Your time is not free

[SPYDERLK]

What is the value of satisfaction achieved when you do a custom job to your specs? What is the value of capability and convenience these attributes continually contribute to all future endeavors?
larry

VERY HIGH!! That's one of the OP's points!!!
-Jer.

Huh? :confused2: Pls quote the post that gave you that idea.
larry

 

[blueriver]

Wow ... sure did take off, lots of comments.

 

[jgrreed]

Huh? :confused2: Pls quote the post that gave you that idea.
larry

I can't sift through this whole thread anymore...... You're probably right, point taken.

It is one of my main points though!!

-Jer.

 

[harpoonalt]

I see so many threads where the poster claims they only have a few bucks worth of materials in a project. I always calculate my own "shop hourly rate" into my projects to see whether I am actually saving money by doing some of these things myself. My personal rate is $90/hr.
My current wind powered pond aerator project is rapidly nearing the cost of the commercially available ones using this calc, but I'm in too deep to stop now so I will just go on and see it through.
It's an old habit and hard to break as the urge to do it myself is very strong. I am learning slowly that everything you bring home takes a little piece of your life away from you, whether it is a dozen eggs, a TV or a tractor. Spend your time wisely.

$90 an hour? Could you break that down for me? Is the $90 just for your labor? Or are you including fixed costs, depreciation, etc? I strived for $50 an hour in my lawn/landscape business. Of that $50, about $23 was my labor. The rest was taxes, expenses, depreciation on equipment and on and on. I have a new appreciation for why plumbers charge what they do.
At $90, not many projects make any financial sense for you. Most people here take on projects because they love the challenge, the feeling of pride and accomplishment they get, and share with others because it's how we all learn. Saving money is a necessity to some. They have the tools, the time, and if they have no way to make extra money otherwise, a good opportunity to keep money in their account rather than pay someone else. If you buy a quality tool for $500, but never use it, it's cost is $500. Use it for a project that saves you $500 and the cost is now $0. The tool still has value and can be sold or used to save even more money.
When we built our house, I saved over $50,000 in costs by doing all sorts of jobs. The tractor alone saved it's purchase price. It's cost to me, in my mind is nothing. I got a free tractor with my labor. I have some quality tools that will last a lifetime and an education that to me is priceless. When and if my kids buy houses, I'll be prepared to do stuff for them.
I think you struck a nerve with some folks because you questioned their projects "value". Most people here don't make anywhere near $90 an hour, and in this economy certainly many don't have the luxury of even considering having others do work for them. It sounds to me like you got into a project that you may wish you hadn't started. As you go through life you find stuff that you like and stuff you don't. I hate painting. I charge $500 an hour to paint. I hire it out. Tractor stuff? I get a $1.50 an hour, so it makes sense to do all my own stuff. Throw that $90 an hour out the window.....Life isn't that black and white. Do the stuff you like to save money so you can hire out the stuff you don't. Simple as that.

 

[joes_427_vette]

When I walk my dog I only charge twenty dollars an hour. I'm taking him to the bank next week so he can withdraw some money for past expenses. Oh, in case your wondering... I mark up his food and treats by fifteen percent. Water is still free.
Charging yourself for a hobby is the dumbest thing I have heard today ( maybe a lifetime ). Takes all kinds.

 

[jas67]

Your point is only valid if in fact you had real income generating work you could be doing instead.

True, but I do use this logic to justify having my tractor (and having paid for). In fact, there are a lot jobs that just wouldn't get done without it. It is a huge time saver. Money, I can get more of, eventually, but time, I can't.

I guess by the logic of this thread, I should give up on heating with firewood and wood pellets, and go back to fuel oil. I guess the wood pellets might be break-even vs. the fuel oil, as they don't require that much time, although, I do spend about 20 minutes each weak doing a minor scrape and clean on the burn in the boiler.

As for the firewood, at $90 an hour for my time hauling, cutting, splitting, handling, etc, it is WAY more expensive than the fuel oil

Never mind the fact that, being a desk-bound worker during the week, I enjoy the time spend outside doing these tasks, and that I'm helping saving the planet by burning a carbon-neutral fuel instead of fuel oil/diesel fuel (leaving more of it available to burn in my tractor and truck).

The reality of it is, that yes, while I could spend that time on a 2nd job (that probably wouldn't pay very much), I still have far less money going out of pocket to heat the house. AND, the gov't hasn't yet started taxing me on money that I avoid spending, where a 2nd job, would mean more taxes paid (and wasted by the gov't).

 

[jgrreed]

Err, could someone explain what is wrong with being called a greasemonkey?

Nothing is....

you can call me Greasemonkey all day long, especially on my days off when I'm covered in it, or sawdust, or black silicone (like I was yesterday, and am about to be again.....). Call me a redneck, hick, hillbilly, I don't care. It's happened before. Imagine the looks I get when I pull into the MD's parking lot with my lifted F350!!!

Just don't call me a Yuppie and lump me into the metrosexual, 100$ haircut, weekly pedicure, BMW 3 series driving, can't do **** for themselves crowd, only because I can afford to pick and choose what projects I choose to take on and which ones I hire out......

In case I forget - Happy Birthday to Tungalar on NYE!!! I'll being having a beer for you (and 10 for me.....). Can I can you "Deadliest Catch" from now on??

-Jer.

 

[greasemonkeyok]

Thanks. Thought for a while that I was going to have to change my screen name.

 

[some zilch]

. My personal rate is $90/hr.

wow, your personal in-house shop rate is more than my last employer charged for a fully equipped, tandem axle service truck to show up on your jobsite and work on heavy construction equipment. you must do awesome work.

 

[o2batsea]

$90 an hour? Could you break that down for me?

No. Read the posts

At $90, not many projects make any financial sense for you.

You got that right chum. I am VERY choosy about what I bodge together.

When we built our house, I saved over $50,000 in costs by doing all sorts of jobs.

It is still standing?

I think you struck a nerve with some folks because you questioned their projects "value".

Reread the posts. I never ever wrote nor implied anything like that. You are misinterpreting the concept.

Most people here don't make anywhere near $90 an hour, and in this economy certainly many don't have the luxury of even considering having others do work for them.

I don't make anywhere near $90 an hour either, wish I did. I consider having my Dentist work for me, and my HVAC guy work for me, and sometimes a carpenter too. I hate to pay for that stuff but it beats having my teeth fall out. Well, maybe it would be for the best if they did so I don't have to hear them chatter in the cold when my furnace goes out.

I don't care if anyone else uses my calculation for themselves or not. Most of the responses seem to be from misanthropes anyway. I think everybody here thinks exactly the same thing as I do when they sit down to start on a something or other....we all have to decide if it's worth it to make or buy. I don't think any of you think about what your time is actually worth. It may not be $90 but it's not zero and it's more than what your salary/wage is by a fair amount.