What’s the Value of Our Time, Anyway? | White Coat Investor (2024)

By Alaina Trivax, WCI Columnist

If you have kids, you know that toddlers are not to be trusted. What’s that? A moment of quiet? Oh, wait. Your little guy is taking a marker to the new dining room chairs. Cool.

My husband, Brandon, and I try to tag-team the toddler supervision duties, but sometimes our 2-year-old still sneaks past us. Brandon is employed in a Physical Medicine and Rehabilitation private practice while I work as a middle school teacher. With baby No. 2 on the way, we knew we needed to toddler-proof my older son’s room to prevent at least some of these “you did what?!” moments.

As I imagined corralling a toddler and an infant, I knew there would be times when I couldn’t have eyes on them both, and I wanted to be sure my son (and my chairs!) were as safe as possible. I hoped to tackle this toddler-proofing project before our new baby arrived. My husband was in the middle of a stretch of long workdays and extra weekend coverage, but I figured I could handle it myself. I’m the handier one in our house, anyway!

That’s where I went wrong. Sure, I probably could do it. But I failed to consider the time that I would have to invest in researching a solution, purchasing the supplies, and actually completing the task—all while wrangling a toddler. What is the value of my time as a wife, mother, household manager, teacher, and more, especially when at least one person in the household earns a doctor's salary?

When to Outsource Household Chores

Of course, hindsight is 20/20, and at the time, I thought this would be a straightforward task. Secure the furniture so our son can’t knock things over; contain the cords so he can’t pull stuff down. Easy peasy. Anchoring the furniture to the walls turned out to be simple enough, but securing the cords for his sound machine and baby monitor proved to be more difficult.

I bought a cord containment kit on Amazon—wrong size. Ordered another one—it couldn’t turn corners the way I needed. Picked out a new kit at Home Depot and brought in my incredibly handy mom to help–we still couldn’t get it to work. At this point, I’d spent at least $100 on supplies and wasted a good five hours of my time. I spent hours and hours trying to get different cord containment products to work but never wanted to ask Brandon to take a look. He only had a few hours of free time each evening–he needed that time to relax, right? Instead, I finally called in my friendly neighborhood handyman. It took him a half-hour to accomplish the task, and it cost $100 for time and supplies.

After writing that check, I began to wonder: why was I so willing to spend hours and hours on this task but considered it to be a waste of my husband’s time? How are we assigning value to our time? And, thinking beyond this project, at what point should I just go ahead and outsource some of these household chores?

Keeping a household running requires the completion of so many tasks like this–grocery shopping, cleaning, lawn care, home repairs, pet care, and more. As a teacher, my schedule is quite a bit lighter than my husband’s. I’m off work by mid-afternoon each day and have a few extended breaks throughout the year, along with summer vacation. On the other hand, Brandon’s days are pretty long. He typically starts with chart review around 6:30am before heading out to see patients; he aims to be home for dinner around 5:30pm and sometimes has an hour or two of notes to complete later in the evening.

Teaching is not exactly a lucrative profession, and Brandon’s salary and opportunities for additional income are much greater. Even with his long hours, if we calculate our hourly pay at our salaried positions, he earns much more than me. Beyond that, he can work an extra weekend and earn a few thousand dollars over just two days. I’ve earned additional income tutoring middle school students, but at a rate of $60 an hour, it doesn’t quite compare.

What’s the Value of Our Time, Anyway? | White Coat Investor (4)

When we’ve talked about it, Brandon has suggested that our time is equally valuable—that he can take on those extra opportunities because I’m available to care for our kids. It’s a little harder for me to wrap my mind around that, especially when I’m also the one doing most of the spending. After all, someone has to keep the toilet paper and dog food stocked! These are probably my own insecurities showing up here. I earn less, sure. I also get to enjoy a teacher’s schedule—summer vacation forever!—while living a lifestyle made possible by his earnings. Is that fair? How can our time really be equally valuable?

Trading My Time for Money Spent on Convenience

These questions come up when we are calculating the value of hiring out tasks or using different convenience services. Brandon has been earning an attending salary for about two years now, but honestly, we still don’t outsource much. We use grocery convenience services—both delivery and drive-up. We send our dog to a groomer instead of brushing and bathing him ourselves. Despite my doubts about the value of my time, these are both tasks that used to be on my chore list. I used to be the one going to the grocery store or brushing the dog in the backyard. Why is it that we’ve outsourced some of my tasks when he’s clearly the higher earner?

I guess maybe he’s right—my availability to take care of our kids and household enables him to take on those opportunities for extra income. Just last month, after our new baby had arrived and while Brandon was working an extra weekend, I used Instacart to place a much-needed Costco order. The Instacart prices are higher than they are in the store, and it charges a number of service fees. But my groceries were delivered right to the front door.

