, think about how much time you spend to be able to work. This includes time at work, getting to work, continuing education, and time at home spent on work tasks.
• If you know your total time commitment per year and your annual pay, you can get a basic hourly rate for yourself and use that to decide lots of things.
  • For example, buying this new car is equivalent to me working five hours per month – is that worth it to me?

Money isn’t everything.  Some people work to live.  If that’s you, take some time to consider how much work you are doing to support your lifestyle and whether that’s worth it to you.  Other people love their work!  If that is closer to your attitude, you may want to work more even if the pay is low.  There are no wrong answers if you are making decisions that fit you and your family.  Listen to the full episode to learn more! 

For more financial planning tips from Corey and Rachelle, you can reach out to them at podcast@thefinitygroup.com. They would love to hear your questions and ideas for upcoming episodes.

Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.