You’ve seen them all over the internet. Down home websites with homespun advice about how to save money. After all, times are tough, Mabel, and why throw away those slivers of used soap bars when you can save them up, mash ’em together and have a whole new bar of soap? If you have nothing better to do, that might make sense. Most of us here on planet earth don’t have the luxury of whiling away the afternoon creating homemade soap balls.
Perhaps this is truer nowhere more than in the property selling business. 40 hour workweek? In your dreams. Dedicated real estate professionals might easily put in 50 or 60 hours on the job and then take calls at home when they’re done with that. Don’t fall hook, line, sinker for the idea that it’s worth it to drive clear across town to save a dime on a case of Ramen Noodles, or spend half an hour making tortillas for dinner for a total savings of seventy cents.
Consider blogger, Crystal Paine, who decided to do the math on that last little escapade to establish what her minimum wage should be. Sure, it is cheaper to make tortillas at home rather than splurge for the one dollar package of eight to ten tortillas. Ms. Paine priced it out and found that she saved that aforementioned seventy cents by making the things at home, which averages out to a wage of about $1.40 / per hour. Just because you’re making Mexican food doesn’t mean you should work for Mexican wages! The Federal minimum wage is $7.25 an hour but, to us, it makes sense to price yourself considerably higher than that. Paine decided that if a frugal practice wasn’t saving at least twenty bucks per hour, she wasn’t going to do it.
How much is your time worth and what is your personal minimum wage? Consider carefully. Time spent tooling around town or slaving away in the kitchen could be better spent actually earning money. We’re not here to say that you should eat out all the time, because that REALLY burns a hole in your pocketbook, but don’t go Mother Earth on every suggested practice without running the numbers first.
The Bonus Commissions Team
Flickr / Jan Tik