We’ve all heard the saying, “time is money” but have you thought about how “money is time?” When clients come to Klein Law Group seeking bankruptcy protection, one of the first things we discuss and analyze is their spending habits. I ask them to retrain their brain by thinking that their money is actual time and show them the math of how their hard-earned dollar works — or doesn’t work — for them.
If you’ve been through tough financial times, like most of my bankruptcy clients, you need to ask yourself the basic question before purchasing an item: “How many hours will I have to work to pay for this item?” Your answer will determine your “Hour Factor.” Your Hour Factor is the connection between how much your time is worth and how many hours a day you will need to pay for the item. Determining your Hour Factor will help you keep your spending in check.
Once you see how much time you have to work in order to purchase just one item, you will surely change your mindset and buy things that are truly only worth your precious time.
Let’s say you have your eye on a $100 watch. Yes, you’d like a new watch and it’s a great deal, but is it really such a wise buy? If you’re a receptionist making $15/hour, you need to work almost 7 hours to afford just that one watch. If you’re a minimum-wage employee netting $7/hour, you need to work 14 hours for it — that’s almost 2 full days of work!
If you’re having a rough time making your house payment, the answer is clear. You shouldn’t buy that watch. It’s not even worth one hour of your time.
As a bankruptcy attorney in South Florida, I feel it is my job not only to guide you through the bankruptcy process, but also to get you to change the way you handle your finances in order to get you the fresh start you deserve. Bankruptcy is not the finale, it’s the beginning of a new chapter in your life. Call me today to discuss your future.
If you or someone you know is seeking legal guidance and representation from an experienced bankruptcy attorney in South Florida and want to evaluate your “Hour Factor,” please give me a call at 561-220-6659 or fill out the contact form on our website at www.kleinattorneys.com. I offer a free 30-minute consultation to discuss your individual case in bankruptcy, real estate, and family law. Our offices are located in Boca Raton, West Palm Beach and Fort Lauderdale, Florida.