How I am buying back my time this year

Ideas are important. One idea that is taught in basic economics classes is the concept of competitive advantage. The idea that countries should do the activities that they’re best at doing, sell them, get better at them, export them, and other countries should do the activities that they’re best at, get better at them, export them.

And then when these countries then decide to trade through “free markets,” they are able to develop something that is better than the sum of if they just did it on their own. A better process, a better product, at a better price point. And that’s really powerful. The idea that you can specialize in something and get really good at it and understand it so innately that you are 10 times better at doing that than doing anything else. And because of that fact: experts are disproportionately better at performing in their domain than novices — you should do more of your expert work, and less of your novice work.

Sometimes we struggle implementing this concept, especially in the Midwestern US. We struggle with applying that to other parts of our life. We may find it difficult to pay people to deliver our groceries or to prepare a financial plan for us or to even run errands for us.

This has us thinking, “Why would I pay for it, when I can do it myself?”

Instead, flip that around, ask yourself “Why would I do it myself, when I can pay for it?” Surely there are times where it makes sense to do it yourself still — maybe you enjoy doing it, or maybe it’s good for you.

When you look up the socioeconomic ladder, you see more people doing this.

Now one could say, oh, it’s because they have the money that they pay people to do certain things. But I think it’s also a little bit of a “Chicken and the Egg” problem. They are also able to continue to earn more money because they continue paying people to do certain things. If you are making $60,000 per month, you absolutely could continue to do your laundry. Or, you could you spend 1% of that on paying somebody $600 a month to eliminate it completely. And somebody on the other side of it would likely be…

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