Time management: a common challenge

Research shows that just 13% of financial advisors feel like they have complete control over their time.* In other words, many advisors know they aren’t making the best use of their time and haven’t learned or used effective focus-management skills that fit with today’s workplace.

Here’s why this is alarming. It may sound like a cliché, but it’s true: Time is your most valuable commodity. Every day, we get 86,400 seconds to use or lose. Because it’s a finite resource, wasted time is a wasted opportunity you can never get back. If you’re not using your time wisely, how much is it costing your business?
 

The Value of Your Time

Calculating the value of your own time is a great motivator for using your time more wisely. If you haven't done that, here’s a basic calculation to understand what wasted time could be costing you: First, determine what your gross income goal is for the year. Then, divide that number by your hours worked.

For example, working a typical 40-hour week for 50 weeks out of the year would equal 2,000 hours of work time per year. With an income goal of $500,000 annually, that breaks down to $250 an hour. In other words, 15 minutes surfing the web could cost you $62.50. It’s an eye-opening calculation.