Last summer, my wife remodeled our tiny bathroom sink. I was out on a video shoot when I got a picture from her of a giant hole in the wall where our vintage medicine cabinet once was. The final result was impressive, the work top quality.
Since we did it ourselves, we saved a lot of money, but the project was still expensive. That picture arrived on a Monday morning, and the project wasn’t complete until the following Saturday. That means for 6 days this project took up our time and brain space as we studied videos, went back and forth to Home Depot 500 times, and fixed mistakes along the way.
We could have hired an experienced contractor to knock out that project in a day or two, but it would have cost 4x as much in dollars.
Everything that is good and worth having is expensive. You can go the short and easy route by paying money, or you can take the longer, harder route and spend more of your time. There is no right way. It depends on the situation.
It wouldn’t make sense for the President to spend 90 minutes cooking his dinner, unless he found that relaxing. It wouldn’t make sense for a person with $100 to their name and hours of free time to pay someone $40 to clean their apartment.
While this is something everyone should consider, freelancers and entrepreneurs should more so. At the beginning you have more time than money and it makes sense to do things yourself, but as things progress and you earn more, it flips. Next time you see a way to save money, ask yourself if you’ll be spending $10 of time to save $5 of cash and if that’s really worth it.