So how much is your leisure time worth? Nothing? Surely you jest! No valuation system is perfect, but the methodology below will give you a reference. (You can input your actual numbers at the website found:)
http://bit.ly/17kwG
Assuming you are somewhat successful, single, moving your way up in your chosen industry. And, your numbers look something like these:
Salary and Taxes
Annual salary/wages: $100,000
Average effective tax rate: 18% (I know. You wish this was all you paid!)
Work-related costs each month:
Clothing: $150
Dry cleaning: $70
Meals and entertainment: $250
Business gifts: $0 (At $100,000/yr? Try paying me more!)
Child care: $0 (Single guy, Single woman.)
Services: $100 (Car repair, yard, etc.)
Commuting expense: $0.50 (cost per mile)
The time do you spend on work activities?
Hours in your typical work week: 45
Weeks of paid vacation: 3
Total commuting distance per week: 100 miles
Total hours spent commuting each week: 5 hours
After work, work-related reading each week: 4 hours
After work, work-related socializing each week: 3 hours
How much time do you spend on other daily activities?
Sleep (hours per night): 8 hours
Weekly household chores: 6 hours
Weekly child care: 0
Weekly exercise and other personal care: 4 hours
So, according to MSN money those numbers add up to the following:
Weekly leisure time: 48.29 hours
Hours you must work to buy one hour of leisure time: 1.11
Average number of hours worked each week: 53.71
After expenses, your net pay per hour is: $26.46
So, in your standard week, you will have about 48.29 hours of personal/free time. And, using MSN’s methodology, each of those hours is purchased with 1.11 hours of work time. Since you are paid a net $26.46 per hour after expenses, each hour of your free time costs you $29.43.
