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Stick with it, drop it or outsource it?

Posted by Naomi Rosenthal on Tuesday, February 8, 2011 Under: Financial Planning

Your time is valuable. So how do you decide whether it's worth doing something yourself or outsourcing to an expert?
I was chatting with my partner's brother about making decisions during our recent holiday. He said, "my dad always said, 'ask yourself - what information do you need to make the right decision?', then go and get all the information and make your decision."
Wise advice from the old man, indeed.
But in this hectic world, not all of us have the time to research all of the options and understand all the benefits or consequences of each course of action. That's why we often get help from experts who spend years training and working in their field. Whether it is from your lawyer, your financial planner or your dad, obtaining qualified advice is about taking a short-cut from doing the hard yards yourself. It's about having the vital information you need to make a decision, distilled into easy to understand options. It's about using your expert's years of experience and knowledge to more easily and quickly make a decision. It's about outsourcing those tasks that can be done by fully qualified people who can do it better and faster.
Your time is valuable. So how do you decide whether it's worth doing something yourself or outsourcing to an expert?
Firstly, you need to understand your hourly value. How much are you getting paid to do what you do? It's not just as simple as dividing your weekly wage by number of hours worked, as you need to factor in time costs and emotional costs too (catching the train to work or rising stress levels in your attempt to complete the task). Although, starting with hourly rate can give you a basic indication of whether you stick with it, outsource it, or drop it.
Freeing up your time and your mental space for doing things you love will increase your value and make it easier to keep outsourcing.
Every time I'm cleaning the bathroom I think about outsourcing these bothersome domestic duties. What do you do yourself, whether at home or in business, that you'd rather get someone else to do? Why not work out whether it's more cost effective to outsource than to do it yourself?
At Tudor Investassure, we ask lots of questions so we can walk in your shoes and come up with choices and solutions that will fit with your life. We want to make your life easier, by simplifying the financial decisions you need to make, so you can focus on the things you love to do and not worry about your money.

In : Financial Planning 


Tags: "time value of money" outsourcing 

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