Your time is not free

[o2batsea]

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.

 

[Zick]

I consider it free especially if I enjoy doing it. It's my time, what does it matter if I don't charge myself for it?

 

[teg]

I view what I build as a hobby... so I don't count any costs that is incurred :2cents:

I viewed adding hydraulics to my tractor as a $600 class that I learned a great deal in!!! (and money well spent!)

For vacations, I trade money for memories... Everything I spend, Adds to my life.

Now, where are those photos from the "wind powered pond aerator project"?

 

[Craig Clayton]

Kenny Rogers has a line in the song the gambler, you have to know when to hold them , when to fold them , and when to run.
Craig Clayton

 

[brin]

Geeez, I read all of your posts and agree with all of them. Seriously I see wisdom and the point to each post...So in my view they all apply to one degree or another...:thumbsup:

 

[CowwFace]

Pfff,

You guys are talking old school... I just follow the Federal Reserve and pay MYSELF... I have an uncashed check I wrote to myself for $90,000.00 on my desk now.. I'll let you know how it works when I get back from bank ...

Tractor on.

 

[GT2]

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.
.

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

 

[LD1]

If I charged myself $90 per hour I would never do any projects, as using your logic, I would always be "spending" more than hiring the work done.

Case in point, the $300 50 hour service that kubota charges. I did mine myself and had ~150 in materials. Spent probabally 2 hours in the shop, drinking a few cold ones, and I had her done. I thought I saved money, man what a bummer to be $30 in the red

And I should probabally sell my mowers too, cause it takes me about 2 hours to mow my 2 acres. That $180. A commercial outfit with a ZTR could probabally do it in 1 hour and would charge less than that.

Same with doing the oil changes on my vehichles. I'm in no rush so it usually takes 45min-1 hour. Add the cost of oil and I am $100+ just in my oil changes.

Heck I dont know why I even built a shop. It cost me money to try to do anything myself. I do consider my time free. Because what else would I be doing??? Sitting on the couch watching TV???Posting on TBN???

I can maybe see figuring your time at something but $90 is a rediculuous figure. Does your employer think your time is worth that much??

 

[/pine]

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.

just curious where you come up with the $90 hourly rate?

granted...this is what you might pay a fabrication shop owner (with overhead) etc. but the actual fabricator that is working for the shop owner is likely seeing $20-$25/hour out of that $90...
...So the question is...what makes your fabrication time worth more than the $25/hr the fabricator that works for a shop?...do you also pay yourself $90/hr when you are out buying materials and supplies?

 

[o2batsea]

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

I don't agree with that of course, and it's not really based on money in the strictest sense anyway. It's more a way for me to figure out whether it is better to build or buy. The time I would not spend building would be spent on my wife and friends, pursuing other interests and probably napping. Napping trumps welding every time as far as I am concerned. So does boating.

let's say i see a piece of tractor equipment on Craigslist and I think, "hey that's super cheap for a (fill in the blank)" If I have to put in 8 or 10 hours cleaning it up, installing new parts and getting it to work, have I really saved any money? Well, sure I guess but it's likely still not worth more than what I paid and if I bought a new one I'd be out more cash for sure but at least the thing would work and if it didn't i could take it back or get it fixed under warranty. Plus it would have more resale value so if I sold it I wouldn't be out more than the cost of the piece of junk one I might have brought home.