Outsource to Improve ROL
Was this finally the year that you took our advice, put down your pad and pencil, and let a CPA handle your taxes?
Didn't it feel good to have that extra hour or two of free time instead of spending a Saturday sorting through receipts?
And didn't you have a little extra peace of mind knowing a professional was doing the job the right way?
If you're nodding your head, then outsourcing more personal tasks might buy you some more precious time.
Step one is to break down your salary to estimate what an hour of your time is worth. Then, estimate how long it will take you to complete a given job. Once you start assigning real value to your time, certain expenses, like paying your CPA, will look like a bargain.
Here are some more common tasks you should consider pricing and outsourcing to improve your ROL.
- Home chores and repairs
Your dad could fix anything. But you're not your dad. You're also not that YouTube handyman who makes patching drywall look a lot easier than it really is.
As tempting as it can be to roll up your sleeves and try to save some money, DIY home repairs can add up to more trouble than they're worth. One wrong swing of the hammer could turn a wall problem into an electrical or water problem. And even simpler projects like painting a room or replacing a leaky faucet might not pass the test of how you value your time.
Depending on your personal and professional goals, that might also apply to things like landscaping or weekly housecleaning. Is the money you save doing these things yourself more valuable than being able to coach your kid's soccer team, or spending an extra couple hours every month developing the business plan for your dream company?
- Meals and groceries
Meal kit services come in all shapes and sizes. And while the costs probably exceed a typical homecooked meal, the time-saving benefits could be worth it if your family spends too many weeknights rushing through the drive-through on the way to and from work and extracurriculars.
A simpler -- and more affordable -- option might be to commit to a weekly home meal menu and order all your ingredients ahead of time. Curbside pickup and home delivery options can outsource the actual shopping to your grocer so that all you have to do is unpack and cook. And on nights when you need to spend more of your evening outside the kitchen, rotate in a carry-out meal from your favorite local restaurant.
Ridesharing services and professional drivers can simplify your commute and let you be productive on the way to your next meeting. Retirees should also consider these options if they need a little extra help getting around or if they want to sell extra vehicles that they don't use as much as they used to.
Now that most travel restrictions are ending, many people have rediscovered the value of working with a travel agent. Let a professional hunt for the best travel times and prices while you and your family focus on creating an itinerary for all the fun things you want to do when you get where you're going. Agents can also help you navigate local COVID restrictions and flexible travel arrangements in case you need to reschedule.
- Life-Centered Financial Planning
We believe that our Life-Centered Planning process can make your "trip" to retirement less of a hassle as well.
You spend more than 40 hours every week earning your money. Let us help you build out a plan for using that money to live your best possible life.