Would you rather work 10 hours a week and earn $1,000 a week or would you rather work 100 hours a week and earn $2,000 a week?
Is it worth it?
I think you would prefer the first option.
The first option, you are getting paid $100 an hour. The second option you are getting paid only $20 an hour.
But in the second option, you are getting paid more.
But is it worth it?
Trade-offs
There are so many other domains we can apply this line of thinking:
If you’re a bodybuilder, would you rather gain 5 pounds of muscle for working out once a week, or would you rather gain 7 pounds of muscle for working out everyday?
Of course you would prefer the first option — you get the maximum gains for the least amount of effort.
The law of diminishing returns
In almost everything in life, there are “diminishing returns.” More effort, more work, and more input will not necessarily give you more returns (proportionally).
For example, just because you work 2x as hard doesn’t mean you will get 2x the results. If you work 2x as hard, you might only get 1.2x the results.
Similarly, if you work 4x as hard, you might only get 1.5x the results.
So why put in the extra effort?
Don’t be vain
There are some people in life who want to ‘maximize’ everything in their life — even though they need to put an unnecessary amount of extra effort.
This is fine if you want to become truly world-class. If you want to become the world’s fastest sprinter, you will probably have to put in 10x effort to improve your speed by 1%.
But honestly for most things in life, we should aim to get the maximum results for the least amount of effort. Like the saying, “It is vain to try to accomplish with more work than which is necessary.”
Maximum income for minimum effort
Let’s say you earn $40,000 a year, and all your basic needs are met. Sure you don’t have that much extra money to put away, you still might have some debt, and you can’t afford a BMW or Leica.
Let’s say you work 40 hours a week for that $40,000 a year. Are you willing to double your working-week (80 hours a week) in order to earn $50,000 a year? Will that extra $10,000 a year really make a difference in your life?
Or would you rather get the maximum income for the minimum amount of work (for your lifestyle), and use all your extra time to do creative work? To do more photography, more writing, more reading, more collaborations?
If you have a business, why work more than you need to? Do you really need more clients? Do you really need to earn more money? Do you want to increase your lifestyle? Put more 0’s in your bank account?
Wouldn’t you rather spend more time doing creative things instead?
Value your time above all else
Don’t sell yourself cheap. Don’t be cheap in your eyes.
Your time is the most valuable asset to you. Don’t sell your time for extra income. Especially when there are diminishing returns.
Rather, whenever possible, try to trade your money for more time.
Time is what we all desire. Time is the ultimate luxury. To have the time to think, to meditate, to contemplate, and to do creative acts.
Advice for myself
If I were to have another full-time office job agin, my suggestion to myself would be: do the minimum amount of work possible to not get fired. Just put in your 40 hours in the week, and don’t put in extra time. Collect your salary, your health benefits, your 401k — and dedicate the rest of your time to your own pursuits.
If you own your own business, be realistic about how much you really “need” in life — not “desire.” Then once you are living comfortably off, don’t work more (for a small percentage of extra income). The way I’m applying this to my own business— not trying to do more workshops for workshops sake to earn more money. Rather to minimize the amount of workshops and traveling I am doing, for the maximum “bang for the buck” — and to devote more time blogging, creating and sharing information, and spending time with Cindy.
Remember: focus on the “minimum effective dose” — the maximum effect for the least effort.
Live well,
Eric
Learn more: Entrepreneurship 101 >