Does your job cost you money? Take our test – the answer may surprise you

By Peter Horsfield |

Making It

Work

You job probably means many different things to you. But the core purpose is to earn enough money so we can do the things you most value.

What’s important to you? The academic community has concluded that happiness is attainable though a continuous combination of friendships, freedom, health, financial security, privacy, a life philosophy and a purpose.

“Your Money or Your Life” is a book written by Vicki Robin, Joe Dominguez & Monique Tilford. It has many fantastic insights. One particular question is of profound importance “How much are you trading your life energy for?

Let’s use the following as an example of what a job costs us (based on a $25 hourly income)?

Activity Time/ week Cost $25/hr
Work 37.5 +$937.00
Tax 25% -$234.00
Preparation for work 2.5hrs -$62.50
Commute 10hrs -$250.00
Meals/Drinks 2.5hrs -$62.50
Unwinding (stressed out) 10hrs -$250.00
Escape Entertainment 4hrs -$100.00
Attire 0.5hrs -$12.50
Total Cost 29hrs -$971.50

Not only is the cost of this persons job 66.5hrs a week of their non-renewable resource, time, but they are also spending more than they earn.

Sound familiar? Try working out if this applies to your job.

So while everyone is different, my point is there are a multitude of indirect costs and ways we may or may not be consciously factoring into the cost we pay for our jobs.

These costs are in addition to the impact our jobs may be having on our health, relationships, and happiness.

The important take out from this exercise is to ask ourselves “Is there a better way? And if so what are the activities we can do right now that will start to improve our life in a positive way?”

For myself this required what others may call a radical shift.

I expanded my business and relocated from Sydney to Cairns, the doorstep of the Great Barrier Reef and Daintree Rainforest.

Doing so has saved me $50,000 per year in my “job”, as a result my income increased and I have more time to exercise, entertain, grow and help others. The very things that are important to me and my happiness.

Adviser Post From

Peter Horsfield

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This advice is of a general nature only and does not take into account your personal situation and all of your objectives, your financial situation or needs. Before making any decisions you should seek advice from a professional, qualified financial adviser.
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