In Your Time or Your Money, we compare two ways of performing a task and help you answer the question: Is this worth my time or should I spend the money to have others do it for me? We all know our time has a value. In fact, Economics Professor Ian Walker from the University of Warwick in England created a formula which calculates the exact dollar amount of what your hour is worth in dollars and cents. Our method is admittedly unscientific but instead, designed to look at events as they really happen in our lives. As hard working Latina women in the home and at the office, we are often expected and therefore conflicted about being able to fit it all in, from client meetings to kids’ baseball games. We are brought up to be independent and take advantage of the opportunities women in our families did not have one or two generations ago, but we are also told we must be present in the home.
The cultural goals are as important for me to achieve as is climbing up the career ladder. We are influenced to be have babies (what? only one?…that’s another story!), to be good cooks and get that carne guisada just right, to know how to sew a button and hem a skirt, and to be available for your partner, maybe more than we expect them to be there for us. This is my daily struggle, and it is also a triumph when I feel I have maximized my time and money, and I have chosen what is right for me. Make your own decisions and send me suggestions. It’s all about keeping the conversation going, and you know we have no problem doing that!
In case you are interested, here is the formula: V=(W((100-t)/100))/C, where V is the value of an hour, W is your hourly wage, t is the tax rate (check your tax bill), and C is the local cost of living. The latter is a difficult number to pin point but for a fee you can find it at this website, COLI.org The information has been developed by the membership organization, C2ER-Council for Community and Economic Research. For more fantastic MamiTV videos and content, visit Mamiverse!