So Over the Rat Race, Debt, and Financial IrresponsibilitySubscribe Now

Deciding On When it Makes Sense to Pay Someone to Do Something

When we are focused on saving money, it can become extremely easy to forget to value ourselves and our time. By doing things ourselves, we find that we can avoid paying a professional or expert to do it, therefore fitting our dream budget a bit better. However, though this train of thought is logical, we often forget to factor in other aspects in the “value” we gain by doing something ourselves.

Here are some questions to ask yourself before you decide to tackle that kitchen renovation project or business website design on your own:

  1. How much time is it going to take?

Time is money, something that many of us have to constantly remind ourselves of. Otherwise, we may attempt to do everything ourselves and end up frustrated, grumpy, and constantly on the move. Life is also for living, so remember to assign value to your time. Could you be doing something else during that time that could bring you a better return? Think of it that way. Remember that experts and professionals, though they charge for their services, will probably do the same job quicker, especially if it’s something you aren’t used to doing or will take you a while to figure out.

  1. What level of quality can you realistically deliver?

Even if you spend half a day trying to assemble the playground you bought for your kids, will the results be what you want them to? Will it be “safe enough”? Same thing goes for your business life. If you are manufacturing a product and you need your instructions or warnings translated into another language, do you trust that your intuition plus Google Translate will get you through it? The truth is that unless you are trained in technical translation services for industry-specific documents, you likely won’t yield professional results. This could negatively affect your business’s reputation, and even lead to a legal problem if there was to be an accident due to your low quality translation.

  1. How much value is it going to add to your life?

Is it worth wasting six hours on the weekend in order to fix your leaky tub and save the $75 a plumber would have cost? That’s for you to decide. When you choose to do things on your own rather than pay someone to do it, make sure that the value of the savings are worth it to you. Sometimes, it’s better to get a professional in to do something properly and quickly since the value that they create is more than you could ever achieve. For example, you could try to renovate your own bathroom, however the quality of what the professional renovators would achieve would bring you a better return and boost the value of your home by a greater margin.

  1. Can You Afford it?

If you can’t afford it, you simply can’t afford it and that’s all there is to it. If you can’t get someone to take care of the kids while you work on your home-based business, it’s simply not an option and you are going to have to be creative with your solution. Just like, though it can save a lot of time, eating out at restaurants can really quickly add up and become too expensive for a household, even though it is convenient.

Remember that saving money has to be a sustainable and part of a balanced way of living. You can’t simply return to the dark ages and start growing your own wheat to bake your own bread on top of everything else you need to do during the day. Even back then, there was a bartering and money system which helped keep everyone doing what they do best, while benefiting from the skills and talents of those around them.

Tax Break Basics: Smart Steps for Investing in an Oil or Gas Partnership

As many of you know, I'm an avid student of all things finance. I'm constantly looking for new ways to invest my money and shelter my earnings from the evil clutches of the tax man! Pay attention to an alternative investment below from a loyal reader … Continue reading...

How I Achieved the $1,000,000 Mark

Many of you loyal readers are used to seeing my voyeuristic monthly net income reports. Last month I achieved my highest month ever of over $98,000 in earnings! I used to routinely post my net worth updates, but realized there was little interest and … Continue reading...

5 Income Streams are a Necessity for Early Retirement

Have you heard of the acronym FIRE? It stands for Financial Independence and Retire Early. It refers to a growing movement of people that are hanging up their suits and ties for pajama's and a home office. Early retirement has a negative connotation … Continue reading...

Avoiding Some Could Add Up to Huge Savings

We are always looking to save money, trying to cut corners wherever we can, but it is difficult with our hectic lives, barely making ends meet as it is, let alone free up an extra money.  You may be overlooking some of the common occurrences in our … Continue reading...