There are a number of ways to come up with a number. One way is how much do you earn when you work (after tax earnings). The reasoning is any time you spend not working is time that you could have worked and earned that much.
Another way is think of something that you have no interest in doing and are neutral about (that is you don't like or dislike it). How much would you charge if someone was interested in paying you to do it? How much would you charge a telemarketing company to answer a survey? How much would you charge your neighbor to mow his lawn using his equipment and gas? Etc.
If one was an hourly wage earner, yes, but I had a salary and that was it. Interest is subjective and relative of course. I do many things because that’s what homeowners do or because of cost. Or so I was raised I guess.
A few years ago at a block party some of my neighbors were discussing the costs of mowing, leaf removal, general exterior maintenance, car repair, etc. I and the few other remaining old timers were shocked at the prices folks paid.
Young guys would say their time was too valuable to do this or that. Old timers like me would say I’ll never pay anyone to do what I’m capable of doing.
The youngins made old timers include the costs of capital investment—equipment like mowers, ladders, wrenches, whatever.
While when they claimed a minimum of $100/hr was reasonable for their time, we old guys said, no, only if you’d actually be working instead of mowing, etc.
All that was simple. But what we wrestled with the most was whether or not one felt self-satisfaction or pride from being a DIYer. Most of the young guys just didn’t care.
Yesterday I replaced the trap under my kitchen sink. Took longer than expected to stop a drip but it’s done. How much would I have paid a plumber? And when would they have been available?
Don’t know, but I said to my wife “that paid for the bullets I just bought.” (I say things like that frequently to preempt any complaints.)
