The value of our time

How do we value our time ? How do we even begin pricing it?
When there’s an annual income to start with, all seem easy; we take the whole amount, divide it by 2,080 hours and obtain our hourly rate. How do we proceed when we’re self-employed or retired? Not easy indeed. One way is to take the total number of hours during which we're awake. If we agree that we rest (read sleep) one-third of the time, a full year of activity represents some 5,840 “billable” hours. If, for sake of simplicity, our total annual revenue is $58,400.00, the hourly value of our time is $10. This further means that if we decide to play a round of golf and be gone for six hours, it actually costs us our green fee, transportation costs, plus $60. Along the same lines of thought, if we want to repaint a room in our home and spend 20 hours doing it ourself, our cost will be $200 plus supplies (a bargain compared to what a professional painter would charge.) A two-week vacation would add $2,240 to our transportation, lodging, food and sundry expenses. All of this assumes that we carry-out these activities outside of our working hours. When we look at things this way, we might think twice before we allocate any second of our precious time, unless we really can't resist repainting that old bedroom!