The convenience of this can not be overstated. Taking a 2-year-old, a 3-week-old, and my post C-section self to the store just wasn’t an option, and my husband couldn’t get there either. Looking at the bigger picture, though, we still came out ahead–we were able to make an extra student loan payment that month and had the groceries and diapers we needed!

On the other hand, we have some landscaping projects that need to be completed soon. A local company quoted us $3,000+ for the work. Right now, though, we’re not just considering the value of our time; we’re also weighing the cost of these services against our student loans. That estimate is equal to one month’s student loan payment! So guess where you’ll find us over the next few weekends? Tag-teaming child care and lawn maintenance. But, while it’s not in the cards for us to outsource this right now, we did decide to spend a little extra to make the maintenance easier. Instead of manually dragging a hose and sprinkler around our yard and gardens, we’re going to set up a timer system.

It’s a decent compromise—we can’t outsource it to a company, but at least we can take watering off our daily to-do list.

I think the way we calculate the value of our time will continue to evolve, and, eventually, I’m sure we’ll start to transition more of these chores off of our plates. As we do, I hope we’ll outsource tasks from both of our lists. Not only is our time valuable in a monetary sense, but even more than that, the hours spent as a new family of four are priceless.

How do you calculate the value of your time? Do you outsource most of your chores, or do you simply do them yourself to save money? How difficult is that decision if you earn decidedly less than your partner? Comment below!

What’s the Value of Our Time, Anyway? | White Coat Investor (2024)

FAQs

Who is the owner of the White Coat investor? ›

James M. Dahle, MD, FACEP, FAAEM is a practicing emergency physician and the founder of The White Coat Investor. After multiple run-ins with unscrupulous financial professionals early in his career, he embarked on his own self-study process to become financially literate.

How much should I save white coat investor? ›

20% represents my recommended savings rate. A typical high-income professional, like a physician, needs to save about 20% of gross income each year of her career in order to maintain her standard of living in retirement.

What does real wealth look like? ›

Real wealth isn't just about having a fat bank account; it's about feeling secure and stress-free about money, according to Jeff Rose, a CFP and founder of Good Financial Cents. “Think about it: a whopping 72% of Americans, in a Charles Schwab survey, said that being wealthy means having peace of mind,” Rose said.

Who is the richest personal investor? ›

93-year-old Warren Buffett heads the list. The chairman and CEO of Berkshire Hathaway has a net worth of $128.7 billion. Buffett's Berkshire Hathaway portfolio is 62% invested in only three stocks: Apple (42.9%), Bank of America (10.2%) and American Express (9.1%).

Who is the billionaire investor that they show as a value investor? ›

Warren Buffett is one of the wealthiest people in the world, amassing his fortune through a successful investment strategy. Buffett follows the Benjamin Graham school of value investing which looks for securities with prices that are unjustifiably low based on their intrinsic worth.

How much money does the average physician retire with? ›

How much does a Retired Physician make in California? As of May 17, 2024, the average annual pay for the Retired Physician jobs category in California is $195,833 a year. Just in case you need a simple salary calculator, that works out to be approximately $94.15 an hour.

Is $10 million enough to retire at 55? ›

Even when retiring early, $10 million should make your retirement years quite comfortable. By making sure you prepare for factors you can't control—like inflation, medical surprises and taxes—you can clock out for good at 50 without any worries.

How much money does the average 62 year old have saved for retirement? ›

Average retirement savings balance by age
Age groupAverage retirement savings balance amount
35-44$141,520.
45-54$313,220.
55-64$537,560.
65-74$609,230.
2 more rows
May 7, 2024

How much worth is considered wealthy? ›

In the United States, the concept of being rich is often a subject of discussion, curiosity and, sometimes, aspiration. Charles Schwab's 2023 Modern Wealth Survey provides insights into this topic, revealing that the average American equates being wealthy with a net worth of approximately $2.2 million.

How much wealth is considered rich? ›

The survey by financial services company Bankrate.com found that overall, Americans said they would need to earn about $483,000 on average to feel rich or achieve "financial freedom."

What is considered rich wealthy? ›

For example, you may be considered rich if you're in the nation's top 1% of earners. In 2022, that group saw an average annual income from wages of $785,968—nearly 19 times higher than the bottom 90%, according to the Economic Policy Institute Open in new tab.

Who is the CEO of white coat? ›

WhiteCoat's current Founder, Chief Executive Officer is Bryan Koh. Looking for a leg up on competitive, customer and technology insights?

Who is the CEO of Aaii? ›

John Bajkowski is the president and CEO of AAII.

Who is the CEO of investor group? ›

Damon Murchison - IG Wealth Management | LinkedIn.

Who is Jim Dahle's wife? ›

On June 1, 1968 Jim married Sonya Pacey in Northwood, IA and were blessed with two sons: Jason and Joel. Following their marriage, Jim enlisted into the United States Army, where he served a 20 year career. The family relocated several times, finding opportunity and adventure in their moves overseas and stateside.

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