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It is the same! It's a huge mistake, especially as a business owner, to not make that equivalence.
by fisherjeff 10y ago
It is the same! It's a huge mistake, especially as a business owner, to not make that equivalence.
- jawns 10y agoEquivalent? Perhaps, for accounting purposes. But that doesn't mean they're the same. When you spend something, you're using money that you already have. That's not the same as having lost out on potential income. If I'm offered two jobs, one of which pays $10,000 more than the other, and I take the lower-paying job, I don't tell people, "Hey, I just spent $10,000," even if (in an accounting sense) it's equivalent to having spent $10,000.
- paulcole 10y agoI disagree. Unless that time could have been directly converted into billed client work (or something with a tangible payoff) then it isn't the same at all. It's like people taking about their "hourly rate" when deciding to pay for some convenient service. Your time is only worth that if someone is paying you for it.
- oh_sigh 10y agoIt's not the same because time is not directly convertible into money(nor vice versa). Perhaps if the author had clients lined up with money in hand, but those situations are rare, especially for small shops.