If you work for yourself, my guess is that you are freely giving away huge sums of money before it even reaches your pocket.
One simple change you can make that can most likely put hundreds of dollars into your pocket by the end of the week, is to be more protective of your time.
Most entrepreneurs and freelancers in their early days are very liberal with their time. They often give more time to a client than they are contracted to give OR they misquote jobs, assuming they will take much less time to complete then they actually will.
Giving away our time in this manner is a sign of low self esteem and insecurity.
Ask yourself, is this the message you want to give out to the people you work with – that you have low self esteem and are insecure about your success? Think about it, would a top notch lawyer give you free hours just to make you happy? Would a high profile web designer work twice as long on a project they quoted you half the reasonable time for?
Heck no. So why are you doing it?
Let’s be conservative and say that you are losing only 5 billable hours per week with your current habits. If you make $40 per hour, that’s $200 per week that you are giving away to someone else!
- $200 per week equates to:
- $800 per month
- $9,600 per year
- $48,000 over 5 years
- $96,000 over 10 years
Just for letting other people take 5 hours of your billable time per week!
What could you do with an extra $800 per month?
- Invest in your business
- Start a college fund for your kids
- Take a seminar to increase your knowledge and revenue generating power
- Take your significant other out for a nice weekend vacation
- Finance a new car
- What else?