Valuetainment


The Day I Stopped Shining My Shoes & Ironing Clothes


Episode Stats



Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

What are you worth per hour? How do you buy your time back? How much do you earn? What do you need to earn to be able to do all the things you want to do? This is a simple formula I've used for the last 15 years and it's worked wonders for me.

Transcript

Transcript generated with Whisper (turbo).
00:00:00.000 So last night I had dinner with two couples at Del Frisco's and we're sitting there talking,
00:00:03.800 going back and forth, and they asked me a question. They say, Pat, how does it seem like
00:00:08.080 you're in 50 different places at the same time? I said, I'm not. How are you seeming like you're
00:00:13.240 in all these different places? What are you doing to be able to do all this stuff? I said,
00:00:16.840 great question. I said, what you're really asking is, how do you buy back time, right? How do you
00:00:21.620 buy back time so you can have time to do other things? I said, very simple. This formula I've
00:00:26.740 used my last 15 years, and it went very simple for me. 15 years ago, I loved shining my shoes
00:00:34.740 and my boots. I love shining shoes. I love ironing my clothes. You don't have a clue how much I love
00:00:40.720 ironing my clothes. I love the starch. I love the shirts having all the crease. You'd come to my
00:00:45.380 closet. Everything I iron. I love ironing, right? Guy sits me down. He says, what do you think you're
00:00:50.800 worth? And I said, I'm worth at least 200 bucks an hour. I said, really? Yeah. He says, what does it
00:00:55.200 cost to pay somebody to shine your shoes? I said, I don't know, $6 a shoe. I said, how long does it
00:01:00.280 take to shine one shoe? I said, probably 20 minutes. I said, $6 times three is what? $18 an hour? He says,
00:01:06.400 yeah. I said, if you're worth $100, $200 an hour, why are you doing $18 an hour job? I said, never
00:01:11.580 thought about it that way. He says, how much are you worth again? He says, I said, $100, $200 an hour.
00:01:16.020 He said, if you're worth $100, $200 an hour, why are you dropping off? Why are you going out there and
00:01:19.540 ironing your clothes? How long does it take you to iron your nine shirts? I said, at least an hour and a half.
00:01:24.060 He says, okay, how much does it cost you to drop it off at a cleaner's? It was three bucks at the
00:01:28.240 time. So I said, $3 a shirt. He says, three times nine. You do the math, $27, $27 an hour and a half.
00:01:34.240 That's a $18 an hour number. I said, yeah. He says, you're worth $18. I said, no. Why are you doing
00:01:40.700 that? That stuck with me, right? I said, moving forward, I'm going to get this stuff done. By the way,
00:01:46.040 even getting oil change, the last time I got an oil change, I was 28 years old, okay? The last time I got
00:01:53.180 oil change was 28 years old. This isn't for you to say, well, past disconnected with society. No,
00:01:57.200 no. I love driving a car. I love going to places, but I want that time back. I want to buy my time
00:02:04.760 back. How do you buy your time back? You buy your time back by saving money, and you buy your time
00:02:10.680 back by having a right team around you. If you have the right support team, if you have the right staff,
00:02:15.100 if you have the right executives, if you have the right consultant, if you have the right everything
00:02:19.540 around you, you buy time back. So for you, going into 2021, you got to make, this is the best time
00:02:25.120 right now for you to make a list of it. What are you worth per hour? Don't give yourself the motivational
00:02:29.360 thing, what you're worth per hour. Unrealistically, what are you worth per hour? You may say, I'm worth
00:02:33.240 $50 an hour. Okay, why are you doing $6 an hour work? Why are you doing $10 an hour? Why are you doing
00:02:37.440 $15 an hour work? Why are you doing that? Stop doing it. Do $50 an hour work. Do $100 an hour work.
00:02:42.840 Do where you are most effective in. And if you do that, your value in a marketplace will go higher.
00:02:52.000 So figure out a way to buy time back by having more money in savings and having better people around
00:02:57.760 you that give you more time to read more, to study more, to improve more, and to work in areas where
00:03:04.200 you get paid the most. Having said that, if you haven't watched the video, 20 Mistakes People Make
00:03:10.860 When Doing Business Planning, go watch the video here. I've been pushing everybody to this video
00:03:14.780 because I've got stuff in this video that I've never put in another video before, and there's
00:03:18.220 a PDF at the end as well. So again, if you've not watched it, go watch this video, 20 Mistakes
00:03:22.960 People Make When It Comes Down to Business Planning. Take care, everybody. Bye-bye.