Medicine Making & Calculating The Cost of One's Time
If you consider DIY repairs to my VW Beetle, like the recent window regular which costs $400.00 at the shop vs an at home repair of $40.00 for the part plus 3 hours, you can see how one's wage, or cost per hour increases. For that Beetle repair I "paid myself" about $85.00 an hour.
We like to use the language of "I earned $100.00 an hour today," when we talk about it. And we like to track the math because it tracks the economy of each task and makes decisions about what to do next easier to make.
Posted by Wendy Jehanara Tremayne at Wednesday, January 26, 2011